NMSDC honored Capital One for its Getting Down to Business mentoring program, which helps minority suppliers grow their businesses and create jobs in the community.
NMSDC HONORS CAPITAL ONE WITH EXCELLENCE IN ACCESS TO CAPITAL AWARD
Orlando, Florida, November 6, 2014 – The National Minority Supplier Development Council (NMSDC®) presented Capital One with its Corporate Excellence in Access to Capital award at a black-tie awards banquet on Wednesday, November 5, to cap its four-day Conference and Business Opportunity Fair in Orlando, Florida.
The award recognizes an initiative or program of an NMSDC national corporate member that provides capital and/or unique financial arrangements to minority suppliers to facilitate their business growth and their ability to create jobs in the community.
Capital One won the award, in large part, because of its 68.6 percent increase in spend with diverse suppliers—45.3 percent of which are Tier 1. The company also offered a comprehensive suite of programs to meet the varying development and financial stages of MBEs, including mentoring and development programs and financial assistance.
“For minority-owned firms at every stage of development, access to capital can be the difference between success and failure,” said NMSDC President Joset Wright-Lacy. “Capital One addresses this potential barrier to success with innovative programs and financing options designed specifically for MBEs that keep them in business and position them for growth and success.”
Capital One’s Getting Down to Business mentoring program resulted in 84 percent of MBE participants significantly improving an operational problem; 46 percent hiring new employees; 70 percent increasing revenues and profits; 28 percent receiving new loans; and 93 percent staying in business. Additionally, the financial institution invested $500,000 in non-profits that use technology to help connect suppliers with capital. More than 2,500 small businesses have been referred to Capital One’s nonprofit partners since the inception of the Small Business Second Look Program, resulting in 300 closed loans totaling $7.6 million.
The National Minority Supplier Development Council advances business opportunities for certified Asian, Black, Hispanic and Native American business enterprises and connects them to its corporate members. One of the country’s leading corporate membership organizations, NMSDC was chartered in 1972 to provide increased procurement and business opportunities for minority businesses of all sizes.
The NMSDC Network includes a national office in New York and 24 affiliate councils across the country. There are 1,750 corporate members throughout the network, including America’s top publicly-owned, privately-owned and foreign-owned companies as well as universities, hospitals and other buying institutions. The affiliate councils certify and match nearly 12,000 minority- owned businesses with member corporations that want to purchase their products, services and solutions.
For more information about NMSDC, call (212) 944-2430 or visit the website at www.NMSDC.org.