Total revenues for the 28 portfolio companies in the Cincinnati Regional Chamber’s Minority Business Accelerator have grown 50 percent from $348 million in 2006 to more than $520 million in 2008, according to the MBA 2007-2008 report.
Some of that growth was due to three new firms coming on board in 2008, but existing firm growth still sat at an impressive 43 percent.
The MBA, the chamber’s flagship economic inclusion initiative, was founded in 2003 as a way to grow minority businesses and increase demand for the services and goods of minority-owned firms.
According to its report, that’s all happening. Among the biennial report’s other success include the growth of MBA portfolio companies, from 20 to 28, since its founding through 2008. And, on average, the portfolio company firms’ average annual revenues have grown from $6.7 million to $21 million during that time.
“There is significant value minority-owned businesses bring to our local economy,” said Jack Cassidy, CEO of Cincinnati Bell and chairman of the MBA Leadership Council. “Diversity not only creates culturally-rich, vibrant communities in which to live, it also cultivates a healthy sense of competition and an expansive supply for the corporate community to find realized profit.”
The firms have contracts with 50 corporations across Greater Cincinnati and the nation. The MBA companies represent 2,500 jobs, according to the Chamber, and women and minorities comprise 38 percent of those jobs.
More than 20 local firms committed to spending a total of $400 million with local minority owned business last year, but exceeded that commitment by spending $450 million. The MBA is setting a goal of $500 million in 2010.
To read the entire report go Here.
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