16BB AN INDEPENDENT SUPPLEMENT BY MIA MEDIA & COMMUNICATIONS GROUP TO THE SUN SENTINEL FRIDAY , MAY 5 , 2017
BUSINESS REPORT
By : Beatrice Louissaint
Beatrice Louissaint , President & CEO Florida State Minority Supplier Development Council
The Trump administra�on ' s 2018 budget calls for elimina�ng the Minority Business Development Agency ( MBDA ) as a federal agency . MBDA is the only federal agency solely dedicated to the growth and global compe��veness of minority business enterprises . The MBDA helps minority-owned firms grow by providing access to capital , technical exper�se ,
By : Aisha Mannings
Ever since Keel Russell was 18 years old he dreamed of being a successful entrepreneur , so he wrote to 50 Black CEOs and asked if they could mentor him . He only receive one response back thanking him for his inquiry , but declined his request , however that didn ’ t discourage Keel as he con�nue to search for business opportuni�es . Since gradua�ng from Pompano Beach High , Keel had several business concepts and ul�mately developed Umbree Rain Gear – stylish , water ac�vated rainwear products . Keel notes , “ I decided on manufacturing and selling umbrellas because it ’ s a simple product and no other business offered such innova�ve rain gear when I began the business .”
Umbree Rain Gear has since garnered clients such as Seminole Hard Rock Hotel & Casino , JM Family Enterprises , and the Greater Fort Lauderdale CVB ’ s Hello Sunny tourism campaign . Umbree ’ s biggest client to date is now Walmart . Through the help of the Urban League based in Broward , Keel was able to pitch his product to
Why federal , state and local decision-makers must support the Minority Business Development Agency
advanced business consul�ng resources and innova�ve management services through 42 Business Centers . Funds allocated to the MBDA ’ s budget have among the highest return of any type of business assistance allocated by the federal government . During the past 10 years , the agency ’ s programs and services have helped companies secure more than $ 40 billion in contracts and capital , while crea�ng and retaining nearly 142,000 jobs and leading to accelerated performance averages and returns on investment . In the state of Florida , annually , the goal of the Miami and Orlando MBDA Business Centers is to help minority-owned companies garner more than $ 200 million in procurement contracts and financial transac�ons .
The MBDA Business Centers are integral to fostering greater economic vitality across the U . S . By 2044 , the na�on ’ s prosperity will rely even more on minori�es , who are the fastest growing segment of the popula�on . Entrepreneurship is a sure pathway to wealth crea�on and a thriving na�onal economy . Today , U . S . minority business enterprises represent 29 % of all firms , but only 11 % have paid employees . MBDA research predicts that if MBEs reach entrepreneurial parity , the U . S . economy will realize 13 million more jobs . The MBDA is needed now more than ever . The decision to eliminate the MBDA was made from a lack of understanding of how minority-owned businesses shape , impact and grow the economy , and of how they create jobs and impact the economic viability of communi�es around the country . It is important that we let Congress , local and state poli�cal representa�ves , and the Trump administra�on know what a unique and dis�nguishable role the MBDA plays in helping grow minority businesses – for the be�erment of all Americans .
I encourage everyone to join our fight to save the MBDA . I implore you to call your congressional representa�ves , whose contact informa�on you can find at www . house . gov and www . senate . gov .
Broward Entrepreneur Obtains Financing Through Urban League For Walmart Contract
Walmart during the 2015 Na�onal Urban League conven�on hosted in Fort Lauderdale , and was one of a few finalists chosen by Walmart . The next hurdle was obtaining financing to expand the business and fulfill purchases orders to carry Simply Umbree products in Walmart , so Keel approached the Urban League again for assistance and was granted a $ 250,000 loan run by the Urban League of Broward County , Florida Department of Economic Opportunity , and several banks . “ Our Small Business Loan Fund was designed exactly for entrepreneurs like Keel and his business Umbree ," said Dr . Germaine Smith-Baugh , president and CEO of the Urban League . " We ’ ve worked hard with our partners to create opportuni�es for small and minority-owned businesses and expand market reach to under-resourced communi�es . Our goal is to con�nue offering end-to-end business development services , including capital , so these businesses can grow and thrive .”
Keel , who is just 31 and now lives in Coconut Creek , travelled to China on his own a couple of years ago to research manufacturers to develop his business . The Umbree umbrellas actually change colors when it rains crea�ng fashionable Keel Russell CEO & Founder of Umbree pa�erns and it ’ s with Umbree umbrellas made with very durable but lightweight materials . Umbree products will be in Walmart stores this summer , as well as
Beatrice Louissaint is President and CEO of the Florida State Minority Supplier Development Council ( FSMSDC ), one of 23 regional councils affiliated with the Na�onal Minority Supplier Development Council . The FSMSDC acts as a liaison between corporate America and Minority Business Enterprises in the state of Florida . The organiza�on is also the operator of the U . S . Department of Commerce Miami and Orlando Minority Business Development Agency ( MBDA ) Business Centers , which serve southern and central Florida . FSMSDC ’ s goal is to increase purchasing from minority businesses by government en��es and corpora�ons , while increasing the opera�ng capacity of minority businesses through hands-on business assistance , training and access to technology and capital resources .
To learn more about the FSMSDC , visit fsmsdc . org . Learn about the Miami and Orlando MBDA Business Centers at www . mbdamiamicenter . com or www . mbdaorlandocenter . com , or call ( 305 ) 762-6151 .
Walmart . com . As part of the company ’ s mission , Umbree is giving some sales proceeds to social jus�ce causes such as suppor�ng veterans and vic�ms of domes�c violence . “ We at Umbree believe in giving back and being social entrepreneurs . I believe we can solve many of our issues in our urban communi�es through economic empowerment ”, notes Keel . He holds a Bachelor ’ s degree in Informa�on Systems from Keiser University and is comple�ng a Master ’ s degree in Marke�ng from Florida Interna�onal University . Keel is also an Iraqi war veteran , serving over 10 years in the military and Army reserves . His business partners include Treyvon Young , CMO , and Patrick Senior CFO , along with several silent minority investors . Umbree con�nues to look for investors to con�nue its expansion .
To learn more about Umbree contact Keel at keel . russell @ umbree . com . To learn more about the Urban League of Broward County visit www . ulbroward . org