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:

$3.4 million

Performance:

Since launching in January 2008, the Accelerator has assisted minority-owned companies to secure large contracts that have resulted in significant increase in sales and employment. To date, the Accelerator has closed 54 deals valued at $131.6 milion and added more than 245 jobs in the region. The staff has helped its portfolio clients secure $2.2 million in lines of credit and bonding and identify more than $793 million in business opportunities.

2011 Update:

  • Five companies were named to the Accelerator’s graduating Class of 2011: HotCards.com, Key General Contractors, MAC Installations & Consulting LLC, Ralph Tyler Companies and Start to Finish Construction Co.
  • The Minority Business Development Agency (MBDA) Business Center will open on Sept. 1, 2011. The Cleveland-based office is one of 27 MBDA centers in the country and the only center in Ohio.The Fund and its grantees partnered to apply for the winning grant.
  • Portfolio company Start to Finish Construction was awarded a $300,000 subcontract to work on the University Hospitals Center for Emergency Medicine Euclid Avenue campus. The project broke ground in July 2010 and is scheduled for completion in June 2011.
  • Opened the Minority Business Accelerator Estimating Room, a facility designed to support minorities in the construction industry by providing blueprint production, bidding, estimating, and job-costing expertise for construction projects. The suite has 3,500 square feet of prime office space and offers estimating services and other construction management resources.
  • MBA 2.5+ closed 2010 with $61.6 million in deals in Northeast Ohio and established a $5 million working capital fund for Minority Business Enterprises.