Lexington, KY - Commerce Lexington has launched a new Minority Business Accelerator (MBA) to aid in the process of connecting minority-owned businesses with larger companies.
The accelerator is designed to “deliver more sizeable and scalable MBEs (minority business enterprises) to the marketplace (supply-side), as well as create a more aggressive and robust corporate MBE procurement environment (demand-side). The MBA initiative works to build mutually-beneficial business relationships for MBEs, the corporate community, and the public sector,” a release about the program states.
The initiative will work to accelerate the growth of the minority owned businesses by facilitating contract opportunities with major corporate customers and through other opportunities including acquisitions, joint ventures and strategic alliances.
“Research indicates that larger MBEs have an increased potential for a greater direct impact on the regional economy through increased purchasing power and the ability to create jobs in underutilized communities,” the release states.
The accelerator will focus on connecting with the area’s largest corporations, school systems and local governments to sell them on “the positive impactof concentrated spending with local diverse companies.”
“Supporting minority firms through competitive sourcing not only helps increase employment in minority communities, but ultimately improves the economic condition of neighborhoods and increases purchasing power. Studies have shown a strong local economy will benefit Lexington through a talented workforce and improved quality of life and public safety,” the release states.