The Entrepreneurial Development and Assistance Center at Morgan State University has received a $2.2 million donation from the Small Business Administration, a major contribution that will promote entrepreneurship in marginalized communities. The funding will go towards two main outreach programs geared towards women entrepreneurs and former inmates to help them understand the challenges of the corporate world.
$1.5 million of the funds will go towards the Returning Citizens Inspired to Develop Entrepreneurial Ventures program, while the remaining $700,000 will be used for the new Government Certifications Contracting and Matchmaking Solutions Center. With significant support from Senators Chris Van Hollen and Ben Cardin, these programs were financed in the FY24 Omnibus Spending Bill.
In 2020, Morgan State launched the RIDE program, a program dedicated to helping formerly incarcerated people re-enter society. RIDE will create the RIDE Entrepreneurship Resource Center as part of its expansion efforts with the new funding. For both freshly released inmates and long-time ex-offenders who face obstacles to economic success, this program offers leadership development and business education specifically designed for them. The center will offer new services such as personalized business counseling, innovative programming, and the chance for participants to produce podcasts.
Not only will the Entrepreneurial Development and Assistance Center help formerly incarcerated people, but it will also help women entrepreneurs who come from marginalized backgrounds with its new Government Certifications Contracting and Matchmaking Solutions Center. The main goal of the center is to highlight the underrepresentation of women in government contracting markets, particularly women of color.
Lack of knowledge about the procurement process and little assistance in overcoming certification requirements make it extremely difficult for many women-owned firms to get government contracts. The center will address these concerns through an organized strategy that includes administration, mentoring, advice, engagement, and training.
Additionally, the center will provide clients with important training programs on government contract acquisition, certification guidance, and long-term business development plans. The intention is to lessen the financial strain that comes with utilizing outside experts to manage difficult application processes.
Morgan State has seen a major increase in overall growth this year. Last month, the university became the third largest HBCU in the country due to its significant increase in enrollment. For the fourth year in a row, Morgan State has broken its enrollment record. The university welcomed almost 11,000 students to campus, including the largest freshman class in history with 2,369 new students.
