Cincinnati Chamber launches $1.7M minority business funding campaign

The Cincinnati USA Regional Chamber’s Minority Business Accelerator (MBA) announced the launch of the first phase of funding for the L. Ross Love GrowthBridge Fund. The MBA is the Chamber’s economic-development initiative focused on growing sizeable minority firms.
 
The fund will provide flexible debt capital to finance growth projects of established, highly competitive African-American and Hispanic-owned firms in the region. The average loan size will be $175,000. It is anticipated that three to four loans will be made per year. Once they are, they will be the first of their kind in the country.
 
“The combination of the target market, the geographic focus and the financial product makes the L. Ross Love GrowthBridge Fund unique,” says Crystal German, vice president of the MBA and economic inclusion at the Cincinnati USA Regional Chamber. “The fund will help us grow our impact, the number of firms we touch, and continue to help us fundamentally change the conversation about economic inclusion.”
 
The fund was named in memory of media owner L. Ross Love. The entrepreneur, philanthropist, former Procter & Gamble executive and founder of Blue Chip Broadcasting was dedicated to minority entrepreneurship. During his career, Love created Blue Chip Enterprises, a company that helped African Americans start their own businesses.
 
The fund has raised more than $1.7 million from 28 investors since being announced in June 2013, representing both corporations and private commitments.
 
“The opportunity to make the L. Ross Love GrowthBridge Fund come to fruition was seeded by the Greater Cincinnati Foundation, who was looking for opportunities where they could provide financial investments that also created positive social impact,” German says.
 
Since its inception in 2003, the MBA has created 1,800 jobs in Cincinnati. The success of the Chamber’s Minority Business Accelerator has served as a catalyst across the country including in Charlotte, Cleveland, Lexington, Dayton and Greenville, where MBAs have since been launched. Learn more about the history of Cincinnati's MBA and how it has become a model for other MBAs throughout the country.

By Mike Sarason