The Small Business Administration has awarded Morgan State University’s Entrepreneurial Development and Assistance Center $2.2 million in a significant boost for entrepreneurship in marginalized communities. The funding will support two key outreach initiatives aimed at empowering women business owners and formerly incarcerated individuals as they navigate the complexities of the business world.
The allocation includes $1.5 million earmarked for the Returning Citizens Inspired to Develop Entrepreneurial Ventures program and $700,000 for the newly established Government Certifications Contracting and Matchmaking Solutions Center. These initiatives were funded through the FY24 Omnibus Spending Bill with strong backing from Senators Ben Cardin and Chris Van Hollen.
RIDE Program: Empowering Formerly Incarcerated Individuals
Launched in 2020, the RIDE program focuses on helping individuals reintegrate into society after incarceration. With the new funding, RIDE will expand its operations by establishing the RIDE Entrepreneurship Resource Center. This center provides leadership training and entrepreneurial education tailored explicitly for recently released prisoners and long-term former inmates facing barriers to economic success.
The new services will include personalized business counseling, innovative programming, and even opportunities for participants to create podcasts.
By fostering entrepreneurship among these individuals, the RIDE program aims to enhance personal success and stimulate economic growth within underserved communities. The initiative seeks to break the cycles of poverty and incarceration, ultimately building a stronger, more resilient community.
Government Certifications Contracting and Matchmaking Solutions Center: Supporting Women Entrepreneurs
In addition to supporting formerly incarcerated individuals, EDAC will also focus on assisting women entrepreneurs, particularly those from underserved backgrounds, through its Government Certifications Contracting and Matchmaking Solutions Center. With $700,000 in financial backing, this center aims to address the stark underrepresentation of women—especially women of color—in government contracting markets.
Many women-owned businesses face significant challenges accessing government contracts due to a lack of information about the procurement process and limited support for navigating certification requirements. The center will implement a structured approach involving Training, Engagement, Advice, Administration, and Mentoring to tackle these issues.
The center will offer clients crucial educational programs on securing government contracts, guidance on obtaining necessary certifications, and strategies for long-term business development. The goal is to alleviate the financial pressure often associated with hiring outside consultants to navigate complex application processes.
The launch of these programs marks a transformative moment for both Morgan State and the communities it serves, reinforcing the institution’s commitment to fostering inclusive economic empowerment and sustainable development in Baltimore and beyond.
