Fifth Third Invests $1.1M in NMSDC for Black Business Growth

The National Minority Supplier Development Council (NMSDC) received a significant boost for its black business development initiatives. The Fifth Third Foundation pledged $1.1 million to support the innovative Centers of Excellence Certificate Program (COECP) until 2026.

This program empowers NMSDC-certified minority-owned businesses (MBEs) by equipping them with the tools and connections needed to compete for larger contracts.

Through the COECP, MBEs gain access to strategic partnerships, mentorship opportunities, and valuable networking connections – all essential ingredients for business growth.

Fifth Third Bank’s commitment extends beyond financial backing. Kala Gibson, Executive Vice President and Chief Corporate Responsibility Officer, highlighted the participation of Fifth Third Bank as educators and subject matter experts.

This combined effort ensures a well-rounded program with long-lasting benefits for all involved.

“We are proud to financially support the program and contribute our expertise to create an incredibly valuable experience,” Gibson stated. “This will pay dividends for all involved for years to come.”

NMSDC Cycle Aims to Enroll 100 MBEs

The upcoming COECP cycle kicks off next month and runs for nine months. The program aims to enroll 100 certified MBEs with sales ranging from $1 million to under $10 million.

This fresh round of funding from the Fifth Third Foundation builds upon their previous contribution of $1 million from 2020-2023. The additional support allows the program to sponsor three new graduating classes over the next three years.

The COECP goes beyond basic business education. The program fosters collaboration among participants, allowing them to leverage each other’s strengths and gain valuable insights through knowledge sharing and mentorship.

This collaborative environment equips MBEs with the skills and confidence needed to take their businesses to the next level.

Strategic Partnerships and Global Opportunities

Participants will also explore strategic partnerships, joint ventures, and teaming agreements. These collaborations will enhance their capacity to secure larger contracts and expand their global reach.

Additionally, the program will help MBEs align their sales strategies with the procurement processes of corporate members, increasing their chances of winning lucrative contracts.

NMSDC CEO and President Ying McGuire emphasize the importance of collaboration between NMSDC, corporate members, MBEs, and regional affiliates. Initiatives like the COECP, which foster collaboration and mentorship, are key to achieving exponential growth for black businesses and promoting economic equity.

This partnership between the NMSDC and the Fifth Third Foundation demonstrates a collective commitment to empowering black businesses and creating a more equitable economic landscape.pen_sparktunesharemore_vert