16 Nov Business Consortium Fund Announces a Reorganization
NEW YORK, NEW YORK – November 16, 2019 – National Minority Supplier Development Council Business Consortium Fund, Inc. (BCF) and its subsidiary, Triad Investments L.P. (Triad Investments, together with BCF, BCF Entities), are proud to announce a plan to reorganize and recapitalize in an effort to raise $100 million over the next 18 months, supporting its mission of continuing to finance minority business enterprises (MBEs) certified by the National Minority Supplier Development Council (NMSDC).
For the past 30 years, the BCF has facilitated over $200 million in capital support to MBEs across 30 states and created thousands of jobs in traditionally low-income communities. Over the past few years, it became clear that the continued problem of under-capitalization of minority businesses and, as result, the continued under/unemployment of minorities requires more focus. G. Winston Smith, President of the BCF, said, “The BCF plays a role in financing minority businesses across the United States which has a direct impact on minority employment. While we have had an impact, the Board and I recognized that we needed to do more.”
As a next step, the BCF engaged NexTier Consulting Solutions, LLC (NexTier), a consultancy that exclusively serves investment management firms to help them create and implement growth strategies. Mr. Smith worked closely with Lawrence C. Manson, Jr., the Chief Executive Officer of NexTier, and selective members of the BCF boards to design a plan to reposition and recapitalize the BCF Entities. Mr. Manson said, “While leveraging its past is important to the BCF future, building out a state-of-the- art investment platform is the critical path. That is the intent of the plan.” Mr. Smith went on to say, “The new capital will enable the BCF to provide financing to a larger number of NMSDC certified MBEs.” According to the NMSDC report: The Business Case for MINORITY BUSINESS ENTERPRISES, certified NMSDC members produced more than $400 billion in annual revenue in 2014 and actively employed, either directly or indirectly, more than 2.2 million people. As listed in the Kauffman Compilation: Research on Race and Entrepreneurship, “These [minority] business owners have the potential to create more jobs and revitalize distressed communities…[and] preserve the U.S. standing as a market leader and producer.”
About National Minority Supplier Development Council Business Consortium Fund, Inc.
The BCF is a non-profit organization that is a community development financial institution. Its principal subsidiary, Triad Investments, is a for-profit investment firm that is a specialized small business investment company and is a community development enterprise. Together, the BCF Entities have been an important source of impact financing for many NMSDC certified MBEs. The BCF was founded in 1984 and is headquartered in New York.
About NexTier Consulting Solutions, LLC
NexTier is a consulting firm focused on helping investment organizations compete more effectively by providing strategic and tactical support services designed to reduce business risk and support growth. The company and its affiliates were founded in 2012 and is headquartered in Chicago.
G. Winston Smith, President and Chief Operating Officer
Ntional Minority Supplier Development Council Business Consortium Fund, Inc.
Lawrence C. Manson, Jr., Chief Executive Officer
NexTier Consulting Solutions, LLC