U.S. Rep. Brian Fitzpatrick (R-PA) is leading a bipartisan coalition to expand access to entrepreneurship resources for students attending Historically Black Colleges and Universities (HBCUs) and other Minority-Serving Institutions (MSIs).
The Minority Entrepreneurship Grant Program Act would establish a new SBA-administered grant program to support student entrepreneurs at HBCUs and MSIs. It would also provide funding for technical assistance, business development training, mentoring, incubators, accelerators, and capital access.
Further, the bill would give institutions flexibility to use grants to assist students with launching or expanding their businesses. In addition, it would require annual SBA reports to Congress on grant recipients and program funds. Finally, it authorizes $50 million in funding to support and sustain the program.
The legislation is cosponsored by Reps. Nikema Williams (D-GA), Dwight Evans (D-PA), Norma Torres (D-CA), and Alma Adams (D-NC).
“Small businesses are the lifeblood of PA-1 and communities across America—but too often, minority entrepreneurs face barriers to getting started,” Fitzpatrick said. “The Minority Entrepreneurship Grant Program Act changes that by delivering targeted support to students at HBCUs and minority-serving institutions. This is about unlocking potential, expanding access to capital, and giving every aspiring entrepreneur—regardless of background—the opportunity to build, grow, and lead.”
Minority-owned businesses employ nearly 10 million Americans and contribute over $357 billion in annual payroll, said Fitzpatrick. However, 8 in 10 minority-owned businesses still fail within their first 18 months—often due to barriers to opportunity, not potential. Fitzpatrick said the legislation is a long-term commitment to entrepreneurs and will equip students with the tools to transform ideas into enterprises.