MBA Info Session Set for June 30
Since 2017, the Chamber’s Minority Business Accelerator has been working with Black and Hispanic owned small businesses, helping entrepreneurs access financial capital and increase their networks of potential clients and suppliers in the public and private sectors. This 2-year accelerator positions participants to increase capacity, create jobs and build wealth. Last year alone, cohorts experienced $19Million in gross sales, 193 new jobs created, 249 vacancies filled, 81 new corporate contracts and acquired $300K in new assets.
“A few years ago, the Tampa Bay Chamber was faced with a number we could not unsee. In our diverse community, minority owned businesses enjoy only 5% of the revenues in Hillsborough County’s local economy, even though they are almost half of all locally owned businesses,” said Bob Rohrlack, President & CEO of the Tampa Bay Chamber, explaining the genesis for the accelerator. “Faced with that disparity between local non-minority and minority owned businesses, we spend the next three years in research mode. First obtaining quantifiable data on the local business community. Second identifying which ethnic segments needed focused assistance. Third, zeroing in on two key obstacles for this specific group – lack of access to financial capital for growth and the need to expand supplier relationships with larger entities in the public and private sectors.”
The first cohort was launched in 2017 at a time when existing programs in the region focused on start-up businesses or limited to the technology industry. Measurable outcomes of the MBA program now span 5 cohorts. On June 30th, the Chamber will host the next information session for small businesses interested in applying to next MBA Cohort. It’s open to Black and Hispanic owned businesses in Hillsborough, Pasco, Pinellas, Polk or Manatee counties.
“The eight core areas we track are tried and true measures of success in any business endeavor, from the mother baking bread to sell in the street market to the executive buying more inventory based on cash flow,” said Rohrlack. “The possibilities are endless.”
Thank you to our sponsors and grantors for supporting this impactful program.