Capital Readiness Program Grant Goes Toward Minority Business Enterprise Center For Accelerated Growth and Innovation

The National Minority Supplier Development Council (NMSDC) has received 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.

According to an NMSDC release, with the support of the MBDA, the NMSDC will launch the center to scale historically underrepresented certified socially economically disadvantaged individuals (SEDIs) and focus on minority business enterprises (MBEs).

The NMSDC is well positioned to help SEDIs scale their businesses to meet the needs of the growing U.S. economy through its partnerships with the nation’s top Fortune 500 corporations and its experience with state/local governments. Additionally, the NMSDC is well suited to help their businesses participate in the federal contracting opportunities created by legislation, including the Infrastructure and Jobs Act and CHIPS and Science Act.

“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,” NMSDC CEO and President Ying McGuire said in a statement.

“We are incredibly grateful for MBDA’s support of the MBE Center for Accelerated Growth and Innovation and look forward to the enormous impact it will have on MBE growth in the coming years.”

The MBE Center for Accelerated Growth and Innovation will focus its work on three pillar

  • 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: This effort will 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

Forty-three organizations received MBDA Capital Readiness Program grants, including NMSDC regional
affiliate council the Capital Region Minority Supplier Development Council (CRMSDC), and
strategic partners U.S. Black Chambers, Inc. (USBC), the United States Hispanic Chamber of
Commerce (USHCC) and the National Asian/Pacific Islander American Chamber of Commerce
& Entrepreneurship (National ACE).

RELATED CONTENTCelebrating National Black Business Month