June 18, 2013
$2 million dollar fund announced during 10 year celebration
On June 13, 2013 the Minority Business Accelerator hosted a group of over 130 of its supporters comprised of investors, portfolio firms and corporate goal setters to celebrate the 10 year anniversary of the launch of the MBA. The event was a showcase of success, connections and celebration.
The work that the MBA has been doing has been evident in the numbers. In 2012 the MBA reached 33 portfolio firms with an average revenue of over $29 million, a 39% increase from 2011. Supplier diversity is also a fast-growing initiative for many companies. Goal Setter firms contributed over $771 million in spend for minority firms which exceeded last year's numbers by $177 million.
It was also a time of remembrance and celebration as the MBA honored the Greater Cincinnati Foundation as the first contributing investor to the initiative, and announced the L. Ross Love GrowthBridge Fund in honor of the late Ross Love. This $2 million dollar patient capital fund is aimed to help set minority businesses on the path to success. Steve Love (pictured right) accepted an award on Ross's behalf and reflected on the great work that Mr. Love had done for the Cincinnati community and minority businesses.
The fund is still accepting investors. Contact Legacy Investment Funds, firstname.lastname@example.org for more information.