The St. Louis Regional Chamber and the St. Louis Minority Business Council have reached an agreement to combine their operations into a new entity, they announced at the St. Louis American Foundation’s Salute to Excellence in Business luncheon on Friday, November 20.
The merger creates a new organization, the St. Louis Minority Business Council, LLC, whose purpose is to “develop mutually beneficial business relationships between ethnic minority businesses and major buying organizations in the St. Louis bi-state metropolitan area.” Edward Bryant remains as president of the new organization.
“Prosperity exists in the St. Louis region, but not for everyone,” Bryant said. “This shared reality is the inspiration behind our decision to join forces with the St. Louis Regional Chamber.”
The new entity will have its own board of directors, which will include Joe Reagan, president and CEO of the Regional Chamber, and Valerie Patton, the chamber’s vice president of Inclusion & Talent Attraction. Patton is the co-founder of the St. Louis Business Diversity Initiative, which is celebrating 10 years of leadership development for over 500 multi-cultural leaders.
The council is still working on confirming the complete list of directors and officers, though it is expected to include “leaders from major sourcing organizations, minority business enterprises, and organizations committed to growing minority business,” according to a spokesperson.
The board “will be intentionally inclusive, including local minority business owners, leaders from major sourcing/purchasing organizations, and leaders from organizations committed to helping minority owned businesses grow,” according to a release.
The Minority Business Council will keep its offices at the Regional Chamber at 211 North Broadway in downtown St. Louis, with the chamber handling the fiduciary responsibility for the council.
With the merger, minority business enterprises will have “the professional community services of the council combined with the resources, advocacy and larger membership network of the Regional Chamber,” Bryant said.
The new council will work with the chamber to “identify, develop and implement forward-thinking strategies to best support minority business enterprises as they build capacity, grow their wealth and create more jobs,” according to a release.
The announcement came at the end of Global Entrepreneurship Week, the world’s largest celebration of innovators and entrepreneurs.
“The global economy is about innovative and diverse solutions to complex problems and needs. We need everyone participating,” said Reagan. “Initiatives like Accelerate St. Louis and the St. Louis Minority Business Council help more St. Louis minority entrepreneurs compete in larger markets and make St. Louis more competitive in the global economy.”
According to a recent report on the equity of the St. Louis region, racial economic disparities cost the St. Louis region $14 billion each year. As highlighted in the Ferguson Commission’s “Forward through Ferguson” report, the St. Louis region also ranks 42 out of 50 for economic mobility. As a result, the chamber has added economic mobility to its metrics for tracking the region’s fiscal health.
“We are excited to work together through the new St. Louis Minority Business Council to make a St. Louis a more attractive place for people to live, work and invest,” said Suzanne Sitherwood, chair of the chamber’s board and CEO of The Laclede Group.
“As one team, the council can leverage the chamber’s resources and the chamber can fast-forward its mission of inclusion by partnering with a well-known organization and helping it to grow.”
The new St. Louis Minority Business Council will unveil more details about its strategies and programs at a cocktail reception in its new offices with the Regional Chamber on Thursday, December 10 starting at 5 p.m. in the Regional Collaboration Center at the St. Louis Regional Chamber, 211 North Broadway, 13th Floor, in downtown St. Louis.
