August 11th 2023.
The National Minority Supplier Development Council (NMSDC) has been awarded a multi-year $3 million Capital Readiness Program grant from the Minority Business Development Agency (MBDA) to launch the MBE Center for Accelerated Growth and Innovation.
The MBE Center for Accelerated Growth and Innovation is intended to help historically underrepresented certified socially economically disadvantaged individuals and minority business enterprises (MBEs) better meet the needs of the growing U.S. economy. It will focus on three core programs: Contract Readiness, Capital Connection Program and Platform, and a Matchmaking and Marketplace Tool and Opportunity Connections.
The NMSDC is well-equipped to help MBEs scale their businesses with the support of the MBDA. They already have strong partnerships with the nation’s top Fortune 500 corporations and experience working with state and local governments. They are also looking to take advantage of federal contracting opportunities created by recent legislation like the Infrastructure and Jobs Act and CHIPS and Science Act.
Ying McGuire, NMSDC CEO and President, said in a statement, “We find ourselves at an unprecedented moment in history. Despite the progress that has been made in supplier and business diversity, we know that we still have a long way to go if we are going to create the thriving, equitable business environment that is the key to not only achieving generational wealth for communities of color but also for the long-term growth and sustainability of our nation’s economy.”
Ms. McGuire expressed her gratitude for the MBDA’s support of the MBE Center for Accelerated Growth and Innovation, and she looks forward to its enormous impact it will have on MBE growth in the coming years.
Along with NMSDC, 43 other organizations received MBDA Capital Readiness Program grants. These include NMSDC regional affiliate council the Capital Region Minority Supplier Development Council, U.S. Black Chambers, Inc., the United States Hispanic Chamber of Commerce, and the National Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship.
As we celebrate National Black Business Month, we recognize the importance of these grants and the work they do to help underrepresented individuals and businesses. With the MBE Center for Accelerated Growth and Innovation, we are one step closer to creating a more equitable business environment and achieving long-term economic sustainability.
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