About:
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.
Fund Support:
$3.4 million
Performance:
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.
2012 Update:
- 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.