The Sherwin-Williams Foundation will invest more than $600 million in the Construction Accelerator Program in Northeast Ohio.
The Sherwin-Williams Foundation has recently announced that it has partnered with The Urban League of Greater Cleveland (ULGC) in order to develop and launch the Construction Accelerator Program (CAP), a project aimed at improving and ensuring long-term growth and success for minority-owned businesses in Northeast Ohio.
“The Sherwin-Williams Foundation is pleased to partner with the Urban League of Greater Cleveland to positively impact the greater Cleveland community and support minority-owned business growth through fostering economic inclusion for minority-owned construction companies. The CAP aligns well with our Company's commitment to create jobs and to positively impact the broader Cleveland and Northeast Ohio community, and we are excited to be on the ground floor of an instrumental program designed to accelerate the growth of minority-owned construction businesses for many years to come,” has stated John Morikis, President of the Foundation and Chairman and CEO of The Sherwin-Williams Company.
The Foundation, which is part of the paints and coatings manufacturer Sherwin-Williams Group, will invest more than $600 million. Through the pilot programme, ULGC will provide eligible minority-owned businesses with access to capital, mentorship, education, construction management best practices and opportunities to build capacities.
The programme will also focus on intense technical and human capital enhancement, enabling participating businesses to qualify for a working capital loan through UBIZ Venture Capital.
“The Urban League is extremely excited to partner with The Sherwin-Williams Foundation on the Construction Accelerator Program because it directly supports our goals of economic inclusion and opens opportunities and access that will help reduce historical barriers that minority-owned businesses experience in the construction industry and across the board,” has declared Marsha Mockabee, CEO and President of ULGC.
“Cleveland needs programs that ensure opportunities for employment of its residents, as well as growth opportunities for its minority and female-owned enterprises. We commend The Sherwin-Williams Foundation and ULGC for joining forces to establish this new program. Their joint initiative is strongly aligned with the City and the OEO's mission, and we're encouraged by the workforce pipeline the CAP creates for projects today and into the future,” has commented Tyson Mitchell, who has recently been named Director of the Office of Equal Opportunity for the City of Cleveland.