The foundation is investing $1.1 million to support Black-owned businesses

Armed with latest funding to help grow Black-owned businesses, the National Minority Supplier Development Council (NMSDC) has secured $1.1 million from the Fifth Third Foundation.

Funding from Fifth Third Bank’s philanthropic arm can be used to proceed NMSDC’s progressive Centers of Excellence Certification Program (COECP) through 2026.

These efforts facilitate the event and growth of NMSDC-certified minority businesses, preparing them to compete for greater contracting opportunities. Provides opportunities for strategic partnerships, mentoring and networking.

NMSDC intends to recruit 100 certified MBEs to take part in the brand new round of this system. The next cohort classes will begin next month and can last nine months. NMSDC-certified MBEs with sales between $1 million and $10 million are eligible to apply Here. The latest funding means the Fifth Third Foundation will sponsor this system for the subsequent three years and three latest classes of graduates. The Foundation has donated $1 million for 2020–2023.

The program will help MBEs develop their skills. These include developing knowledge and business by learning from participants’ competitive sites and sharing business skills to help take their business to the subsequent level.

They will discover latest opportunities for partnerships, joint ventures, strategic alliances and collaboration agreements that may help them win larger contracts and expand around the globe. MBEs will adapt their sales methods to corporate members’ purchasing processes, increasing the likelihood of closing contracts.

NMSDC CEO and President Ying McGuire stated, “The Centers of Excellence Program is a great example of how exponential MBE growth is possible when NMSDC and our corporate members, MBEs and regional affiliates work together to create an ecosystem of mentoring and collaboration.”

Fifth Third Executive Vice President Kala Gibson, Chief Corporate Responsibility Officer at Fifth Third Bank and Chair of the NMSDC Board of Directors added, “We are proud to support the program financially through our Foundation and lend our expertise as educators and subject matter experts to create an incredibly valuable experience , which will benefit everyone involved in the future.”