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Ohio Minority Supplier Diversity Council

Are You a Hamilton County Business Owner Thinking About Applying for a PPP Loan? Information Session on Tuesday, January 19th

  • Are You a Hamilton County Business Owner Thinking About Applying for a PPP Loan? Please join a Zoom meeting Tuesday, January 19, 3:30-5:00 pm for important information. Participants will:

  • Learn how to prepare and apply for the new federal PPP loans;
  • Learn who to contact for help; 
  • Learn how to avoid pitfalls that kept many businesses from being successful in the last round, and what is required for loan forgiveness; and
  • Meet representatives of organizations who are providing loans and assistance. 

Our aim is to help Hamilton County neighborhoods by helping more business owners — especially Black, Brown and and women business owners — get their fair share of federal small business loans this time. But you need to be prepared!
This session is designed to bring together small business owners, lenders, technical assistance providers and neighborhood and community developers who want to help their local businesses survive and thrive in spite of the pandemic.

The conversation will be facilitated by:

  • Kala Gibson | EVP and Head of Business Banking, Fifth Third Bank
  • Eddie Koen | President & CEO, Urban League of Greater Southwest Ohio (ULGSWO); and
  • Jilson Daniels | VP of Economic Equity, Port of Greater Cincinnati Development Authority

Agenda:

Introductions 10 min Kala Gibson, Fifth Third
HOT OFF the PRESSES! What Do We Know About PPP 3.0?  20 min Michael Shepherd, Senior Vice President. National SBA Director, Fifth Third
What Help is Available to You?                 25 min Eddie Koen, ULGSWO

What Did We Learn the Last Time that Might Help You Now?

  • Lessons Learned: a checklist for applicants
  • Business Owner Breakout Session: More tips and information
  • CDC and Neighborhood Representatives Breakout Session: Making sure neighborhood businesses are informed
20 min Jilson Daniels, The Port
Questions and Answers 10 min Kala Gibson, Fifth Third

RSVP to Cincinnatiregenerationalliance@gmail.com with your name and your company or organization’s name. 

Space is limited to the first 100 registrants, so act now! You will receive a Zoom link when you register.

 

Fifth Third Bank Launches Collaborative Initiative to Assist Small Businesses Impacted by COVID-19

Fifth Third Bank, National Association, has announced the launch of the Greater Cincinnati COVID-19 Small Business Response and Recovery Initiative to ensure the success of small businesses in Hamilton County. The Initiative will provide small businesses of 25 or fewer employees (with an emphasis on small businesses with five or fewer employees) in low-to-moderate income communities that have been impacted by the pandemic with advice and pathways to accessing capital, via the Initiative’s loan and grant programs.

Fifth Third has invested an initial $700,000; additional funding partner Greater Cincinnati Foundation has invested $250,000 and JPMorgan Chase has invested $100,000. The Greater Cincinnati and Northern Kentucky African American Chamber of Commerce and the Cincinnati USA Regional Chamber are founding business service organizations that will provide technical assistance to participating businesses. Additional business service organizations are the Urban League of Greater Southwestern Ohio and the Greater Cincinnati Microenterprise Initiative. Referral partners for the Initiative are the Hispanic Chamber Cincinnati USA and HCDC, Inc.

The effort will be powered by Next Street, an advisory firm that assists small businesses with accessing capital and technical assistance. The National Development Council has been involved in the planning and design of the Initiative and will serve as the fiscal agent and will also assist in additional fundraising efforts.

“Fifth Third is proud to support this effort. It provides a vital opportunity to coordinate and leverage expertise across the region to help small businesses rebound from the devastating impacts that COVID-19 has had on our economy,” said Kala Gibson, Fifth Third’s head of Business Banking.  “This initiative has great potential to positively impact the long-term small business ecosystem by building new capacity for business service organizations and provides an end-to-end solution for small businesses in our region.”

The key components of the Initiative include:

  • Technical Assistance Program that will assess applicant small business needs, match businesses with recommended assistance via one of the business service organizations participating in the Initiative, and provide online education and resources.
  • Small Business Liquidity Fund to provide responsible loans to small businesses ready to receive capital.

In the future there will be a program to provide grants to small businesses that do not have capacity for debt.

The overall economic toll from COVID-19 on small businesses and their employees has been immense and will disproportionately affect underserved small businesses, especially those that are women- and minority-owned. Next Street estimates that nearly 70,000 Hamilton County businesses with fewer than 25 employees will be negatively impacted as a result of the pandemic with more than 10,000 of those in low- to moderate-income communities. Many businesses have already been forced to close, and without assistance others will be forced to close in the future, lay off employees, or take on expensive capital that will threaten their resilience. This Initiative will offer support for these entrepreneurs to keep their businesses running.

“Small business owners open their doors every day, which allows their employees the opportunity to earn wages to take care of their families.  Many of these employees live directly in the neighborhoods that those small businesses serve. This Initiative makes resources available to those who take care of our communities,” said Mike Smith, head of business banking for Fifth Third’s Cincinnati region. “Fifth Third is proud to collaborate with JPMorgan Chase, the Greater Cincinnati Foundation and the business service organizations to launch this program.”

Experts from the partner organizations involved in the Initiative will be providing their technical assistance resources as well as potential funding options to the small businesses that are eligible for the Initiative. By pooling the expertise of the partner organizations, the Initiative’s goal is to efficiently deliver resources and reach a broader group of small businesses across Greater Cincinnati. The variety of partners will also ensure that a diverse population is assisted and an expanded number of businesses are served. 

“The Initiative is a welcome respite for all small businesses, acknowledging that small minority-owned businesses have been inordinately impacted by the pandemic. The African American Chamber is happy to partner in this Fifth Third Bank initiative to help businesses reset, rebuild and recover,” said Eric Kearney, president and CEO of the African American Chamber.

“We have a standing commitment to support the people, businesses and communities that help Cincinnati thrive, said Amoury Hollins, Southwest Ohio Area Manager, Business Banking for JPMorgan Chase. “Small businesses across our region have been profoundly impacted by the COVID-19 crisis, particularly those owned by people of color and women, and will require access to resources and on-going support as they navigate the future.”

To learn more about the Initiative and to apply, please send an e-mail to cincinnati@nextstreet.com or visit https://bit.ly/Cincinnati_SmallBiz_Initiative.

About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Sept. 30, 2020, Fifth Third had $202 billion in assets and operated 1,122 full-service banking centers and 2,414 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2020, had $422 billion in assets under care, of which it managed $53 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.

About the Greater Cincinnati and Northern Kentucky African American Chamber of Commerce
The AACC is the largest African American Chamber in the State of Ohio. It is as committed to inclusion as business development; and as focused on advocacy as on building capacity. The AACC leverages regional partnerships and collaborates with organizations and supplier diversity and inclusion experts to empower businesses to succeed. The AACC is your business advocate providing business education series, marketing programs and networking events to grow your business.

The AACC was founded in 1996 by a group of African American business owners and consumers seeking to improve the economic status of African Americans and the African American community. The vision was to form an organization, which would advocate on behalf of emerging and established businesses, help to create new market opportunities, and provide access to capital, and revitalize African American communities.

About Next Street

Next Street was founded in 2005 with the belief that small businesses are the engines of inclusive growth in underserved markets. Serving as trusted advisor to some of the country’s most dynamic organizations, they are a mission-driven advisory firm revolutionizing how our clients provide capital, customers, and services to small businesses and entrepreneurs.

Next Street provides their clients with strategies and tools to drive equitable small business growth and create a more an inclusive US economy. Next Street also directly serves thousands of individual businesses every year through tailored small business development services and programs.

About the Cincinnati USA Regional Chamber

The Cincinnati USA Regional Chamber grows the vibrancy and economic prosperity of the Cincinnati region. It does this by serving as a bold voice for the interests of its nearly 4,000-member businesses and their more than 300,000 employees. We are committed to expanding the region’s talent and, by harnessing the power of Cincinnati’s unique offerings, implementing regional vision, and through intentional inclusion in everything we do, the Chamber is on a path to help transform this region into the hottest city in America.

About NDC

NDC acts as partner, teacher, advisor, investor, developer and lender, bringing together technical know-how and capital for community and economic investment. We work with local and state governments and community-based organizations to help them create and implement their own unique economic and community development strategies. Over the years, our programs and services have evolved to reflect the changing policy environment, adding services and products to meet emerging needs. We provide technical assistance, professional training, small-business lending, debt and equity financing for residential, commercial, public, and nonprofit facilities. Our nationally recognized training programs help build a professional workforce in economic and community development that can advance and sustain progress in their communities.

Lowe’s-LISC Partnership – Apply for a Grant to Receive Assistance – Round 4 Application Period Open, Application Deadline June 17

Across the United States, small businesses that form the economic backbone of our communities now face immediate – and oftentimes, crushing – financial pressure because of the COVID-19 pandemic. Many small businesses that were forced to shut down temporarily now are at serious risk of never reopening. Even those small businesses that can still operate remotely face major revenue shortfalls. With little or no reserves to pay their expenses, many will have no choice but to lay off workers and close their doors forever.

Thanks to a significant grant from Lowe’s, LISC will provide the emergency assistance that small businesses desperately need to stay afloat. We will deploy grants to help them bridge the financial gap, and provide guidance to help them navigate the intricate web of public and private resources now available. LISC will focus these efforts on historically underserved communities—especially those enterprises owned or led by minorities and women, who often lack access to affordable capital.

Grants to small business owners to help meet their most immediate needs. Eligible expenses include:

  • Paying rent and utilities
  • Meeting payroll
  • Paying outstanding debt to vendors
  • Upgrading technology infrastructure
  • Other immediate operational costs

Visit https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/lowes/ to learn more and apply.

NMSDC Secures Partnership to Connect MBEs with PPP Funding Collaboration between NMSDC Business Consortium Fund and Midwest BankCentre

Partnership will Help Minority-Owned Business Enterprises Navigate SBA Funding Application Process

(New York, NY | June 2020) – The National Minority Supplier Development Council, Inc. (NMSDC) is pleased to announce the establishment of a new partnership between their Business Consortium Fund (BCF) and Midwest BankCentre to assist certified Minority Business Enterprises (MBEs) with funding access through the SBA’s Paycheck Protection Program (PPP). Details about how to access funding are available online by visiting BCF’s website at www.bcfcapital.com/ppp-disclosure.

On May 28, 2020, the U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 PPP funding to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses.

NMSDC recently surveyed its certified MBEs and learned that as of two weeks ago, more than 60% of those surveyed had not yet received their funding, leading to frustration and disillusionment about the prospect of receiving PPP support. “We have been thoroughly investigating a range of options for helping MBEs secure the much-needed PPP funding,” said Adrienne Trimble, NMSDC President and CEO. “After receiving the survey results, I knew it was time for NMSDC to take care of our own and so I began making calls.” Among Trimble’s first calls was to David Steward, Chairman and Founder of World Wide Technology (www.wwt.com), one of the largest African American-owned businesses in the United States and the largest NMSDC-certified MBE. In 1987, prior to founding World Wide Technology (WWT), David received a BCF loan which supported his business pursuits. He was among the first certified MBEs to receive funding from NMSDC’s BCF and the first to repay their loan. WWT was founded in 1990.

“David quickly connected us with Orvin T. Kimbrough, Chairman and CEO of Midwest BankCentre (MBC),” Trimble continued. “Our organizations share similar passions and philosophies about supporting minority business, which makes it especially exciting to launch this partnership between NMSDC’s Business Consortium Fund and the Midwest BankCentre.” “MBC has a strong commitment to reinvesting in our communities and ensuring we all have the tools to have the best shot at winning,” according to Kimbrough. “This collaboration is even more important given the current economic challenges impacting small business, and to a greater degree, minorityowned businesses.”

“The NMSDC Business Consortium Fund is perfectly positioned to support MBEs in successfully accessing PPP funding. Our staff is trained and ready to work with MBEs on their specific needs when it comes to accessing this critical funding,” noted G. Winston Smith, BCF President and COO. “We have created an efficient application process, and we are eager to work with Midwest BankCentre to break down barriers and facilitate MBE access to the PPP funds.”

How to Receive Assistance
If you are a minority business still in need of PPP funding, please visit www.bcfcapital.com/ppp-disclosure to begin your application process.

The SBA has confirmed there is more than $90B remaining in available funding.

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About NMSDC | nmsdc.org
Chartered in 1972, The National Minority Supplier Development Council (NMSDC) is one of the leading minority business development organizations in the United States. NMSDC supports the economic sustainability of certified minority business enterprises (MBEs) and advances supplier diversity by facilitating procurement opportunities between its certified MBEs and their network of Corporate Members. The NMSDC network includes a National Office in New York, 23 affiliate regional councils, and five international partner organizations.

About the NMSDC Business Consortium Fund | bcfcapital.com
The National Minority Supplier Development Council Business Consortium Fund, Inc. is a 501 (c) (3) certified, not-for-profit business development group, affiliated with the NMSDC, and certified by the United States Department of the Treasury as a Community Development Financial Institution (CDFI). As America’s most comprehensive financing and consulting support organization exclusively serving NMSDC-certified businesses, the Business Consortium Fund offers loan programs and consulting services serving the needs of minority businesses through the NMSDC network of 23 affiliated regional councils.

About Midwest BankCentre | midwestbankcentre.com
Since 1906, Midwest Bank Centre has been St. Louis’ premier community bank. It is currently the region’s second largest locally owned bank with assets exceeding $2 billion. They invest capital profitably in their whole community and reinvest local deposits locally with $95 of every $100 deposited locally staying in the St. Louis region to build the area’s businesses and families with every dollar circulating and average of six times throughout the regional economy. As they help local families and businesses prosper, they lift their friends, neighbors, and customers to that everyone can RISE TOGETHER. Since 2001, Midwest BankCentre has consecutively achieved the Bauer Financial 5-Star Superior financial rating each quarter. It has been recognized for its success in bringing mainstream financial services to unbanked and underbanked citizens in the region as well as other diversity and inclusion contributions with the 2019 Community Commitment Award from the American Bankers Association and Foundation and the 2018 National Community Bank Service Award from the Independent Community Bankers of America®.

City of Columbus Announces ‘Columbus COVID-19 Small Business Response and Recovery Fund’ To Assist Small Businesses

Mayor Andrew J. Ginther, City Council President Shannon Hardin and JPMorgan Chase announced the Columbus COVID-19 Small Business Response and Recovery Fund, a loan and grant program created to help small businesses in Columbus get through the challenges of COVID-19. The City of Columbus will use $5.5 million received through its federal CARES Act allocation to capitalize the initiative, and JPMorgan Chase will contribute $250,000 to assist in providing technical assistance to small businesses in support of the City’s efforts.

Applicants can apply for up to $10,000 in Recovery Grants to help sustain their businesses through the COVID-19 Pandemic. These grants can be used to help small businesses maintain existing business operations and retain jobs.

The City will also provide assistance up to $5,000 in Return Safely Grants for Personal Protective Equipment (PPE) and facility improvements. These funds are intended to assist small businesses to secure PPEs and/or make necessary COVID-19 improvements required to re-open their businesses safely and responsibly.

The Pivot Loans provide small businesses with access to low-interest loans. The goal is to maintain existing business operations, while retaining existing jobs, creating new jobs or making capital investments due to unexpected market growth. Applicants are eligible to receive a loan amount up to $20,000.

The Columbus COVID-19 Small Business Response and Recovery Fund will open on June 9, 2020 at 5 p.m. Applications will be accepted on a rolling basis until July 17, 2020 at 5 p.m. Information on how to apply will be available on June 8. For more information, contact the Office of Small Business and Entrepreneur Development of the City of Columbus at 614-645-8616.