March 9th 2024.
The National Minority Supplier Development Council (NMSDC) has recently acquired a generous grant of $1.1 million from the Fifth Third Foundation. This financial boost is intended to assist in the growth of Black-owned businesses and will be utilized to continue the NMSDC's innovative Centers of Excellence Certificate Program for the next six years, until 2026.
This program is designed to support the development and expansion of minority business enterprises (MBEs) that are certified by the NMSDC. By participating in the program, these MBEs are better equipped to compete for larger and more lucrative contracting opportunities. This opens up doors for strategic partnerships, mentoring, and networking, which were previously out of reach.
The NMSDC has set a target of recruiting 100 certified MBEs for the upcoming round of the program. The next cohort class is scheduled to start next month and will run for a period of nine months. MBEs with sales ranging from $1 million to under $10 million are eligible to apply for the program through the designated link. With the additional funding from the Fifth Third Foundation, the program will now be able to sponsor three more classes of graduates over the next three years, as they had previously donated $1 million for the program from 2020-2023.
The main goal of this program is to equip MBEs with the necessary skills and knowledge to take their businesses to the next level. This is achieved through a variety of means, such as learning from the competitive strengths of other participants and sharing business skills. It also provides opportunities for MBEs to explore partnerships, joint ventures, alliances, and teaming agreements, which can help them secure larger contracts and expand their reach globally. Additionally, the program helps MBEs align their sales methods with the procurement processes of corporate members, increasing their chances of securing contracts.
Ying McGuire, CEO and President of the NMSDC, expressed her enthusiasm for the Centers of Excellence program, stating, "This program is a testament to how exponential growth for MBEs can be achieved when the NMSDC, our corporate members, MBEs, and regional affiliates work together to create an ecosystem of mentorship and collaboration." Meanwhile, Kala Gibson, Executive Vice President at Fifth Third Bank and board chair at NMSDC, added, "We are delighted to support this program financially through our Foundation and utilize our expertise as educators and subject matter experts to create a valuable experience that will have long-lasting benefits for all involved."
In addition to this program, the NMSDC has also launched the Acres Program to support Black farmers' agricultural businesses. This is yet another example of the organization's commitment to promoting and uplifting minority-owned businesses. With the continued support of partners like the Fifth Third Foundation, the NMSDC is making great strides towards creating a more diverse and inclusive economy.
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