August 14, 2023
NMSDC Uses $3 Million Grant To Launch Center To Help Businesses Scale Up
Aiming to assist disadvantaged and minority businesses, the National Minority Supplier Development Council has been awarded a $3 million grant to launch the MBE Center for Accelerated Growth and Innovation.
The NMSDC received the multi-year Capital Readiness Program grant from the Minority Business Development Agency (MBDA) to help fund the effort. The transformation center will help scale historically underrepresented certified socially economically disadvantaged individuals (SEDIs) and focus on minority business enterprises (MBEs).
Utilizing its existing national geographic reach, deep partnerships with the nation’s top Fortune 500 corporations, and its experience with state/local government, the NMSDC believes it is well-positioned to assist SEDIs scale up to meet the needs of the growing U.S. economy.
Known as a growth engine for minority businesses, the NMSDC says it too is uniquely equipped to help SEDIs take part in the federal contracting opportunities created by recent legislation like the Infrastructure and Jobs Act and CHIPS and Science Act.
While the NMSDC acknowledged that the United States is far from achieving economic parity for SEDIs, it maintains there is a push and commitment within government and corporations to make the systemic changes address the issue.
“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,” said NMSDC CEO and President Ying McGuire.
The MBE Center for Accelerated Growth and Innovation will focus on three pillars:
- “Contract Readiness—This capacity-building initiative will prepare certified MBEs for doing business with the federal government and national/global corporations.”
- “Capital Connection Program and Platform—An effort geared to cultivate a powerful network of capital options for certified MBEs, both private and State Small Business Credit Initiative (SSBCI) programs.”
- “NMSDC Matchmaking and Marketplace Tool and Opportunity Connections—This tool will integrate with NMSDC’s customer relationship management and certification tool to bring certified MBE profiles to an open, online marketplace, connecting them to corporate members and government entities actively seeking suppliers and sourcing solutions.”
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