Minority finance firm creates a $300 million financing program for certified minority companies in New York and New Jersey, on the heels of successful programs built in Detroit, New Orleans, Chicago, and more.
New York, NY (BlackNews.com) — MBE Capital Partners, Inc. (MBECP), a certified minority owned enterprise that is the leading funding source for small to medium Minority Business Enterprises (MBEs), has developed a $300 million capital program for the NY/NJ Minority Supplier Development Council (NYNJMSDC).
Structured to assist Council members with existing and future Fortune 500Â® contracts, funding through MBECPÂ® offers certified minority owned companies access to low cost of capital based on the collective credit ratings of the average Fortune 500Â® buyers.
The ground-breaking program is in response to the robust Fortune 500Â® minority procurement demand, coupled with the lack of bank financing available in the market.
Terrence Clark, NYNJMSDC President and CEO states, “We are excited about the relationship we have formed with MBE Capital Partners and they have been responsive in developing a financial program that has been specifically designed for our members.
“With many corporate entities dedicating a portion of their spend to minority and women owned businesses,” he continues, “The program will help MBEs manage aggressive growth schedules with our existing corporate partners.”
The program was established in June 2014 at $500 million. In March 2015, it grew by $425 million and most recently it grew by $300 million to accommodate the program’s demand.
MBE Capital Partners, a certified minority owned lender, is a dynamic business-to-business financial services group serving small and medium sized women and minority vendors. The company provides receivables and purchase order funding services. MBECP offers flexible funding solutions that are tailored to their clients needs. MBECPs finance program is national and is currently creating programs to cover vendors in the Caribbean and Mexico who ship merchandise to US companies.
For more information, log on to www.mbecp.com or call 212-629-5400.