The U.S. Economic Development Administration announced the Minority Business Accelerator as the recipient of a $1.5 million dollar grant as part of its recent investments to support programs that fuel innovation and tech-based economic development. The grants are part of the “Build to Scale” program, which is administered annually by the EDA and aims to accelerate technology entrepreneurship by increasing inclusive access to business support and startup capital.
The Minority Business Accelerator (“The Accelerator”) is the flagship minority business and economic inclusion initiative of The Cincinnati USA Regional Chamber.
“This is an incredible opportunity, and we are humbled to be selected as one of the fifty recipients,” says Darrin Redus CEO of the Minority Business Accelerator. “Our acceptance into this program will further fuel the work we are doing to grow large-scale minority business enterprises in the Cincinnati region and beyond.”
The local organiation’s mission is to accelerate the development of sizeable, minority-owned businesses and strengthen and expand the minority entrepreneurial community, through access to capital and other resources, to achieve sustainable growth. Since its inception, the Acceleraotr has created a portfolio of more than sixty African American and Latino-owned businesses with average annual revenues of approximately $30 million each. The organization is positioned to scale its efforts through four strategic pillars: grow firm revenues, build a pipeline of high growth businesses, attract larger-scale businesses, and create minority business enterprises through acquisition.
The Accelerator motivates and prepares diverse leaders through a collaborative environment that encourages creativity, innovation and communication, and brokers critical connections in the business community. By October 2024, MBA plans to grow annual revenues of the region’s MBEs by $1 billion and create 2,000 new jobs, while concurrently embedding more inclusive business practices that benefit all entrepreneurs throughout the region’s broader entrepreneurial ecosystem.
“At a time in which COVID-19 has put millions of small businesses in significant economic distress, disrupted supply chains globally, and the disproportionate impact that these events have had on minority-owned businesses, the work of the Accelerator and the broader ecosystem is more critically important than ever,” says Darrin Redus. “We must continue to build upon our momentum to bolster and ensure minority entrepreneurs endure and thrive through this season.”