CINCINNATI — An initiative working to help grow more minority-owned businesses in Greater Cincinnati just got a major boost from Procter & Gamble Co.
P&G made a $1 million gift to the J. Phillip Holloman Endowment Fund of the Cincinnati USA Regional Chamber's Minority Business Accelerator, according to a news release Thursday.
The chamber launched the endowment fund a year ago to honor Holloman, the retired Cintas president and chief operating officer, and his commitment to building minority business in the region.
"We are incredibly appreciative of this most generous gift from Procter & Gamble to enable our efforts to truly make the Cincinnati region the national epicenter for minority business growth," Darrin Redus, vice president and executive director of the Minority Business Accelerator, said in the release. "This demonstration of support to both our endowment fund and its underlying mission to accelerate the growth of sizable minority businesses in the region will enable us to continue the great work that is underway, and further leverage these investments to ensure the long-term sustainability of our work."
P&G's gift follows a recently announced $1 million gift from First Financial Bank and moves the endowment fund closer to its $5 million goal.
"Economic inclusion is a catalyst for equality. Our community has ambitious, yet achievable goals for a vibrant, inclusive community that can only be achieved through commitment, collaboration and innovative efforts such as this," Damon Jones, P&G vice president for global communications and advocacy, said in the release. "In line with our long-standing supplier diversity strategy, we are committed to fueling the growth of minority-owned businesses. Helping the Minority Business Accelerator ensure critical guidance and resources are available to these growing businesses will help ensure we realize the full economic impact they can have on the Greater Cincinnati community and beyond."
The Minority Business Accelerator is committed to increasing regional minority business spending to more than $2 billion and the creation of 7,000 new jobs by the end of 2022.
More information about the accelerator is available here.