MassMutual Invests in Greater New England Minority Supplier Development Council (GNEMSDC)

Grant to Support Minority Business Development

BOSTON, April 5, 2022 /PRNewswire/ -- The Greater New England Minority Supplier Development Council (GNEMSDC) has received a grant from MassMutual to invest directly into minority business development. This grant will immediately impact the success of certified minority business enterprises (MBEs), helping them grow, thrive, and prosper by having access to Intellectual Capital and Financial Capital.

For more than 170 years, MassMutual has had a single purpose: to help people secure their future and protect the ones they love. MassMutual believes that "diversity includes the broadest possible range of cultures, backgrounds, experiences and perspectives, while inclusion means creating an environment where all people and ideas are valued", which aligns with the mission of GNEMSDC. Together in this collaboration, both organizations will use their resources to aid MBEs in flourishment.

"Business inclusion, when done thoughtfully and purposefully, can expand marketplace opportunities, help close the wealth gap, and spark economic recovery", says Regina Heyward, MassMutual's Head of Supplier Diversity.

With this grant, GNEMSDC will continue to suffuse funds into MBE development, which includes strategic advisory services and subject matter training focused on targeted connections, financial management, strategic planning, and marketing.

Through the financial support from MassMutual, GNEMSDC is able to continue to strengthen the capacity and value of MBEs, making them a greater prospect for partnerships with buyers in both the public and private sectors. Essentially, this work will add economic value to the supply chain while also increasing economic opportunities for the minority business community – with the ultimate goal of closing the racial wealth gap.

About the Greater New England Minority Supplier Development Council
GNEMSDC (www.gnemsdc.org) promotes economic inclusion and minority business development. GNEMSDC's 250 minority businesses have aggregate revenue of $2.7 Billion and over 20 thousand employees (65% of whom are ethnic minorities). GNEMSDC connects our corporate members with our MBEs, our corporate members with each other, and our small MBEs with our larger MBEs. Our Development Program ensures that our MBEs are contract ready when opportunities arise. Our Advocacy focuses on the impact of minority business development in making communities stronger. An independent economic impact study on GNEMSDC's MBEs found that their economic impacts included: GDP contribution of $4.3 Billion; wages supported on $1.9 Billion; and total jobs supported of over 32 thousand. GNEMSDC operates the Massachusetts MBDA Business Center (Center), which is funded by the MBDA. The Center provides "no cost" business development and capacity building services to MBEs in New England with at least $500 thousand in revenue. Connect with us on Twitter, LinkedIn, Facebook, Instagram.

About MassMutual
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.

SOURCE Greater New England Minority Supplier Development Council