America’s economic strength has long been fueled by its entrepreneurs, yet many aspiring founders, particularly from underserved communities, face significant hurdles in accessing capital and mentorship. Minority-owned businesses play a crucial role in the economy, employing nearly 10 million Americans and contributing over $357 billion annually. However, 80% of these businesses fail within their first 18 months due to barriers rather than potential.
In response to this challenge, Congressman Brian Fitzpatrick (PA-01) is spearheading a bipartisan effort with Representatives Nikema Williams (D-GA-05), Dwight Evans (D-PA-03), Norma Torres (D-CA-35), and Alma Adams (D-NC-12). The coalition aims to enhance entrepreneurship resources for students at Historically Black Colleges and Universities (HBCUs) and other Minority-Serving Institutions (MSIs).
“Small businesses are the lifeblood of PA-1 and communities across America—but too often, minority entrepreneurs face barriers to getting started,” said Fitzpatrick. “The Minority Entrepreneurship Grant Program Act changes that by delivering targeted support to students at HBCUs and minority-serving institutions. This is about unlocking potential, expanding access to capital, and giving every aspiring entrepreneur—regardless of background—the opportunity to build, grow, and lead.”
Fitzpatrick’s initiative seeks to establish a new Small Business Administration-administered grant program specifically for student entrepreneurs at HBCUs and MSIs. The program will provide funding for technical assistance, business development training, mentoring services, incubators, accelerators, and capital access. Institutions will have the flexibility to use grants for helping students launch or expand their businesses.
The legislation mandates annual reports from the SBA to Congress regarding grant recipients and fund allocation. It authorizes $50 million in funding aimed at supporting the program’s sustainability.
This legislative effort represents a long-term investment in America’s entrepreneurial future by equipping students with essential tools for transforming ideas into viable enterprises.
