Posted at 7:00 PM
NEW YORK (January 12, 2017) — MBE Capital Partners, LLC (MBECP) signed a memorandum of understanding (MOU) with the U.S. Department of Commerce, Minority Business Development Agency (MBDA) today. The agreement is structured to provide U.S. minority business enterprises (MBEs) with access to capital which will help minority-owned firms increase their liquidity and foster growth.
MBECP is a certified, MBE FinTech company and its products and services are targeted exclusively toward MBEs. The company provides financial products and services for small and medium sized minority business enterprises and specializes in alternative financing options for accounts receivable, purchase orders, inventory, equipment and international trade/import-export financing.
Through this agreement, MBECP is providing alternative financing solutions of up to $1 billion for clients of MBDA Business Centers. The company will finance transactions such as Lines of Credit, Contract Finance, Asset Based (Accounts Receivable, Purchase Order, and Inventory), Import-Export financing and Speed Pay, its signature vendor payment acceleration program.
Primary provisions of the MOU include:
MBECP will provide MBDA Business Centers with information about alternative financing options
MBECP will provide access to capital to clients of MBDA Business Centers and Minority Business Enterprises (MBEs) to help finance transactions
MBDA will organize and participate in workshops, educational events, and webinars with MBE Capital Partners to educate MBEs on business lending practices and alternative financing options.
“We are delighted to form this union with the MBDA and its business centers. As a certified minority owned business, we are passionate about empowering our community business leaders,” said MBECP Chief Executive Officer Rafael Martinez. “With the MBDA’s technical assistance coupled with our dynamic financial products exclusively developed for MBEs, we look forward to sustained minority economic growth, job creation and increased supplier diversity spending by creating the Power Programs, which recruits Minority Vendors to help them grow exponentially into companies with annual revenues of $10M, $25M, $50M and $100M respectively.”
MBDA operates a national network of more than 40 business centers equipped with specialists who help the nation’s minority-owned businesses grow. Center specialists assist clients with access to capital, contracts, and new markets opportunities to create new jobs.
“This partnership is essential in helping us support our MBEs, while also helping to break down the barriers many of them face when trying to gain access to capital,” said Alejandra Y. Castillo, MBDA National Director. “We’re pleased to share our resources and expertise with our partners at MBECP and together develop practical and long-term solutions that promote MBE growth and create jobs.”
The official MOU signing took place at MBE Capital Partners, LLC offices at 1 Penn Plaza New York, NY.
MBE Capital Partners, a certified minority owned lender is a dynamic business-to-business financial services group serving small and medium sized women and minority vendors. Providing receivables and purchase order funding services for minority owned company, MBECP offers flexible funding solutions that are tailored to their clients’ needs. For more information, log on to www.mbecp.com or call 212.629.5400
About the Minority Business Development Agency (MBDA)
MBDA, www.mbda.gov, is the only Federal agency dedicated to the growth and global competitiveness of U.S. minority-owned businesses. Our programs and services better equip minority-owned firms to create jobs, build scale and capacity, increase revenues and expand regionally, nationally and internationally. Services are provided through a network of MBDA Business Centers. After 47 years of service, MBDA continues to be a dedicated strategic partner to all U.S. minority-owned businesses, committed to providing programs and services that build size, scale and capacity through access to capital, contracts and markets. Follow us on Twitter @usmbda.
MBE Capital Partners
Ina Samuels, 212.629.5400
Minority Business Development Agency
Dijon Rolle, MBDA Press Secretary