June 17, 2014
MBA celebrates $1B regional spending in 2013
$1.04 billion, to be exact. That what 36 regional Goal Setter companies affiliated with the Cincinnati USA Regional Chamber’s Minority Business Accelerator (MBA) spent with local minority-owned companies in 2013, the highest-level in the MBA’s 11-year history. Goal Setters are local corporations and nonprofit organizations that commit to an annual spend goal.
That announcement was made last week at the 2014 Minority Business Accelerator’s Annual Stakeholder Meeting, held at The Phoenix in Cincinnati. The invitation-only event was attended by more than 100 MBA-affiliated Investors, Portfolio Companies, Goal Setter Companies, and business leaders.
Additionally announced at the event, average revenues for the MBA’s 34 Portfolio Firms reached $32M in 2013, a 10% increase from 2012, and a 100% increase from 2009.
In 2013, the MBA added four new Portfolio Companies, and six new Goal Setters. Both represent twice the number of additions seen in those categories in 2012. Portfolio Companies are firms that the MBA provides management and financial consulting to in order to accelerate growth and maintain long-term sustainability throughout the region.
2013 New Portfolio Companies
ABEL Building Systems
GT Industrial Supply
Pathfinder/MPI Management Consultants
2013 New Goal Setter Companies
Catholic Health Partners
Cincinnati State Technical & Community College
American Red Cross Greater Cincinnati-Dayton Region
United Way of Greater Cincinnati
“For more than a decade now, we have demonstrated a significant commitment to small business diversity throughout Greater Cincinnati,” said Crystal German, Vice President of Minority Business Accelerator and Economic Inclusion for the Cincinnati USA Regional Chamber. “The growth we saw last year will not only drive our region, but put us in elite company nationally as we continue to serve as a model for other accelerators,” added German. Similar MBA programs in Charlotte, Lexington, Dayton and Greenville were modeled after the Chamber’s MBA program
“Macy’s is proud to be one of Cincinnati’s nine Fortune ®500 companies, and the success of the city where we are headquartered is vital to us,” said Amy Hanson, Executive Vice President, Credit, Customer, and Financial Services, Macy’s Inc. Hanson also serves as Chair of the MBA Leadership Council. “We are fortunate to be in an area with a MBA that produces innovation, grows jobs and fuels economic prosperity for minority-owned firms on behalf of this region.” Hanson added.
Additionally, it was announced at the event that the L. Ross Love GrowthBridge Fund (launched at same event in 2013) has grown to $1.8M in the past year. The fund will provide capital for the growth projects of highly competitive African-American and Hispanic-owned businesses. It’s expected to make up to three initial loans later this year
The MBA expects investors to receive a return on investments of at least 3%. “What investors in the Fund are realizing is that they can do something financially attractive, but also something that benefits the region, so it’s a win-win,” said German.
View photos of the event