MBN USA

August 23, 2023

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GBEF, NMSDC partner to empower historically underserved entrepreneurs, business owners and business leaders

The Global Black Economic Forum (GBEF) and the National Minority Supplier Development Council (NMSDC) announced a partnership to support entrepreneurs, business owners, and business leaders with increased access to opportunities, information, networks, capital, training, and technical assistance.

This partnership will work alongside GBEF’s Academy for Advancing Excellence to engage entrepreneurs and business leaders committed to taking action that drives equity and equality. Key priorities of this collaboration will be amplifying resources available to minority women-owned business enterprises (MWBEs) and breaking down barriers within corporate supplier diversity spaces and supplier and business diversity programs.

“Minority and women entrepreneurs and business leaders face barriers to success due to their identity, particularly in an increasingly volatile political environment,” said Alphonso David, president and CEO of the Global Black Economic Forum. “The Global Black Economic Forum is committed to developing partnerships that will drive support to minority women-owned business enterprises and we are thrilled to work alongside an institution like NMSDC.”

MWBEs are one of the most critical contributors to the nation’s economy yet, minority-owned businesses are much less likely than their majority counterparts to get contracts consistent with their availability and expertise and loans to support and grow their businesses. This dynamic creates the need for strategic partnerships to provide additional resources to bring equality and equity to this space.

“This partnership is important because the Global Black Economic Forum and by extension the Academy for Advancing Excellence are committed to empowering entrepreneurs across the globe. Working with organizations like NMSDC and aligning these resources with leaders means that we can take a big step toward equality and equity,” said Aaliyah Haqq, chief operating officer for the Academy for Advancing Excellence.

“While NMSDC has made progress towards our goal of increasing annual revenue for NMSDC-certified MWBEs to $1 trillion, we know that we still have a long way to go. Especially for our MWBEs from the Black community, who, while making up 45% of total certified MWBEs, only account for 13% of our overall revenue. Together with other catalysts for change like GBEF, I truly believe we can address this disparity and build long-lasting generational wealth for not only Black women but all the minority communities we serve,” said Ying McGuire, NMSDC CEO and president.

Highlights of the partnership include:

·        Resources and support for MWBEs focused on growth and navigating corporate supplier diversity pillars.

·        Working with corporations to break down the barriers in corporate supplier and business diversity programs through education and training.

·        Advocating for processes and policies that support sustainable growth for MWBEs.

·        Innovative leadership development programming that will guide MWBEs on how to obtain sponsorship and advocacy from their clients.

·        Delivering practical programs that expand MWBEs’ understanding of how to access capital to scale a business.

·        Featured case studies and research to illuminate best practices from entrepreneurs who have achieved a breakthrough.

Representatives of GBEF and NMSDC will kick off the new partnership with a signing ceremony on August 23 at JPMorgan Chase’s regional headquarters (875 15th St NW Floor 10) in Washington D.C. at 4:30 pm EDT.