Minority Business Accelerator 2.5+ reports strong three-year results

Tuesday, February 01, 2011

Deals for 17 portfolio clients total $131.6 million for 2008-2010

Cleveland, Ohio—The Minority Business Accelerator 2.5+, an initiative of the Commission on Economic Inclusion, has closed a total of 54 deals valued at $131.6 million between April 2008, when the first deal was announced, and December 2010. Of these, 49 deals were closed with African-American minority business enterprises (MBEs) and five deals were closed with Hispanic MBEs.

Over the past three years, MBAccelerator 2.5+ has closed deals for services that include printing, HVAC, data cabling, fiber optic installation, flooring and general contracting with these additional results:

  • 249+ jobs created
  • $2.2 million in lines of credit and bonding secured
  • Over $793 million in business opportunities identified over the past three years

Deals announced in 2010 include:

  • Public housing interior and exterior improvements: $400K subcontract
  • Medical center parking facility rebar (reinforcing bars) installation: $3.7M subcontract
  • Hospital center telecommunication, fiber optic and copper cabling installation: $480K subcontract
  • Military facility construction: $8.8M joint venture

“Growing minority-owned companies is an essential part of growing the Northeast Ohio economy,” said Andrew Jackson, executive director of the Commission on Economic Inclusion and senior vice president of the Greater Cleveland Partnership. “When we improve MBEs’ capability and capacity, it positions them to create jobs for the region as a whole, and for minority individuals in particular.”

Jackson said that the Northeast Ohio Hispanic Chamber of Commerce is working with the Accelerator to boost the number of deals for Hispanic-owned companies. “Going forward, we will focus on continuing our successes with African American MBEs and increasing deal-making for Hispanic MBEs,” he said.

The MBAccelerator 2.5+ also will target its efforts toward securing more contracts outside Cuyahoga County. In 2010, $46.6 million in deals were closed in Cuyahoga County, with $15 million in contracts awarded in other Northeast Ohio counties.

-end-

The Minority Business Accelerator 2.5+ is an initiative of the Commission on Economic Inclusion , a program of the Greater Cleveland Partnership. Funded by the Fund for Our Economic Future, and the Cleveland Foundation, the MBAccelerator2.5+ focuses on growing the size, scale and infrastructure of African American and Hispanic MBEs with annual revenues of at least $2.5 million in a 16-county area of Northeast Ohio. www.mbaccelerator2-5.com

The Commission on Economic Inclusion, a program of the Greater Cleveland Partnership (GCP), works to significantly improve the meaningful involvement of minority businesses and individuals in the economic engines that drive Northeast Ohio. Founded in 2000, it is observing its 10th anniversary this year. www.commission-inclusion.com

The GCP mobilizes private-sector leadership, expertise and resources to create jobs and wealth and improve the economic vitality of the region. www.gcpartnership.com 

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