By: Gailyn Rawls
November 17, 2019 7:18PM
Financial Technology MPAC Company Works with Black Lawmakers to Generate Billions of Dollars and Millions of Jobs for New Jersey
Newark, New Jersey — New Jersey-based diverse Technology company, MPAC Solutions, has partnered with The New Jersey Legislative Black Caucus to allow the State’s Black business owners to grow through the startup’s digital and cultural platform.
New Jersey Legislative Black Caucus is committed to creating legislation that propels New Jersey’s 63,000 Black businesses, and 240,000 minority businesses. At present, these businesses are accessing around 5% of State contracts, and effectively 0% investment capital. Most of these businesses are single-person employers. At parity, meaning employment levels operating at the same levels as majority owned-firms, New Jersey’s diverse businesses would add 1.6 Million jobs over the next 3 years. Black businesses in particular, which earn on average $400,000 less annually than majority firms, would create over $25 Billion taxable revenue.
MPAC has catalyzed some of the country’s most impactful, young diverse, founded or focusing startup CEOs. MPAC is the obvious choice to programmatically partner with the State in order to help more People of Color gain access to business development. Both MPAC and NJBLC agreed to stimulate New Jersey’s economy as stated on, From Trenton To You, a television show featuring NJ Legislative Black Caucus Chairperson, Senator Ron L. Rice, and MPAC’s CEO, Michael Anderson.
MPAC utilizes technology to make it easier and less costly for underserved entrepreneurs and institutions to collaborate. MPAC offers a solution to Corporations, Governments, Sports Teams, Universities, Non-Profits, NGOs, or any other ecosystem builder, seeking to create fair opportunities for women and minority businesses.
MPAC was founded in 2018 by its Chief Executive, Michael Anderson. Senator Rice is NJ’s 28th Legislative District Senator, serving Newark and New Jersey in office since 1986. MPAC helped generate more than $1 Billion in wealth for diverse entrepreneurs and communities. Through the partnership, New Jersey’s Black businesses will be able to use MPAC’s platform to access Contracts, Capital, Consulting Services.
“MPAC is offering a high-quality, proven infrastructure to scale underserved businesses and make a difference in emerging business communities,” Anderson said.
The New Jersey Legislative Black Caucus’s partnership with MPAC highlights sustained interest by Public, Private, and Philanthropic partners. working with financial technology companies that make business opportunities more inclusive and accessible to diverse entrepreneurs. In September, Senator Rice and his Chief of Staff, Mark Swan, discussed the concept with CEO Anderson at NJ Connects--an events platform started by Governor Phil Murphy’s Chief of Diversity & Inclusion, Hester Agudosi. Upon meeting Anderson at NJ Connects, Swan immediately offered support: “Developing diverse entrepreneurship opportunities for the often disenfranchised African American community, should be a priority of the State of New Jersey in order to abate the disparities that undermine potential growth for the Black business collective."
Senator Rice agreed there are substantial challenges that Black businesses face, and immediate action is needed from Policymakers to complement MPAC’s Technology and programmatically foster diverse inclusive opportunities: “We can’t just talk. Michael makes it easier for those of us in State Government to push…We must also give Hester credit for being the first to create these opportunities for women and minorities to partner with the State.”
MPAC Solutions and the New Jersey Legislative Black Caucus led by Senator Rice are poised to create more fair opportunities for women and People of Color to create economic advancement.
The full interview and announcement of MPAC's partnership with the NJ Legislative Black Caucus is available on MPAC's website www.MPACSolutions.com and aired on From Trenton To You, November 17, 2019.
About MPAC Solutions
MPAC Solutions is an award-winning Tech Company and Cultural platform founded in 2018.
MPAC is a Social Impact Financial Technology Marketplace-network that facilitates access to investing and business development for diverse companies. MPAC's niche is propelling domestic and global emerging products, markets, and communities. MPAC catalyzes opportunities for the world’s most exceptional Diverse MVPs: Movements, Ventures, and People. MPAC identifies, vets, and sources ventures as a 1-stop shop for helping its MVPs thrive, in partnerships with Corporations, Governments, Sports Teams, Universities, and Non-Profits.
MPAC creates Ecosystem as a Service customized platforms to assist Public, Private, Philanthropic, and Non-Profits entities in cultivating diverse innovation. MPAC also produces content and hosts events aligned with its mantra: Culture X Capital = Community Change.
About NJ Legislative Black Caucus
The New Jersey Legislative Black Caucus was founded in 1979. The NJLBC currently includes 15 Black Senators and Assembly persons and is Chaired by Senator Ron L. Rice.
The organizational make up of the New Jersey Legislative Black Caucus structure consists of a subcommittee structure. The purpose of the subcommittees is to provide oversight of legislation, government regulations and policies. The Subcommittees provide information to members of the NJLBC and to the public at large regarding issues affecting the quality of life. The subcommittees hold hearings on legislative issues of concern and interest to the public. The subcommittees also recommend to the New Jersey Legislative Black Caucus members the need to call for further inquires into allegations of violations of the civil rights of our constituents and if necessary investigations and audits by the proper government agencies.