News Releases

News Release
For Immediate Release

Contact:

Lance Barry
Public Relations Manager
Cincinnati USA Regional Chamber
513.579.3194 Direct
513.295.6010 Mobile
lbarry@cincinnatichamber.com

   

                        Chamber’s Minority Business Accelerator Goal Setter Spend $1B+,
                                            Portfolio Firms Averaging $32M Revenues

                          Annual Stakeholder event held today, L. Ross Love GrowthBridge Fund now at $1.8M 


CINCINNATI—June 14, 2014 —$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.

                                                  MBA Press Release 1

That announcement was made this afternoon 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. 

                                                  MBA Press Release 2
Additionally announced today, average revenues for the MBA’s 34 Portfolio Firms reached $32M in 2013, a 10% increase from 2012, and a 100% increase from 2009.
                                                MBA Press Release 3

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
OCG Telecom

2013 New Goal Setter Companies

Catholic Health Partners
Cincinnati State Technical & Community College
Miami University
American Red Cross Greater Cincinnati-Dayton Region
United Way of Greater Cincinnati
Xavier University

 “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 today 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.  

About the Cincinnati USA Regional Chamber:
Celebrating our 175th anniversary in 2014, the Cincinnati USA Regional Chamber is the nation's fifth largest chamber, representing the interests of more than 5,000 member businesses. Its mission is to capture Cincinnati USA as one of the world's favorite American business centers. The chamber serves its membership and the Cincinnati USA community through economic development, government advocacy, festivals and events, regional vision and collaboration, money-saving benefit programs, leadership and networking opportunities and educational programs. For more information, visit CincinnatiChamber.com, Facebook.com/CincinnatiChamber, and Twitter.com/CincyChamber.

       

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