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“Women entrepreneurs and business leaders face barriers to success due to their identity.” Photo: Pexels — Pixabay.

Global Black Economic Forum and National Minority Supplier Development Council launch new partnership

They seek to empower entrepreneurs, business owners, and diverse business leaders.

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The Global Black Economic Forum (GBEF) and the National Minority Supplier Development Council (NMSDC) recently announced a partnership that will allow diverse business communities to gain greater access to opportunities, information, networks, and capital, as well as training and technical assistance.

Alphonso David, president and CEO of the Global Black Economic Forum, said in a press release:

Minority and women entrepreneurs and business leaders face barriers to success due to their identity, particularly in an increasingly volatile political environment.

Working in partnership with GBEF's Academy for Advancing Excellence to engage entrepreneurs and business leaders committed to taking action that advances equity and equality, the initiative aims to expand the resources available to Minority Women-Owned Businesses (MWBE).

With this financial boost, its primary goal is to break down barriers within corporate supplier diversity spaces and company diversity programs.

"The Global Black Economic Forum is committed to developing partnerships that will drive support to minority women-owned business enterprises and we are thrilled to work alongside an institution like NMSDC,” added David. 

About MWBE

Considered one of the largest contributors to the U.S. economy, MWBEs are far less likely than their majority counterparts to obtain contracts consistent with their availability and experience, as well as loans to support and grow their businesses.

“While NMSDC has made progress towards our goal of increasing annual revenue for NMSDC-certified MWBEs to $1 trillion, we know that we still have a long way to go. Especially for our MWBEs from the Black community, who, while making up 45% of total certified MWBEs, only account for 13% of our overall revenue,” highlighted Ying McGuire, NMSDC CEO and president.

From NMSDC they point out that this dynamic creates the need for strategic associations to provide additional resources to bring equality and equity to this space.

“This partnership is important because the Global Black Economic Forum and by extension the Academy for Advancing Excellence are committed to empowering entrepreneurs across the globe. Working with organizations like NMSDC and aligning these resources with leaders means that we can take a big step toward equality and equity,” pointed out Aaliyah Haqq, chief operating officer for the Academy for Advancing Excellence.

About the Partnership 

Highlights of the partnership include:

  • Resources and support for MWBEs focused on growth and navigating corporate supplier diversity pillars.
  • Working with corporations to break down the barriers in corporate supplier and business diversity programs through education and training.
  • Advocating for processes and policies that support sustainable growth for MWBEs.
  • Innovative leadership development programming that will guide MWBEs on how to obtain sponsorship and advocacy from their clients.
  • Delivering practical programs that expand MWBEs' understanding of how to access capital to scale a business.
  • Featured case studies and research to illuminate best practices from entrepreneurs who have achieved a breakthrough.

“Together with other catalysts for change like GBEF, I truly believe we can address this disparity and build long-lasting generational wealth for not only Black women but all the minority communities we serve,” underscored McGuire.

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