MBDA Cleveland Business Center to provide assistance
Cleveland, Ohio—Effective immediately, the Minority Business Accelerator 2.5+ (MBA 2.5) will cease operations and the Commission on Economic Inclusion’s services to minority business enterprises (MBEs) 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, a program of the Greater Cleveland Partnership, 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 will be provided to broader range of clients
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, the Commission began transferring its 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.
All MBA 2.5 registrants are encouraged to register with the MBDA Cleveland Business Center, which is located at the GCP offices, 1240 Huron Road East in PlayhouseSquare in downtown Cleveland.
Click here to visit the MBDA Cleveland Business Center website
About the Greater Cleveland Partnership
The Greater Cleveland Partnership mobilizes private-sector leadership, expertise and resources to create attractive business conditions that create jobs, grow investment and improve the economic prosperity of the region. www.gcpartnership.com.
About the Commission on Economic Inclusion
The Commission on Economic Inclusion is a program of the Greater Cleveland Partnership (GCP). Its mission is "to significantly improve the level of inclusion-the meaningful involvement of minority businesses and individuals-in the economic engines that drive Northeast Ohio." www.commission-inclusion.com