Q. What is the CMBC?
The CMBC is a collaborative effort of already established organizations that support the growth of Small Businesses through offering technical assistance, mentoring and capital connections for minority owned companies.
Q. Who is part of the CMBC?
The CMBC consists of several local business development organizations. At this time, the following are active collaborators:
- The Greater Cincinnati/Northern Kentucky African American Chamber of Commerce
- Greater Cincinnati Micro-Enterprise Initiative
- Hamilton County Development Company
- Hispanic Chamber of Cincinnati
- Minority Business Accelerator at the Cincinnati USA Regional Chamber
- Ohio Small Business Development Center at the Urban League of Greater Cincinnati
- Ohio Minority Supplier Development Council
- SCORE Greater Cincinnati
Q. Does the business have to be minority owned?
Yes. The business must have minority business ownership of 51% or more and must meet the qualifications of a minority owned business as determined by a major certifying organization or its affiliate, such as the National Minority Supplier Development Council ("NMSDC") or the Women's Business Enterprise National Council ("WBENC").
Q. What kind of minorities qualify as a minority business enterprise for this program?
We work with minority and women owned business enterprise firms that meet the certification criteria defined by the National Minority Supplier Development Council ("NMSDC"): For the purposes of NMSDC's program, a minority is an individual who is at least 25% Asian, Black, Hispanic or Native American.
- Asian-Indian: A U.S. citizen whose origins are from India, Pakistan and Bangladesh.
- Asian-Pacific: A U.S. citizen whose origins are from Japan, China, Indonesia, Malaysia, Taiwan, Korea, Vietnam, Laos, Cambodia, the Philippines, Thailand, Samoa, Guam, the U.S. Trust Territories of the Pacific or the Northern Marianas.
- Black: A U.S. citizen who is of African descent (excluding Northern Africa).
- Hispanic: A U.S. citizen of true-born Hispanic heritage, from any of the Spanish-speaking areas of the following regions: Mexico, Central America, South America and the Caribbean Basin only. Brazilians (Afro-Brazilian, indigenous/Indian only) shall be listed under Hispanic designation for review and certification purposes.
- Native American: A person who is an American Indian, Eskimo, Aleut or Native Hawaiian, and regarded as such by the community of which the person claims to be a part. Native Americans must be documented members of a North American tribe, band or otherwise organized group of native people who are indigenous to the continental United States and proof can be provided through a Native American Blood Degree Certificate (i.e., tribal registry letter, tribal roll register number).
- The minority/ethnic owner(s) of the business are U.S. citizens.
Q. My business is a startup company. Can I still participate?
Yes; however, our primary focus is on high potential businesses with the following characteristics:
- Ability to grow to annual revenues by a minimum of $5 million over the next 3-5 years.
- Ability to create 15 or more permanent jobs over the next 3-5 years.
- Operating in or targeting a growing national or international market (i.e. a market with a least $250 million in market value).
- The business model possess the potential to conduct business in a multi-state region or internationally.
- The owner/management team must be interested in sharing ownership to possibly attract capital from private investors.
- Strong entrepreneurial characteristics of the business owner(s).
- Strong competitive advantage of the business model that has a defensible technology, new innovation, unique business concept, specialized niche, or other significant competitive barrier.
Q. How is the CMBC different from other minority business development organizations?
CMBC services are based on strategic and logical connections, with no significant overlap in each member's respective services. We strive not to compete with each other in the work that we do for minority companies; instead, we collaborate to maximize synergies between participating organizations to find the most effective resources in our community to assist our participating companies.