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Ohio Minority Supplier Diversity Council

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.

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

Ohio Bureau of Workers’ Compensation’s Board of Directors approves $1.6 billion dividend for Ohio employers

The Ohio Bureau of Workers’ Compensation’s Board of Directors approved to send up to $1.6 billion to Ohio employers this spring to ease the economic impact of the coronavirus (COVID-19) pandemic on Ohio’s economy and business community.

The Board met in a virtual emergency session in response to Ohio Governor Mike DeWine’s call for state agencies to do all they can to help the state’s business community withstand COVID-19’s challenges, which include temporary business closings, stay-at-home orders, and a record number of Ohioans applying for unemployment assistance.

CLICK HERE TO READ THE FULL PRESS RELEASE

The BWC has put together a list of frequently asked questions to explain how the dividend will be applied to different employers and the impact on their businesses. 

CLICK HERE TO READ THE FREQUENTLY ASKED QUESTIONS