The Minority Business Development Agency (MBDA) the largest network of diverse-owned private equity firms and hedge funds, announced today that MBDA has awarded Olanza Sanders a $1.4 million grant to support a project that will facilitate the aggregation and construction of a 7-story office building, plus 2 other buildings adjacent and an initiative to invest growth capital into minority-owned businesses.
Access to capital remains the most important factor limiting the ability of many of the nation’s 11 million minority- and owned business enterprises to increase in scale. The $1.4 million grant demonstrates both a recognition of the obstacles faced by minority asset managers and prioritization towards addressing the many challenges faced by MOBEs.
Through this grant, Olanza will be able to complete the 3 buildings in that area, which aims to increase the number of jobs available for minorities poised for growth. As a key goal of the initiative, A detailed business plan was drawn out by Mr. Sanders that included over 150 jobs with annual salaries for head employees upwards of 150k. Previously Mr Sanders received 500k from a capital investment firm that he has to pay back, the 1.4 million is a grant dedicated to the construction of the 3 buildings’ material and labor processes in which Mr. Sanders won’t have to pay back. The leverage and extensive expertise and broad network to attract and invest growth capital in innovative businesses owned by ethnically diverse entrepreneurs. The outcome will empower to drive substantial job and wealth creation and to make a significant economic impact in historically underserved communities. According to Mr Sanders outlined in his plan to build over 200 locations in the USA and construct them all in impoverished neighborhoods within opportunity zones creating further tax incentives and bringing jobs to these same areas.
“According to U.S. Census Bureau, the number of minority-owned small businesses in the U.S. is growing much faster than the overall small business growth rate. But, despite their growth rate, minority-owned firms are still having a much harder time accessing capital. “MBDA is committed to getting more minority-owned businesses growth capital through forward-thinking investments like the Minority Growth Equity Fund initiative.”
This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.