KeyBank and the KeyBank Foundation have announced a $300,000 investment in the Cincinnati Minority Business Accelerator (Accelerator), which is a part of the Cincinnati USA Regional Chamber. This funding aims to support the growth, scaling, and job creation within minority-owned businesses in the area. Over the three-year grant period, the initiative intends to provide intensive, customized services to at least 25 high-potential minority-owned businesses, ultimately assisting a total of 75.
The Accelerator will serve as a comprehensive resource hub for emerging minority business enterprises (MBEs), utilizing its full-time staff and a network of consultants and experts. Support services offered include:
- Development of strategic and growth plans
- Preparation for and access to funding options, including debt, equity, and alternative financing based on thorough financial assessments and detailed projections
- Technical assistance in operations and management
- Opportunities to connect with new clients
- Marketing support
Darrin Redus, CEO of the Accelerator, expressed enthusiasm about deepening the partnership with KeyBank, noting that the additional support will enhance their efforts to identify and nurture high-potential minority-owned businesses. He emphasized that this collaboration is a deliberate effort to improve economic opportunities for underserved communities.
Founded two decades ago, the Accelerator is recognized nationally for its effective approach in developing larger-scale, job-creating MBEs. Its focus has been on preparing African American and Hispanic-owned businesses to grow into scalable and competitive enterprises, ultimately benefiting both their communities and the broader region.
The organization boasts an impressive success record, with MBEs associated with the Accelerator achieving approximately $2 billion in total annual revenues, creating over 3,500 sustainable jobs, and experiencing average double-digit annual growth since its inception.
