The NMSDC is excited to announce that the Business Consortium Fund (BCF) has secured additional capital for NMSDC-certified minority business enterprises (MBEs). The new funding includes:
- $4 million from Charles Schwab Bank.
- $1 million from First Republic Bank.
- $450,000 from Vistra Corporation.
- $250,000 from the Finance Justice Fund.
- $100,000 from Google.org.
“For MBEs trying to access capital, the Business Consortium Fund is a valuable resource. NMSDC strongly supports this and other financial opportunities that are uniquely positioned to help MBEs. I believe this latest round of funding will help drive the business growth needed to help us get closer to NMSDC’s audacious goal of $1 trillion in annual revenue for certified MBEs,” said NMSDC CEO and president, Ying McGuire.
Since 1987, BCF has provided capital to NMSDC-certified businesses that have been underserved by the greater lending community by enabling them to obtain necessary financing on reasonable terms. It is the United States’ most comprehensive financing and technical support organization exclusively serving MBEs, providing loan programs and consulting services.
BCF loans are available to companies that fit the following criteria:
- MBE must be a supplier in corporate or government supply chains.
- MBE must demonstrate three years of operating history.
- MBE must be financially sound with an adjusted cash flow to debt service ratio of at least 1.25 times.
“We are thrilled to offer additional capital resources to NMSDC-certified MBEs. BCF offers small business loans up to $1.25 million to help growing MBEs position themselves for larger contracts and additional contracts with NMSDC corporate members and government entities. We couldn’t be prouder to join NMSDC in our shared march to $1 trillion,” said BCF president, Sahra Halpern.
For more information about the Business Consortium Fund please visit its website at bcfcapital.com.