By David Robinson
LITTLE ROCK — BioVentures LLC at the University of Arkansas for Medical Sciences (UAMS) has secured a nearly $3 million grant from the U.S. Department of Commerce to support entrepreneurs from socially and economically disadvantaged backgrounds who are looking to develop health technology and health care businesses in Arkansas.
The four-year $2,999,997 grant comes from the Minority Business Development Agency’s Capital Readiness Program, which chose BioVentures and 42 other recipients from more than 1,000 applicants. UAMS is providing $750,000 in matching funds, bringing the total funding to $3.75 million.
The Capital Readiness Program is a $125 million technical assistance program to help underserved entrepreneurs grow and scale their businesses. Grant recipients from across the United States, including BioVentures President Kevin Sexton, M.D., were invited to the White House on Aug. 4 to celebrate the Capital Readiness Program with a roundtable discussion and ceremony that included remarks from Vice President Kamala Harris.
UAMS' Kevin Sexton, M.D. (left), president of BioVentures, chats with Donald “Don” Cravens Jr., under secretary of Commerce for the Minority Business Development Agency, during a ceremony at the White House to celebrate the Capital Readiness Program.