COLUMBUS, Ohio--(BUSINESS WIRE)--The Ohio Minority Supplier Development Council (Ohio MSDC) today released its first ever Economic Impact Report, which provides a snapshot of the state’s Minority Business Enterprises (MBEs). Among the report’s findings: in 2017, certified MBEs in Ohio had a total impact of $16 billion, created nearly 53,000 jobs and contributed $1.25 billion in tax revenue for the state.
“Reports such as these are increasingly becoming a valuable tool for quantifying the impact of MBEs, whether on a national, regional, local or even organizational level,” said Jacqueline Neal, President and CEO, Ohio MSDC. “We hope that this new report demonstrates to Ohio’s MBE community that they are part of a powerful collective, motivates more diverse businesses to become certified and encourages greater diverse spend among the Council’s Corporate Members.”
Compiled with the support of the Institute for Thought Diversity, the 2017 Economic Impact Report examines the impact of the OMSDC MBE community through the lens of job creation, income generation and contribution to the state’s tax revenue collection. The study examined 388 MBEs in order to provide detailed daily and annual revenues.
Under the leadership of Gov. John Kasich, Ohio has made significant progress in driving spend with minority businesses in recent years. In 2015, the state spent $228.5 million on contracts with MBEs, which represented a record 19 percent of annual spend. For the first time, Ohio not only reached but exceeded the 15 percent goal mandated by its MBE program. This represented a more than $60 million increase from 2014.
"[The state's efforts are] about sustainability and creating more opportunities for Ohio's minority-owned businesses," said Jeffrey L. Johnson, Chief of the Minority Business Development Division at the Ohio Development Services Agency. "We’re encouraged with the progress that has been made as we continue to move Ohio forward with diversity and inclusion by assisting with the development of minority-owned businesses across the state."
“Kroger is proud to sponsor this new OMSDC report because it showcases the positive impact that minority businesses have on the state and is a useful resource for the Council’s corporate members,” said Angel Colon, Senior Director of Diversity, Kroger. “As more corporations commit to working with MBEs, we can further move the needle on Ohio’s diverse spend goals.”
For more information, visit www.OhioMSDC.org.
The Ohio Minority Supplier Development Council (Ohio MSDC) is a non-profit, 501(c)3 organization dedicated to providing a direct link between Minority Business Enterprises (MBEs) and its Corporate Members. Founded in 1972, the Ohio MSDC certifies minority businesses, provides MBEs with access to procurement opportunities, and assists Corporations in the development and maintenance of effective corporate supplier diversity programs. Over the past four decades, Ohio MSDC has been a bridge between corporate America and minority owned businesses. Every year, Ohio MSDC’s Corporate Members spend over $7 billion with MBEs certified by the Council. For more information about Ohio MSDC, please visit www.OhioMSDC.org.