09 Mar Building Massachusetts Small Businesses
Boston Asia Capital (BAC) and MA Supplier Diversity Office (SDO) partner to Launch “Building Massachusetts Small Businesses” program which will create and empower 300 small businesses in Gateway Communities in MA. The new program is projected to create more than 3,000 jobs.
(Executive Director; Reginald Nunnally)
BAC launches newly created “Building Massachusetts Small Businesses” program and Business Incubation Centers (“BICs”) to provide new and existing businesses with advisory services, access to capital, and to facilitate SDO certification process that will qualify them to bid and win government contracts.
BOSTON – Thursday, October 14, 2010 – Global Investment Banking firm, Boston Asia Capital (“BAC”), and Supplier Diversity Office (SDO) announced the launch of a unique public-private partnership program named “Building Massachusetts Small Businesses” and the creation of Business Incubation Centers (“BICs”) that will provide small businesses with a fully-integrated center that will provide access to capital, and resources to new and existing small businesses in Gateway Communities across MA. In pursuit of their common interest for economic development and business assistance, the BMSB program will promote the development of new businesses and is projected to create 3,000 new jobs in communities struggling with unemployment.
BAC believes that this unique investment strategy will create a small business community that will help generate new jobs that will have a measurable impact on the economies of Gateway communities in MA.
The newly launched BMSB program will:
1) Help new businesses get started, and to strengthen existing small businesses by allowing them to leverage economies of scale through sharing real estate, human resource functions, insurances, and other business related costs.
2) Facilitate new and existing businesses in struggling gateway communities to obtain certification that qualifies them to bid for state, federal and private contracts.
3) Advise new and existing small businesses in developing business plans, financial strategy, business structure, and capital investments
4) Assist businesses to obtain Small Business Administration (SBA) financing and by providing equity for businesses to secure SBA loans.
5) Help businesses find new business opportunities: including both government contracts as well as networking to find opportunities for business with each other.
(Mehamood Hosein and Reginald Nunnally)
Commenting on the partnership with BAC, Reginald Nunnally, Executive Director of SDO said, “BAC has developed a unique business model that will re-define economic development in gateway communities in MA. They have embraced the opportunity to balance financial returns and community impact.”
Boston Asia Capital CEO, Mehamood Hosein, added, “I believe the best way to stimulate economic development for small businesses are to change the traditional business model and leverage existing resources within each community. Struggling Gateway cities in America have enormous overlooked potential; forward-thinking municipal leadership, good infrastructure, hard-working people with diverse language skills, and community partners who are ready and willing to provide training and support. We are building a model that will yield both economic and social returns.”
“Boston Asia Capital and its economic development fund will provide SDO with the missing link that will help us assist our pool of more than 2,600 small businesses,” added Nunnally.
SDO is an agency within the Massachusetts Executive Office for Administration and Finance which promotes the development of certified minority business enterprises (MBE), women-owned (WBE) business enterprises, and minority non-profit (M/NPO) and women (W/NPO) non-profit organizations by facilitating their participation in Massachusetts business and economic development opportunities. Specifically, SDO assists government agencies in meeting their affirmative purchasing and contracting goals by providing business development assistance to certified companies through information on procurement and business resources and services in certification, enforcement, business assistance and advocacy.
Boston Asia Capital (BAC) is a Massachusetts-based global investment banking firm that makes strategic investments in infrastructure, clean energy, business services, and advanced manufacturing. BAC also provides advisory services to businesses in various stages of need, with a focus on serving new and existing small businesses and entrepreneurs in struggling Gateway communities in Massachusetts.