About:
The Minority Business Accelerator 2.5+ works to advance the growth of African American and Hispanic-owned businesses (MBEs) with annual revenues of at least $2.5 million in 16 Northeast Ohio counties. By providing assistance to larger MBEs, the MBAccelerator 2.5+ also helps its portfolio companies create jobs for minority residents and boost revenues of smaller MBEs by connecting them to projects as subcontractors.
Fund Support:
$2.75 million
Performance:
Since launching in January 2008, the accelerator has assisted 17 minority-owned companies to secure large contracts that have resulted in significant increase in sales and employment. These companies have added more than 170 employees. The total value of the new contracts landed with the help of the accelerator exceeds $72 million.
2010 Update:
- MBA 2.5+ received a $250,000 grant from the Cleveland Foundation to support its third year of operations. Read more.
- In April, MBA 2.5+ announced it assisted MAC Installations & Consulting LLC, secure a $480,000 subcontract with Zenith Systems Inc. to complete cable work on the new University Hospitals Case Medical Center Cancer Hospital. Work will include building out 25 telecommunication closets and installing fiber optic and copper cabling. Read more.
- Price Builders secured a $3.7 million construction contract with the Veterans Administration with the assistance of the MBA 2.5+. Read more.