The Minority Business Accelerator 2.5+ works to advance the growth of African American and Hispanic-owned businesses (MBEs) with annual revenues of at least $2.5 million in 16 Northeast Ohio counties. By providing assistance to larger MBEs, the MBAccelerator 2.5+ also helps its portfolio companies create jobs for minority residents and boost revenues of smaller MBEs by connecting them to projects as subcontractors.
Since launching in January 2008, the Accelerator has assisted minority-owned companies to secure large contracts that have resulted in significant increase in sales and employment. To date, the Accelerator has closed 54 deals valued at $131.6 milion and added more than 245 jobs in the region. The staff has helped its portfolio clients secure $2.2 million in lines of credit and bonding and identify more than $793 million in business opportunities.
- Closed 2011 with 91 deals totaling $61.6 million and established a $5 million working capital fund for Minority Business Enterprises; and created or retained 289 jobs in 2011.
- Minority Business Accelerator 2.5+ client companies report $68.7 million in gross annual sales in 2011.