Chicago Marks 50 Years Advocating for Minority Communities

15-Apr-2017

 



Chicago Minority Supplier Development Council

“Increasing economic empowerment to ensure the sustainability of minority communities.”


This year the ChicagoMSDC celebrates 50 years of connecting and advocating for minority communities, while also developing valuable opportunities for minority-owned businesses to contract with corporate and government buying organizations.

The Council’s corporate membership base represents over 250 local private-and public-sector buying organizations, who report more than $5 billion in annual purchases from minority firms nationwide.

Today, the Council certifies, develops, connects and advocates on behalf of certified minority business enterprises locally, regionally, nationally and globally. ChicagoMSDC has certified more than 1,100 minority businesses within the Chicagoland area that collectively employ more than 90,000 employees.

The nation’s economy depends heavily on innovation and growth of small businesses to stimulate new income and increase employment.

Minority–owned businesses are a critical measure of the nation’s economic health. The National Minority Supplier Development Council (www.nmsdc.org) prepared a study in 2014 that illustrated the economic impact of certified minority business enterprises (MBEs), which generate more than one billion dollars in economic output every day.

Despite more than five decades of progress, MBEs in the nation’s supply chains still face obstacles that other non-minority suppliers do not experience.

  • - Minority suppliers lack access to capital on the same terms and conditions as non–minority suppliers.
  • - Minorities have less resources to fund their own businesses, because personal and family wealth is dramatically less.
  • - MBEs often lack access to opportunities even to demonstrate their qualifications and show their capabilities to decision–makers within corporations.

Despite these barriers, minority entrepreneurs are still 3 times more likely to start a business, having a positive impact on employment levels in minority communities.

In 2014, minority business enterprises created 2.2 million jobs. MBEs also contributed $49 billion in local, state and federal tax revenues. In the US, there are more than three million minority-owned firms, representing 21% of all businesses in the nation.

Chicago Minority Supplier Development Council - Our Mission:  To certify, develop, connect and advocate for minority suppliers by creating sustainable and profitable relationships between minority business enterprises and major buying organizations.

1. Certifying the authenticity of ownership and the integrity of operations for minority business enterprises.
2. Developing and implementing initiatives that support the growth and sustainability of certified minority firms while also delivering valuable education and tools for supplier diversity professionals and advocates.
3. Connecting minority-owned suppliers with government and corporate buying organizations through annual conferences, fundraisers, personal introductions, one-on-one meetings, and networking events.
4. Advocating on behalf of minority business for policy enforcement and improvements and continued funding of critical resource agencies.


The 50th Annual Chicago Business Opportunity Fair will be held April 20-21, 2017.  #CBOF50