Pennsylvania launched a fund for businesses in “historically disadvantaged” areas.
“Since day one, Governor Josh Shapiro and his Administration have advocated to open new doors of opportunity for minority-owned businesses across the Commonwealth,” a press release on the matter reads. “The Governor’s bipartisan 2024-25 budget includes funding for the Historically Disadvantaged Business Assistance Program to support a variety of historically disadvantaged businesses, including minority-owned businesses, all across the Commonwealth.”
The Democrat governor said in a statement, “I’ve advocated for this funding because when small businesses succeed, they create opportunity for Pennsylvanians all across the Commonwealth.”
“My Administration and I are committed to breaking down barriers to progress and helping historically disadvantaged business owners and entrepreneurs build generational wealth,” he said. “Pennsylvania is open for business and we’re making sure small, diverse businesses have the support they need to achieve their dreams and grow our economy.”
A “historically disadvantaged business” is defined in the program’s guidelines as a “for-profit business enterprise that is owned or controlled by one or more socially or economically disadvantaged persons who are residents of this Commonwealth. The disadvantage, regardless of sex or marital status, may arise from cultural, racial, chronic economic circumstances or background or other similar cause. Such persons include, but are not limited to: African Americans, Hispanic Americans, Asian Americans, and Native Americans.”
Eligible applicants are those who have “established experience and expertise in business and economic development, preferably with historically disadvantaged communities” and include a “community-based nonprofit organization with an established history of at least three years operating experience,” an “educational institution,” or a “nonprofit economic development organization with an established history of at least three years operating experience.”
The assistance program will create the Business Assistance Service Centers and provide funding to create microgrant programs.
“The Business Assistance Service Centers that will be created through the Historically Disadvantaged Business Assistance Program will provide technical assistance and business support services to increase access to capital, promote economic empowerment, and boost the number of diverse small businesses,” the press release explains.
