USA Regional Chamber
Minority Business Accelerator Goal Setter Spend
Portfolio Firms Averaging $32M Revenues
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.
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.
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.
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
American Red Cross Greater Cincinnati-Dayton
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 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.
the Cincinnati USA Regional Chamber:
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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