MBDA Capital Center assists minority-owned businesses
An interview with John B. Weber, executive director of MBDA Capital Center.
Q: Tell us a little bit about MBDA Capital Center.
A: The MBDA Capital Center is the National Hub for Access to Capital for Minority Owned Businesses. Funded by a $2.5 million, 5-year grant and operated by ACG Chicago, our mission is to help minority-owned firms secure financing to grow their businesses, create jobs, and continue to contribute to a stronger U.S. economy. We do this by working with the companies to understand their needs and introducing them to partners that are interested in providing financing and other financial services that fit their specific situation. We assist with:
• Financial assessments, loan packaging and facilitation
• Access to an expansive network of capital sources including alternative, traditional and private investors; and export financing
• Specialized consultations for building scale and capacity through strategic growth alternatives including investment, mergers, acquisitions and/or joint ventures.
Q: How and when did the business start?
A: Craig Miller, CEO of ACG Chicago had been promoting diversity through events for seven years leading up to a Memorandum of Understanding with the Minority Business Development Agency (MBDA), which led to ACG Chicago bidding against several other interested parties for the $2.5 million grant, which was awarded in September, 2016. At that time, he hired John B. Weber as the executive director of the capital center and operations began.
Q: Who is your typical client?
A: A minority owned business. That is a business owned and controlled by someone who is ethnically considered a minority, which is defined as black, Hispanic, Asian, Indian Asian, American Indian or Hasidic Jew.
Q: What is one tip you would have someone just starting in the industry?
A: Since we are the only office of its kind, and we are a national office, it is difficult to say. However, if someone is a minority and starting a business, the MBDA is an excellent resource for them to obtain answers to questions, find access to capital, and to develop opportunities to bid on contracts through becoming certified as a minority owned business.
Q: What are people in your industry taking about? What's trending?
A: There are many opportunities for businesses to grow in ethnic communities, as well as through exporting. We act as a conduit for them to find the capital that they need to do so.
Q: Tell us one interesting fact about the business that most people may not know.
A: The MBDA was started in 1969 by then President Richard M. Nixon.
Q: What is one industry idea that you are willing to give away to our readers?
A: Minority owned businesses can be an untapped resource for investment and growth into new markets. The MBDA Capital center also assists its clients with joint ventures and partnering with other businesses to help them attain their goals.
Q: Who should we follow on Twitter and why?
A: Wilbur L. Ross, our new department of commerce secretary, Robert L. Johnson, of RLJ Private Equity and @LoopCapital as a Partner of the Center and @USMBDA for all the growth opportunities available.
- Kim Mikus
Business: MBDA Capital Center
Address of headquarters: 200 W. Monroe St., Suite 1401, Chicago, IL 60606
Owner: ACG Chicago is the Owner/Operator of MBDA Capital Center
Number of employees: We have two direct employees and one contract employee starting this month.
When business opened: Our grant was funded on Sept. 22, 2016. We began operations on Oct. 3, 2016.
Phone: (312) 854-1867
Web address: <a href="http://www.MBDACapital.com">www.MBDACapital.com</a>