Inaugural Minority Business Accelerator Clients Grow; Second Group of Clients AnnouncedPosted Oct, 20, 2009
The Partnership for the Minority Business Accelerator (PMBA), a consortium of Akron Urban League, Akron SCORE and Kent State University, has completed its intensive mentoring program for the first group of minority-owned businesses that began the program in 2008.
These 15 businesses have made substantial gains as a result of the PMBA program. In only 14 months, they have added 11 new permanent employees and 12 new products or services offered. They also will have increased revenue by an estimated $3 million by the end of 2009. The success of these locally owned businesses also contributes to the economic growth of the region.
Terry Clark, President/CEO of ClarkTel Communications, was one of these business owners. “Our participation in PMBA’s business education and networking opportunities has helped us win more business,” he said. “ClarkTel’s revenues have increased by 25 percent since we’ve been actively participating in PMBA’s program for success.”
PMBA continues its support of minority businesses in Summit, Medina and Portage counties and is pleased to welcome a new group of 20 businesses that are participating in the program. This class of business owners represents the professional services, retail, cleaning, catering, transportation, construction and printing industries. PMBA businesses have a combined total of 103 employees and their combined annual revenues are just over $3,989,000.
PMBA offers many services to the participating businesses. Each business owner’s specific needs and goals are identified through evaluations, counseling, mentoring and workshops. Services provided include a customized action plan, business development strategies, management assistance, business education/training and assistance in securing business financing.
Veronica Cook-Euell, PMBA program manager, looks forward to the incoming group of PMBA clients. “We are excited about the second group of businesses that we will have the distinct pleasure in working with,” she said. “First-year results show that we have greatly impacted the businesses in the inaugural group, and as we embark on a new chapter, we hope to assist the 2009/2010 group in their significant growth, increased opportunities and knowledge through the customized approach and attention to their specific needs.”
Funded by the GAR Foundation, the Partnership for the Minority Business Accelerator provides intensive support to African-American and Hispanic owners of small- to medium-sized businesses with growth potential in Medina, Portage and Summit counties. Businesses must be for-profit and at least one year old with gross revenue from $50,000 to $2.5 million. They must have majority African-American and/or Hispanic ownership, and they must be located in Summit, Medina or Portage County.
Akron Urban League provides in-depth coordination of the PMBA program, as well as a variety of business development services for PMBA clients. Akron SCORE leads client mentoring and counseling through their experienced business advisors. Kent State provides administrative and marketing support for PMBA and designs educational opportunities for students that benefit PMBA clients.
For more information on PMBA, visit www.pmba1.org.