Small Business Innovation Fund

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The Small Business Innovation Fund, administered by Washington State Department of Commerce, aims to spur small business recovery, startup, and growth. This funding will focus on initiatives that serve BIPOC entrepreneurs, women-owned small businesses, and small businesses located in underserved, low-income, and rural areas.

Eligible Applicants: Non-profit organizations who have a history of working with and providing assistance to small businesses in the State of Washington. A maximum of $5M will be awarded to each successful applicant. The number of awards depends on the number and quality of applications received. Non-profit organizations must show an aptitude and proficiency in assisting small businesses with the goals of recovery, startup, and growth. The Applicant must be licensed to perform work in Washington State.  They must also be registered and maintain their status as a nonprofit entity, with the Secretary of State’s Office.

Small Business Innovation Fund contracts are used to:

  • Serve BIPOC entrepreneurs and small businesses located in underserved, low-income, and rural areas
  • Serve women-owned businesses
  • Serve native and tribal-owned businesses
  • Increase aptitude for small businesses to succeed and survive

Key Timelines: 

 

Grant applications are accepted August 10, 2022 – September 2, 2022.

Grants are estimated to be awarded by October 1, 2022.

Contract performance period: Contract Execution through May 31, 2023.

 

Contract award amounts:

Maximum of $5M, minimum of $500,000 awarded to each successful applicant. The award will be based on the quality of content within the application and the ability to execute the timeline of the contract.

The legislature has specified that: “The department may establish regional targets or other benchmarks to ensure equitable geographic distribution of funding.” In response to this, funds will be distributed according to the following regional framework:

1/3 King County

1/3 all other urban counties

1/3 all other rural counties

Questions: 

Please contact:

Application & Contracts Manager

[email protected]

(360) 522-0429ogram Manager:

 

 

Inaugural Juneteenth Royal Ball

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Black Owned Business Excellence (BOBE) presents:
𝗜𝗻𝗮𝘂𝗴𝘂𝗿𝗮𝗹 𝗝𝘂𝗻𝗲𝘁𝗲𝗲𝗻𝘁𝗵 𝗥𝗼𝘆𝗮𝗹 𝗕𝗮𝗹𝗹
“This is the Inaugural year that the state of Washington recognizes Juneteenth as a legal state paid holiday on Monday, June 20, 2022. As Black Folks and allies, we have been celebrating Juneteenth for years. This government recognition is cause for a bigger celebration. Black-Owned Business Excellence (BOBE) in partnership with many other collaborators are cultivating the recognition of this holiday with this Inaugural Juneteenth Royal Ball that reclaims and redefines Community here in Washington.”
Although tickets for this event are sold out, you can join the waitlist here: https://www.eventbrite.com/…/2022-inaugural-juneteenth…

KeyBank’s Key4Women, TheWMarketplace, UW and UWT to host women-owned business pitch contest

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KeyBank’s Key4Women program, TheWMarketplace, University of Washington Foster School of Business, and University of Washington Tacoma Milgard School of Business are collaborating to host a business pitch contest for women-owned businesses located in Seattle and Greater Puget Sound. Opportunities for start-ups and existing businesses will be offered, with cash awards totaling over $47,000. The grand prize winner will earn $20,000.

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SBA Launches T.H.R.I.V.E, Executive Level Business Training Program

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Registration open now through May 31st, 2022, for cohorts in Seattle and Spokane

SBA’s T.H.R.I.V.E (Train, Hope, Rise, Innovate, Venture, Elevate) is an executive-level training series designed to accelerate the growth of high-potential small businesses across the United States. Formerly known as Emerging Leaders, T.H.R.I.V.E Emerging Leaders Reimagined is a six-month, intensive training series including in-person coaching, self-paced instruction, mentoring, and classroom time. The program allows participants to work with a network of experienced subject matter experts in core business topics like accounting, business strategy, marketing, and human resources customized for the unique needs of small business owners. Read more

MBDA Grant Announcements

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The U.S. Minority Business Development Agency has announced Three Grant Competitions that are currently accepting applications:

MBDA Business Center Grant Competition

The Minority Business Development Agency is seeking proposals from eligible entities to operate MBDA Business Centers in six new locations including: Arkansas, Indiana, Oregon, South Carolina, Utah, and Wisconsin.
Deadline: Applications must be submitted to Grants.gov no later than June 2, 2022 at 11:59 PM EST

Minority Colleges and Universities Grant Competition

The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) made a Broad Agency Announcement (BAA), totaling an estimated $1.8 million in federal grants, for qualified organizations to develop entrepreneurship programs for students at Minority Serving Institutions (MSIs). The grants will be for a two-year term but funded one year at a time.
Deadline: Applications must be submitted to Grants.gov no later than May 25, 2022 at 11:59 PM EST

Access to Capital: Innovative Finance Grant Competition

The Minority Business Development Agency (MBDA) seeks market solutions to the barriers of access to capital that acknowledge lack of traditional collateral/assets as an impediment for minority business enterprises (MBEs) . The Broad Agency Announcement (BAA) requests applications from qualified organizations for projects addressing these historical barriers by leveraging non-traditional financial resources. The projects can utilize technical assistance models, pilot innovative solutions, leverage technology, advance research and data, or provide education to non-traditional lenders.
Deadline: Applications must be submitted to Grants.gov no later than June 5, 2022 at 11:59 PM EST

For additional details, official press releases, and to register for the Pre-Application Conference series for the competitions, visit www.mbda.gov/grants.

How to become 8(a) Certified!

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Learn how to become 8(a) Certified! – Recorded Webinar
Watch this recorded webinar to receive answers to the following questions:
Is becoming 8(a) certified important to your business? What impact in revenue will this have on your business? Will the Infrastructure Investment & Jobs Act require you to be 8(a) certified? Who can assist you with the certification process? Read more

Umpqua Bank Crowdfunding Partnership Accelerates No-Cost Financing for BIPOC, Women Entrepreneurs

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Umpqua Bank – as part of the bank’s Small Business Empowerment Program – announced a partnership with Kiva, a nonprofit unlocking capital through crowd-funded loans for entrepreneurs, to spark the creation and growth of BIPOC and women-owned businesses through a new $1M Umpqua Bank Managed Loan Fund.

The fund will sit on Kiva’s innovative crowd-funding platform and will enable minority and women entrepreneurs across Umpqua Bank’s six state footprint to apply for a 0% interest loan up to $15,000.

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BINW Blog: What Is The New $600 Digital Transaction Rule With The IRS? Here’s What You Need to Know.

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Online sales boomed during the pandemic, and the government took note. A lot of micro businesses have depended on third-party apps like Venmo and Cash App this entire time. This seems like a good solution, but only for the short term. If your side hustle, micro business, hobby selling, or reselling business will make digital transactions totaling $600 or more this year through these apps, it will need to be reported to the IRS. This new rule went into effect beginning January 1, 2022. This means you will need to monitor your income this year to report it in 2023. Read more

WA MBDA Client Among 10 Selected for LISC, Amazon Fellowship Award

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SEATTLE (March 17, 2022) —The Local Initiatives Support Corporation (LISC) has selected 10 local real estate developers focused on affordable housing to participate in its inaugural Housing Equity Accelerator (HEA) program, funded by a grant from the Amazon Housing Equity Fund.

> We are excited that among the selected developers is a client of our Washington MBDA Business Center – Annette Demps of A&D Construction. Congratulations to Annette!

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Washington MBDA Business Center: COVID-19 Business Information & Resources

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See the following news and information compiled by Washington MBDA Business Center related to COVID-19 business resources. You can also follow us on our Facebook page for more updates.

Latest Updates:

COVID-19 EIDL Update – Small Business Administration
As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. As of May 6, 2022, the COVID-19 EIDL funds are exhausted. SBA is no longer accepting COVID-19 EIDL loan increase requests or requests for reconsideration. Approved borrowers that have not signed their loan closing documents must do so by May 16, 2022, or will face delayed disbursement or possible loss of funding. The COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the “RAPID portal”) will close on May 16, 2022. Borrowers should download their loan documents from the portal prior to this date. Learn more.

Visit the Washington MBDA Events Calendar for Informational Webinars and Workshops to help with business recovery.

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logo - MBDA Business Center Washington

(253) 591-5835

747 Market Street, Room 808

Tacoma, Washington 98402