Blue Cross Blue Shield of Massachusetts Becomes First Investor in Greater New England Minority Supplier Development Council's (GNEMSDC) Development Program for Minority Owned Businesses

BOSTON, Aug. 25, 2020 /PRNewswire/ -- The Greater New England Minority Supplier Development Council (GNEMSDC) has received a commitment from Blue Cross Blue Shield of Massachusetts (Blue Cross), the state's largest not-for-profit health plan, to invest $50,000 to enhance the content and delivery of GNEMSDC's Development Program for minority owned businesses.  The Development Program, focused on companies "certified" as a minority business enterprise (MBE) by GNEMSDC, includes three elements: One-on-One Business Consulting; Subject Matter Training on areas that include financial management, process improvement, strategic planning, and marketing; and the GNEMSDC Advanced Leadership Program which utilizes the Kaufman Foundation's FastTrac curriculum. 

With this investment from Blue Cross and expected investments from other leading organizations, GNEMSDC will expand the scope of its Development Program beyond just the 250 currently certified MBEs in New England, and will enhance its content, staffing, and deliverables.

"We hope that this investment by Blue Cross will lead to financial support from others in New England and allow us to continue to build an even more effective Development Program to make New England's minority businesses stronger," said Peter Hurst, the President and CEO of GNEMSDC.  "Minority business development helps reduce the country's racial wealth gap, and our MBE Development Program has contributed to the health and growth of our MBEs. COVID 19's adverse impact on minority owned businesses requires a laser-like focus on the levers that drive MBEs' success, including: access to contracts with buyers in the private sector and the public sector; access to intellectual capital that allows MBEs' owners to be more effective leaders and managers; and access to financial capital that supports their growth, whether one contract at a time or through mergers and acquisitions." 

"Supporting the economic health of our diverse communities is a business imperative for Blue Cross. Taking action to address racial and economic inequity is not just the right thing to do, it's good business," said Andrew Dreyfus, President and CEO of Blue Cross Blue Shield of Massachusetts. "We're proud to be the first company to pledge our support for the GNEMSDC's new initiative to help minority-owned companies grow and encourage other employers to consider supporting this important effort."

About the Greater New England Minority Supplier Development Council 
Operating from offices in Boston, Massachusetts and New Haven, Connecticut, GNEMSDC (www.gnemsdc.org) promotes economic inclusion and minority business development. The 250 minority businesses certified by GNEMSDC 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 of $1.9 Billion; and total jobs supported of over 32 thousand. Connect with us on Twitter, LinkedIn, Facebook, Instagram.

About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts (bluecrossma.com) is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. We are committed to the relentless pursuit of quality, affordable health care with an unparalleled consumer experience. Consistent with our promise to always put our members first, we are rated among the nation's best health plans for member satisfaction and quality. Connect with us on Facebook, Twitter, YouTube, and LinkedIn.

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SOURCE Greater New England Minority Supplier Development Council