The South Carolina Minority Business Enterprise Center Releases 2008 Report

COLUMBIA, SC – April 13, 2009 – The South Carolina Minority Business Enterprise Center has released their 2008 annual report. The report is as follows:

 The Year in Review

Minority Business Enterprises (MBEs) are an engine of employment growth and economic expansion in America, and in South Carolina. As minority businesses grow in size, scale and capacity, so does the economy.

There are nearly 40,000 minority firms within the state,* and the SCMBEC continues to prove their stability. During the past 12 months, the SCMBEC has diversified, increased its sources of support, inspired new leadership for their growing number of projects and launched many new initiatives to implement throughout 2009.

In 2008, the SCMBEC worked closely with their associates to provide them with the best business outcomes possible. In order to best serve their clients, the SCMBEC entered into new relationships with more strategic partners and offered numerous events which helped strengthen their clients’ presence and knowledge base.

* Statistics sourced from the MBDA. September, 2007.

 

Key Accomplishments

The following is a summary of key SCMBEC accomplishments for 2008:

• Facilitated $13,163,845 of contracts, which helped their clients grow.
• Developed $3,954,092 worth of financing, securing the future of their client’s businesses.
• Assisted with 56 new jobs in the communities of South Carolina.
• Served 34 new minority-owned businesses.

 

The SCMBEC also contributed to the minority community in the following ways, throughout 2008:

• Are You Ready to Structure Your Deal? Tax Credits, Bond and Loan Guarantees Strategy Session – Hosted a workshop that provided valuable information on tax credits, bonds and loan guarantees.
• Minority Enterprise Development Week – Nominated and awarded Mr. Tony Lawton, Director of the Office of Business Opportunity (City of Columbia), as Regional Minority Business Advocate of the Year, 2008.
• Opportunity Matching – Facilitated the matching of business opportunities with qualified firms.
• Establishment of Strategic Partners – Provided numerous business and financial opportunities for their clients with the following strategic partners:
  • Business Development Corporation
  • Carolinas Minority Supplier Development Council, Inc.
  • Cities of Charleston and Columbia, SC
  • Richland County, SC
  • South Carolina Community Bank

 

Future Goals

For 2009, the SCMBEC has targeted an expansion of its work in the following areas: 

• To ensure at least $12,134,000 worth of procurement contracts to help perpetuate the growth of minority business.
• Continue the network’s growth and achieve an awarded financial contracts goal of at least $8,089,500, helping to sustain their clients’ business future.
• To increase financing and bonding for all of their clients.
• To create 47 new jobs for South Carolina’s communities.
• To offer services to at least 91 new minority-owned businesses.

 

In Closing

The SCMBEC is grateful to all of their clients and partners for making 2008 another successful year.

 

About the SCMBEC

As a part of the U.S. Department of Commerce, the Minority Business Development Agency (MBDA) was created specifically to advance the establishment and growth of minority-owned businesses in America. Furthermore, the South Carolina Minority Business Enterprise Center (SCMBEC) formed a cooperative agreement with the MBDA, to promote the growth and expansion of South Carolina’s minority-owned businesses.

The SCMBEC provides services to increase the exposure and visibility of minority business enterprises, and at the same time, build market presence and stability for these firms. Their consulting services and strategies are designed to increase capital and contracting opportunities for these firms, as well as to help create new jobs in South Carolina’s communities.

For complete information on the SCMBEC, visit www.SCMBEC.com.