Minority Business Accelerator 2.5+
Minority business services transitioning;
MBDA Cleveland Business Center to provide assistance
March 1, 2013 -- Effective immediately, the Minority Business Accelerator 2.5+ (MBA 2.5) will cease operations and the Commission on Economic Inclusion’s services to minority-owned businesses will be delivered through the U.S. Department of Commerce Minority Business Development Agency (MBDA) Cleveland Business Center, which is also operated by the Commission.
The grant funding for the MBA 2.5, which the Commission operated since January 2008, has not been renewed, resulting in the closing of the program and the transition of services. Through the MBDA Cleveland office, the Commission will continue to offer services to its former MBA 2.5 registrants and to build on that program’s successes.
During its tenure, the MBA 2.5 achieved significant results for African-American and Hispanic owned businesses in Northeast Ohio in terms of job creation, increased payroll, and capital attraction. Results for its most recent fiscal year were strong: jobs created: 267, capital attracted: $9,750,000, and payroll: $4,852,200.
Services provided to broader range of clients
The positive news is that the services of the MBDA are open to a broader range of businesses than those served by the MBA 2.5. To qualify, companies must be owned by individuals who are African American, Asian Indian, Asian Pacific Islanders, Hasidic Jews, Hispanic or Native American and have annual revenues of $500,000 or more.
Last year, we began transferring our minority business relationships to the MBDA Cleveland office, which offers minority business owners similar financial, contractual and technical support and resources that were provided by the MBA 2.5. It has received commendable ratings in each of its first two years of operation. Services provided by its four-member team include strategic business consulting; access to contracts and markets; access to capital and finance management; and access to global and domestic opportunities through the Cleveland office and the MBDA’s national network.
We are encouraging all the MBA 2.5 registrants to register with the MBDA Cleveland office.
The Center is located at the offices of the Greater Cleveland Partnership offices, 1240 Huron Road East in PlayhouseSquare in downtown Cleveland. If you have questions regarding this transition, please contact Deborah Bridwell, the Commission’s deputy executive director, at firstname.lastname@example.org or (216) 592-2345.
to visit the MBDA Cleveland Business Center website.