The Virgin Islands Economic Development Authority (VIEDA) hosted a news conference on Thursday, Aug. 10, where the Undersecretary of Commerce for Minority Business Development Donald “Don” R. Cravins Jr. announced M. Gill and Associates Inc. as the awardee for
M. Gill and Associates Inc., which is among 43 Capital Readiness Program awardees, will operate the MBDA CRP in the USVI after its official launch in the territory in September 2023. (CRP) for the U.S. Virgin Islands. This news conference was held at the VIEDA office in Nisky Center on St. Thomas, USVI, and via video conference from the VIEDA office in Frederiksted, St. Croix. It was also live-streamed on VIEDA’s Facebook page.Gill and Associates Inc.
The Capital Readiness Program will fund and build a geographically dispersed network of Minority Business Development Agency Capital Readiness technical assistance providers that can help minority and other underserved entrepreneurs build the skills to launch or scale existing businesses, access State Small Business Capital Initiative (SSBCI) capital, participate in other governmental programs that support small businesses, and secure other forms of capital. M. Gill and Associates Inc., was awarded $3 million to launch and operate the CRP in the USVI, Puerto Rico and Florida.
“In developing the CRP, we knew it was critical to find organizations like M. Gill and Associates Inc. because they understand the unique needs and challenges of entrepreneurs of color. We must meet people where they are,” said Undersecretary Donald R. Cravins Jr.
“I’d like to thank the VIEDA for hosting me and my team this week. And thanks to the leadership of President Biden and Vice-President Harris, to our members of Congress like Congresswoman Stacey Plaskett and others, help is here through the Capital Readiness [Technical Assistance] Program and it is here to stay,” said Cravins.
The undersecretary is the first appointee in this position and leads the MBDA which is part of the U.S. Department of Commerce. Last week, the Biden Administration launched the CRP in Washington D.C. The U.S. Virgin Islands was the first visit on Cravins Capital Readiness Program roll-out tour.
During Under Secretary of Commerce for Minority Business Development Cravins Jr.’s visit to St. Thomas Aug, 7-10, the VIEDA hosted a reception and two roundtables for local business owners from across St. Thomas, St. John and St. Croix.
These activities provided the business community with the opportunity to discuss their unique challenges and learn how programs administered by the undersecretary and the Minority Business Development Agency can supplement assistance offered through VIEDA to alleviate these challenges.
The MBDA Capital Readiness Program is funded by the U.S. Department of the Treasury through the State Small Business Credit Initiative (SSBCI), which was reauthorized under the American Rescue Plan Act of 2021. The Minority Business Development Agency received $125 million of the Treasury’s SSBCI technical assistance funding to support the Capital Readiness Program.
“For this program, the Minority Business Development Agency will hire a consultant and three new [individuals for this program], one of which will be hired from, and will remain in, the USVI to work on behalf of the MBDA to provide the technical assistance that is needed,” said Marie R. Gill of M. Gill and Associates Inc.
Stacey E. Plaskett, delegate to Congress for the USVI, also expressed high praise for the CRP and the need for it in the territory, especially for young people who return home to the USVI from the mainland.
The Minority Business Development Agency is the only federal government agency dedicated solely to supporting the growth and global competitiveness of minority business enterprises. The Capital Readiness Program awardees will join the Minority Business Development Agency’s National Network of 88 business centers and other projects that provide technical assistance and business support services to minority business enterprises.
To learn more about the State Small Business Capital Initiative, visit here. For more information, send an email to info@usvieda.org
