06 Mar 2020 NMSDC Supports NAIC Initiative to Facilitate the Raise of $1 Billion of Growth Equity Capital for MWBEs
NEW YORK, NEW YORK – March 5, 2020 – We are excited to announce that the Minority Business Development Agency and the National Association of Investment Companies have teamed to identify and facilitate the raise of $1 billion of growth equity capital for minority and women businesses. Companies do not have to be certified to be eligible to participate in this opportunity. MWBEs with a minimum of $5 million in revenue and $1 million in EBITDA are encouraged to learn more about this initiative by reviewing the press release and visiting the NAIC website.
We believe that this initiative will provide an important source of potential growth equity capital for NMSDC certified MBEs. As stated on the NAIC web site in the press release by Robert L. Greene, its President and Chief Executive Officer, “The importance of minority-owned businesses to our nation’s economy cannot be overstated, but the entrepreneurs who run them are often overlooked in the growth equity market, substantially limiting their ability to scale.”
Adrienne Trimble, the President and Chief Executive Officer of the National Minority Supplier Development Council, said, “the NMSDC stands ready to assist the initiative by introducing the respective parties to its vast network of certified MBEs, corporate connections and regional councils serving the needs of all parties.” G. Winston Smith, the President of the National Minority Supplier Development Council Business Consortium Fund, added, “this capital is critical to the expansion of the minority business community.” We applaud the MBDA and the NAIC for launching this initiative and we will support them enthusiastically in any way possible to facilitate the delivery of this critically needed growth equity capital for NMSDC certified MBEs.
About National Minority Supplier Development Council
NMSDC advances business opportunities for certified minority business enterprises and connects them to corporate members. To meet the growing need for supplier diversity, NMSDC matches its more than 12,000 certified minority-owned businesses to our network of more than 1,450 corporate members who wish to purchase their products, services and solutions. NMSDC, a unique and specialized player in the field of minority business enterprise, is proud of its unwavering commitment to advance Asian, Black, Hispanic and Native American suppliers in a globalized corporate supply chain.
About National Minority Supplier Development Council Business Consortium Fund, Inc.
The BCF is a non-profit organization that is a CDFI (community development financial institution). Its principal subsidiary, Triad Investments, is a for-profit investment firm that is a SSBIC (specialized small business investment company) and is a CDE (community development enterprise). Together, the BCF entities have been an important source of impact financing for many NMSDC certified MBEs.
Media Contacts:
Adrienne Trimble
President and Chief Executive Officer
National Minority Supplier Development Council
212-944-2430
adrienne.trimble@nmsdc.org
G. Winston Smith
President
National Minority Supplier Development Council Business Consortium Fund
212-243-7360
gwsmith@bcfcapital.com