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Wed Apr 14, 2021, 10:59 AM

Bipartisan Senate proposal would grant $50 million to minority businesses

Source: The Hill

BY RAFAEL BERNAL - 04/14/21 10:34 AM EDT

A bipartisan group of senators introduced a bill Wednesday to grant minority entrepreneurs $50 million to establish and grow their businesses.

The bill, introduced by Sens. Jacky Rosen (D-Nev.) and Thom Tillis (R-N.C.), would channel funds for the grants through the Small Business Administration (SBA) to projects managed by Minority Serving Institutions.

Minority Serving Institutions (MSI) include colleges and universities that serve a majority or a plurality of Black, Hispanic, Asian, or Native American communities.

A report by the Federal Reserve Bank of New York found that minority-owned small businesses were especially hard hit by the economic effects of the pandemic, as entrepreneurs over the age of 45 who lost their businesses in 2020.

Read more: https://thehill.com/latino/548161-bipartisan-senate-proposal-would-grant-50-million-to-minority-businesses

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