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Ohio Minority Supplier Diversity Council

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.

P&G Ventures First-Ever Virtual Innovation Challenge – Submissions Close June 7, 2020

P&G Ventures, the early-stage startup studio within P&G is inviting entrepreneurs, inventors, and startups to submit a product pitch for its first-ever Virtual Innovation Challenge. The challenge, now in its third iteration, continues to seek out budding entrepreneurs driving the next generation of technologies that will change consumers’ lives, while helping fuel innovation amidst the global pandemic.

CLICK HERE TO LEARN MORE

THE CHALLENGE

P&G Ventures partners with entrepreneurs, inventors, and startups to discover and create consumer products, brands, and businesses that solve people’s needs in categories new to P&G. Each P&G Ventures partnership is unique, providing funding and access to P&G’s experts, resources, and capabilities to help partners find their best customers, prove their technology, and create their brand.

The winner will be selected by a panel of P&G executives including Leigh Radford, Vice President and General Manager at P&G Ventures, and Julie Setser, Vice President of R&D at P&G Ventures, and Pete Blackshaw, CEO of Cintrifuse and will receive $10,000 and a chance to partner with P&G Ventures.

Prize

Top Three Finalists Receive

Opportunity to Pitch to a panel of executives | Pre-Pitch Mentorship

One Grand Prize Winner Receives

$10,000 Cash Prize | Chance to partner with P&G Ventures

What’s Required

You will be required to create an account and submit your innovation through the web portal powered by KITE®.

In addition to filling out the submission form, submitters will also be required to submit an original pitch deck of no more than 12 slides describing a technology that has a fast-moving consumer good that the entrant has developed that will improve the way people take care of their families, keep their homes clean, or live healthier lives.

Specific categories of interest are below.

Important Dates

Submissions Open: May 21, 2020
Submissions Closed: June 7, 2020
Top 3 Finalists Selected:
Week of June 8

Virtual Pitch Event:
June 24, 2020

Goldman Sachs 10,000 Small Businesses Offering Free Webinar Sessions To Small Business Owners May 14th, May 18th

The team at Goldman Sachs 10,000 Small Businesses would like to let you know that they remain committed to helping small businesses and the 10KSB alumni community through this difficult time, and will continue to do so.

Current 10KSB participants and alumni are receiving additional support as they plan next steps for their businesses. Participants are receiving:

  • One-on-one business counseling through our Business Advisors
  • Access to special programming through the Goldman Sachs network created solely for 10KSB alumni
  • Weekly peer-to-peer learning with our alumni network of over 9,000+ small business owners experiencing similar challenges and concerns

10KSB is offering Free Webinar Sessions to small business owners to learn about the 10KSB program and how to grow their business. 

Now’s the Time…

Invest in Your Business, Invest in You

THURSDAY, MAY 14  |  12:00 PM EDT

MONDAY, MAY 18  |  10:00 AM EDT

Need help with taking a good, hard look at your business? If so, learn how Goldman Sach’s 10,000 Small Businesses can help you not only invest in your business but also invest in yourself as a business owner.

REGISTER TODAY

Goldman Sachs 10,000 Small Businesses Committing $20 million For Loans To Small Businesses And Nonprofits In Ohio

Goldman Sachs 10,000 Small Businesses is committing $20 million for loans to small businesses and nonprofits in Ohio through a partnership with Community Reinvestment Fund, USA (CRF), the largest non-profit, non-bank SBA 7(a) lender in the country.

Loans will be made to small businesses and nonprofits pursuant to the Paycheck Protection Program (PPP) under the CARES Act. This builds on existing investments by Goldman Sachs that support small businesses through the 10,000 Small Businesses initiative.

This program provides urgent cash flow assistances to small businesses and nonprofits that have been negatively impacted by COVID-19. These loans can be partially or wholly forgiven for businesses that maintain or rehire their workforce and can be used for:

  • Payroll costs;
  • Interest on mortgages;
  • Rent; and,
  • Utilities.

No collateral or personal guarantees are required. Neither the government, nor lenders, will charge small businesses any fees.

Start Your Application Here