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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®.

NMSDC COVID-19 Virtual Town Hall: The Stimulus Package – Continuing the Conversation – Thursday, April 9 | 3 – 4:30 pm

NMSDC invites you to continue the conversation about the CARES Act and what this federal stimulus package can do for your business.

A special guest from The White House will provide specific details of the package and answer your questions about what it is designed to achieve. Additionally, our panel will share valuable resources about how to access programs to help your business stay afloat during this crisis.

Get first-hand information about:

  • The key elements of the package
  • Who and what qualifies for emergency coverage
  • The scale and scope of the coverage
  • The parameters and limits of the coverage
  • The application process
  • When you might expect to receive assistance

Join us in the virtual room from 3 p.m. — 4:30 p.m. (EDT) on Thursday, April 9, to be a part of this urgent discussion.

Click Here To Register – https://cvent.me/PqPqyO

NMSDC Virtual Town Hall – How the Federal Relief Initiative Works for Minority Business – Friday, April 3

What is the COVID-19 Relief Stimulus Package?
Friday, April 3, 2020
11 a.m. — 12:30 p.m. (EDT)


To confront the biggest question that we are all facing today – how does minority business survive and even thrive during the COVID-19 crisis? NMSDC invites you to join us for a very special live Virtual Town Hall on Friday, April 3, about the CARES Act and what this federal stimulus package can do for minority business.

Senator Tim Scott, involved in crafting the largest stimulus package in American history, will be joining us for Friday’s essential conversation. He, along with a special guest from The White House policy team, will provide specific details of the package and answer your questions about what it is designed to achieve.

Get first-hand information about:

  • The key elements of the package
  • Who and what qualifies for emergency coverage
  • The scale and scope of the coverage
  • The parameters and limits of the coverage
  • The application process
  • When you might expect to receive assistance

This Town Hall is the place to cut to the chase during this critical moment and will provide the opportunity to ask pertinent questions and get the answers you need for your business. Minority Business Enterprises (MBEs), corporate members and NMSDC affiliate presidents are urged to participate in this vital conversation about our current business environment, and how it impacts the future of NMSDC and minority supplier development.

Join us in the virtual room from 11 a.m. — 12:30 p.m. (EDT) on Friday, April 3, to be a part of this urgent discussion.

Meet You in the Virtual Room!
Registration closes at 9 a.m. (EDT) on Friday, April 3
The live web cast is limited
A live stream will also be available on YouTube

REGISTRATION LINK

NMSDC Virtual Town Hall: How CPOs Are Responding: The Corporate Perspective on the COVID-19 Business Challenges

For its third weekly virtual Town Hall in the ongoing health emergency, NMSDC invites you to join us on Thursday, April 2, for an essential discussion – “How CPOs Are Responding: The Corporate Perspective on the COVID-19 Business Challenges.”

  • What actions are they taking to mitigate the risk in their supply chains?
  • How are they working with their MBEs to reduce the impact to their businesses?
  • To limit the risk to minority suppliers, what strategies do these CPOs recommend to other corporations?

On April 2, hear the answers to these and other questions posed by the audience of MBEs and corporate members of NMSDC. We welcome your participation, questions, and insights on the critical CPO-MBE connection in this crisis.

CLICK HERE TO REGISTER

As this health emergency continues to unfold, NMSDC’s transformed mission is even more vitally important than ever – today, tomorrow, and beyond. This Town Hall is a component in that mission. We need to hear your questions, your concerns, and your ideas. With your feedback, we can work more effectively as a network. Hosting the Town Hall is NMSDC President/CEO Adrienne C. Trimble.

Adrienne assumed the leadership of NMSDC after a successful career in the corporate world, much of it spearheading the supplier diversity initiative at Toyota North America – an ideal perspective from which to anchor this discussion. Panelists joining her on Thursday are:

Keith Browning
Managing Director of Supply Chain Management for Corporate Services, Corporate Travel & Events, and Supplier Diversity & Inclusion | Delta Air Lines, Inc.

Kala Gibson
Executive Vice President, Head of Business Banking | Fifth Third Bank

Farryn Melton
SVP, Chief Procurement Officer (CPO) | Bristol-Myers Squibb (BMS)

Thomas Nash
Vice President & CPO | American Red Cross

Brad Pomerleau
Vice President, Indirect Sourcing and Procurement COE | Target Corporation

Managing In a National Emergency: How MBEs are Navigating the COVID-19 Business Challenges? NMSDC Webinar on Thursday, March 26 at 2 p.m.

A town hall focused on a frank discussion with minority business owners on the impact of the COVID-19 crisis on their business, how are they coping, what can corporate customers do to support them and what advice can they give to other MBEs.  What do the federal, state and local governments need to do to support minority businesses? We will be taking questions during this virtual town hall.   We welcome your participation, questions and insights on what your companies are doing.  We want to hear from you!

http://www.mmsend25.com/link.cfm?r=eengEREZC_BqtU4MCfOcBQ&pe=TrQxsGCJ1FzdJeWsNnvhpF4_Rbsz7VAyKsL2CJWeqj922aeduDId1wpubKkCbQLobgosbTUuprXmAJonzAHO2w&t=-ZiVCoikqPZk0dabyGh0Qw~~