On December 19, the St. Louis Regional Chamber and the St. Louis Minority Business Council signed a Memorandum of Agreement to formalize a closer working relationship.
They agreed to “enter into a formal strategic alliance to advance the aligned and shared goal of achieving greater economic inclusion in the bi-state region,” according to the agreement.
Further, they “will conduct a second-phase review of their operations to identify and achieve the greatest level of operational and financial efficiencies that can be achieved through areas of formal integration, including, but not limited to, education, development, and advocacy.”
They also “will identify and implement forward-thinking strategies to better serve minority-owned businesses and entrepreneurs in a 21st century economy, including collaborating to launch a new business accelerator service that will support the growth of minority-owned businesses in the St. Louis region with focused executive training, contracting assistance and increased access to capital.”
Finally, they “will collaborate to insure that economic inclusion is a cornerstone of our united effort to make the bi-state St. Louis region a top 10 U.S. region for prosperity.”
“Growing business opportunities with MBEs in the St. Louis region is more than just the right thing to do, it is an economic imperative for the communities that we live in and serve,” said Dennis W. Weisenborn, vice president of Ameren and chairman of the board for the St. Louis Minority Business Council.
“Partnering with the Regional Chamber and committed leaders such as Joe Reagan will provide opportunities for local MBEs vital to our community to expand networks, build relationships in all sectors and grow minority business inclusion.”
Reagan, president and CEO of the St. Louis Regional Chamber, said the partnership furthers the chamber’s commitment to minority inclusion previously stated in its One Plan.
“In our One Plan, economic inclusion is a priority for creating a better future for our region,” Reagan said. “It is important for our organization to help MBEs take part in economic opportunity and develop as business enterprises and future employers. We see this as a key relationship in pursuing economic inclusion in our region.”
The St. Louis Minority Business Council recently returned to its previous name after briefly rebranding as the St. Louis Minority Supplier Diversity Council, part of an alliance with a national supplier diversity council that has since been abandoned. James B. Webb remains its president and CEO.
Webb said that the National Minority Supplier Diversity Council has a national focus, but the St. Louis Regional Chamber shares a regional focus with the organization he directs. As the new agreement states, the council “is an economic development organization leading a strategy to achieve greater economic inclusion in the bi-state St. Louis region.”
The council’s economic inclusion strategy, again according to the agreement, “includes advocating, certifying, developing, marketing and promoting the use of minority-owned businesses; assisting minority owned-businesses in obtaining access to capital; and creating an inclusive business climate for minority-owned businesses and entrepreneurs to thrive.”
The council most recently has been working with the Chicago Minority Supplier Development Council, which was awarded a $900,000 grant from the U.S. Department of Commerce’s Minority Business Development Agency (MBDA) to operate the MBDA Business Center in St. Louis.
“St. Louis was awarded a MBDA grant in the amount of $900,000 in large part because of the growing business investment in St. Louis,” Weisenborn said, “and the strong commitment of St. Louis community leaders toward economic inclusion in our region.”
“MBDA is committed to the continued success of all minority-owned firms, who strengthen the economy and create American jobs,” said David A. Hinson, MBDA national director. “These new centers will expand the number of front-line business experts we have providing resources to minority-owned businesses to help grow economies in more cities across the U.S.”
The organizations will receive MBDA funds over a three-year period, effective September 1, 2013.
The agreement between the council and the chamber states this $900,000 grant will be used “to launch a business accelerator service that will support the growth of minority-owned businesses in the St. Louis region with focused executive training, contracting assistance, and increased access to capital.”
