Foundation Invests $1.1 Million To Boost Growth Of Black-Owned Businesses

by Jeffrey McKinney March 9, 2024 The Fifth Third Foundation investment will go to the National Minority Supplier Development Council to recruit 100 certified MBEs to participate in the new program round. Armed with new finances to help Black businesses grow, the National Minority Supplier Development Council (NMSDC) has secured $1.1 million from the Fifth Third Foundation. The funding from the philanthropic arm of Fifth Third Bank will be used to continue NMSDC’s innovative Centers of Excellence Certificate Program (COECP) through 2026. The effort facilitates the development and growth of NMSDC-certified minority business enterprises, ready them to compete for larger contracting opportunities. It makes opportunities for strategic partnerships, mentoring, and networking possible. NMSDC aims to recruit 100 certified MBEs to participate in the new program round. The next cohort class will begin next month and run for nine months. NMSDC-certified MBEs with $1 million to under $10 million in sales can apply for the program here. The latest funding means that the Fifth Third Foundation will sponsor the program over the next three years — and three new classes of graduates. The foundation donated $1 million from 2020-2023. The program will help MBEs develop skills. They include growing their knowledge...