Chambers Partner to Launch South Carolina Minority Business Accelerator

Rhea-AI Summary

On September 13, 2021, Bank of America announced a $500,000 grant to launch a statewide Minority Business Accelerator program in South Carolina. Set to launch in January 2022, the program aims to support high-potential minority-owned firms with training and business coaching, resulting in a three-year Strategic Growth Action Plan. This initiative is part of Bank of America's $1.25 billion commitment to enhance racial equality and economic opportunity. The accelerator will replicate successful models from the Upstate region, aiming for inclusive economic development and job creation across the state.

Positive

• Bank of America allocated $500,000 to launch the Minority Business Accelerator program.
• The program aims to enhance support for minority-owned firms, fostering job creation and economic growth.
• Bank of America's initiative is part of a larger $1.25 billion commitment to advance racial equality.

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• None.

COLUMBIA, S.C., Sept. 13, 2021 /PRNewswire/ -- Three Chamber organizations from across South Carolina jointly announced today that Bank of America has provided a $500,000 grant to launch a statewide Minority Business Accelerator program. This program will be led by the Charleston, Columbia, and Greenville Chambers and is set to launch in January of 2022.

The Minority Business Accelerator supports and scales high-potential minority-owned firms by providing targeted training, access to business coaches, and access to large corporations. Participants leave the program with a three-year Strategic Growth Action Plan to guide their development. The $500,000 grant from Bank of America to fund this program expansion is part of the bank's $1.25 billion, five-year commitment to help advance racial equality and economic opportunity in local communities.

"Together with the Charleston, Columbia, and Greenville Chamber organizations, we are working to do our part to support minority-owned businesses, and we hope to encourage others as well," said Kim Wilkerson, president, Bank of America South Carolina. "Here in South Carolina, Bank of America remains focused on creating opportunity in the areas of jobs, training, and workforce development as these areas are where systemic, long-term gaps have existed and where significant change is required to achieve sustainable progress."

The Minority Business Accelerator has existed in the Upstate through the Greenville Chamber since 2012 and has been tremendously successful. The program will now be replicated in the Midlands and Lowcountry markets. The program in each region will be led by the respective Chamber and a program instructor following the internationally-recognized Interise StreetWise 'MBA' curriculum. Participants undergo intensive training for the first six months, then work closely with mentors, coaches and MBA peers on their Strategic Growth Action Plans and implementation of learnings for the last six months.

Upon leaving the program, these firms are positioned for accelerated growth with enhanced access to capital and business networks. Nationwide, after completing the StreetWise 'MBA' program, businesses experience 36% growth rate in revenue, create jobs four times faster than the private sector, and see $2.4 million in new contracts per firm. These businesses also help meet increasing demand among large corporations to improve vendor and supplier diversity.

Expanding the program statewide will create a more prosperous South Carolina through inclusive economic development and job creation. The three chambers working together, supported by Bank of America, provide a foundation of success for South Carolina's minority business enterprises.

The program is open to socially or economically underrepresented businesses including those that are minority-owned, woman-owned or veteran-owned. Participants must have at least one other full-time employee and must also be headquartered in South Carolina.

Recruitment for program participants will begin this fall, with the three programs set to launch in January.

About the Charleston Metro Chamber

With approximately 1,600 member organizations representing 160,000 professionals, the Charleston Metro Chamber of Commerce serves as the collective voice of the business community, and a catalyst for regional economic advancement and member success through Talent, Advocacy, Leadership and Business Development. Visit www.charlestonchamber.org.

About Columbia Chamber

The Columbia Chamber is a private, nonprofit, Partner-driven organization comprised of 1,200 business enterprises, civic organizations, educational institutions and individuals in Calhoun, Fairfield, Kershaw, Lexington, Newberry and Richland counties. The Columbia Chamber serves as the voice of its Partners and the business community at large on matters of economic, educational, social, cultural and political concern, as well as supports and promotes the success of its Partners through networking, professional development, advocacy, and leadership. The organization has represented the interests of the local business community since 1902.

About the Greenville Chamber

The Greenville Chamber, now in its 133rd year of operation, is the largest business organization in Upstate South Carolina with over 1900 Investors supporting the vision of a globally competitive Upstate economy where businesses succeed and people prosper. For information, visit greenvillechamber.org.

About Bank of America

At Bank of America, we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social, and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer, and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters May Contact:

Eliza Murphy, Bank of America
Phone: 1.347.603.6845
eliza.murphy@bofa.com

Megan Campbell, Greenville Chamber
Phone: 1.864.242.1050
mcampbell@greenvillechamber.org

Meg Senn, Columbia Chamber
Phone: 1.803.733.1128
msenn@columbiachamber.org

Erin Aylor, Charleston Metro Chamber of Commerce
Phone: 1.843.805.3053
eaylor@charlestonchamber.org

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SOURCE Bank of America Corporation

FAQ

What is the Minority Business Accelerator program launched by Bank of America?

The Minority Business Accelerator program aims to support minority-owned firms in South Carolina with training, coaching, and a three-year Strategic Growth Action Plan.

When will the Minority Business Accelerator program launch in South Carolina?

The program is set to launch in January 2022.

How much funding did Bank of America provide for the Minority Business Accelerator program?

Bank of America provided a $500,000 grant to support the program's launch.

What is the goal of Bank of America's $1.25 billion commitment?

The goal is to advance racial equality and economic opportunity in local communities.

How has the Minority Business Accelerator program performed in the Upstate region?

The program has been successful in the Upstate since 2012, helping businesses achieve a 36% revenue growth rate after completion.