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MMCA Audience Growth Funding Pilot Overview

MMCA, RJI and Democracy Fund Voice, as part of their Equitable Media and Economies Initiative, have launched an Audience Growth Funding Pilot (Pilot) to address the longstanding gap in technical assistance and community development-related financing available to Equitable Media.

The Pilot will assist Equitable Media businesses in developing and implementing audience growth and monetization strategies and in leveraging the BIPOCXChange, a digital ecosystem designed to unleash the untapped market potential of Equitable Media by connecting them with content and with people and organizations wanting to engage and advertise directly and cross digital platforms with them.

MMCA also will assist participants in applying for no-cost, unsecured financing through the Local Initiatives Support Corporation's (LISC) Diverse Supplier Grant Initiative, sponsored by JP Morgan Chase Co., to invest in the content, tech, consulting services, audience engagement and measurement tools and tactics available as part of the Pilot.

Who is eligible?

In order to align with LISC's Diverse Supplier Grant Initiative underwriting guidelines, the Pilot will target Equitable Media businesses that are:

● Minority-owned and MBE Certified, or eligible for MBE certification;
● Based in the United States, and have minimum annual revenues of around $1 million;
● Have been in operation for more than 3 years, with an ability to deploy capital toward business improvement and growth.

Meet Our Featured Participants

MBN USA’s mission is to promote the value of minority business development and recognize corporate supplier diversity success. It was founded in 1988 when founder and CEO Don McKneely recognized the need for a news source to tell the powerful stories of MBEs and the corporations that support them. Since its inception, MBN USA has received numerous awards for its work in MBE supplier diversity development. These include being recognized by the U.S. Department of Commerce Small Business Administration (SBA) and being named the National Supplier of the Year by the National Minority Supplier Development Council (NMSDC).

The Baltimore Times was birthed on the Bramble’s kitchen table at 1800 Madison Street in November 1986. Starting out as a monthly publication, the Baltimore Times soon became a newspaper its readers couldn’t do without. Readers depended on it for truthful reporting, articles about their neighbors, family and friends, and quite often themselves. Taking a bold step, the next month the Brambles decided to publish the paper weekly. As the Times grew in popularity and gained unwavering loyalty and respect amongst its readers (who also shared the paper with others who lived in other regions of the state), the Brambles realized that an expansion was in order. Today, readers enjoy The Baltimore Times and The Annapolis Times newspapers, as well as a host of events and activities such as Health Expos, educational forums, workshops and seminars directed toward communities most affected by the disparities in healthcare, business, finance, and other areas that impact the quality of life.

If you are interested in joining the Pilot, Please send an email inquiry to [email protected]. Or if you would like to take the first step in applying for the LISC loan, click the button below.

Complete LISC's Intake Form to Get Started

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Helping Equitable Media Access Capital to Increase Reach, Relevance and Revenue

BIPOC-led and -serving media (Equitable Media) operate as the most trusted sources of news and information in the communities they serve. However, most lack the capital to invest in the audience growth and engagement efforts needed to effectively combat dis/misinformation, correct harmful narratives in and about BIPOC communities, or tap into the billions spent in the public, private and social sectors on multicultural marketing. That's the bad news.

Here is the good news! In Fall 2023, MMCA launched a revenue growth pilot program that includes helping Equitable Media access unsecured, no interest, financing of up to $500,000 from the LISC Diverse Supplier Grant Initiative, sponsored by JPMorgan Chase. Don't miss out!

To learn more about the Pilot, click the video link. To start the LISC loan application process, click the button below.

#MediaEquity #SupportBIPOCMedia #CRA #AccessToCapital #FundLocalMedia #LISC #JPMorganChase #MediaDiversity

Complete LISC’s Intake Form

The Challenge:

Black, Latine, Asian and other People of Color-led and -serving media (Equitable Media) operate as the most trusted sources of news and information in the communities they serve and are an essential part of the civic infrastructure needed for ensuring thriving communities, resilient economies and a healthy democracy. However, despite their pivotal role in meeting news and information needs and combating mis/disinformation flowing into and about underserved communities, many Equitable Media outlets are facing financial headwinds that threaten their survival. A primary reason: they lack the capital to make the investments needed to unleash their advertising potential and to tap into the billions spent in the public, private and social sectors on multicultural marketing. That is the bad news.

Here is some good news. In Fall 2021, the Multicultural Media & Correspondents Association (MMCA) partnered with the Donald W. Reynolds Journalism Institute and Democracy Fund Voice to launch the Equitable Media and Economies Initiative, a national effort to create a more just economy and caring democracy by eliminating the blind spot that has kept the community development financing sector from investing in Equitable Media.

https://baltimoretimes-online.com/news/national/2022/02/24/new-collaborative-seeks-to-investment-in-media-organizations-as-critical-civic-infrastructure%EF%BF%BC/

The specific goals are to:

Equip Equitable Media to report on, contribute to and compete in an equitable economy;
Promote Equitable Media as critical civic infrastructure;
Pursue partnerships, revenue strategies and policy changes to fund them as such.

As a result of these efforts, the institutions that fund civic infrastructure — banks, community development finance institutions (CDFIs), socially responsible businesses, and government agencies — are starting to connect the dots between a healthy, diverse economy and a healthy, diverse local media ecosystem.

The Opportunity:

In Fall 2023, MMCA, through its Equitable Media and Economies Initiative, launched an Audience Growth and Monetization Pilot
to address the longstanding gap in technical assistance and community development-related financing available to Equitable Media to increase their reach, relevance, and revenue.

Specifically, the Pilot will help Equitable Media businesses access unsecured, no interest, financing of up to $500,000 from the LISC Diverse Supplier Grant Initiative, sponsored by JPMorgan Chase. The Pilot will also assist Equitable Media businesses in developing and implementing audience growth and monetization strategies and in leveraging the BIPOCXChange, a digital ecosystem designed to unleash the untapped market potential of Equitable Media by connecting them with content and with people and organizations wanting to engage and advertise directly and cross digital platforms with Equitable Media.

The specific phases for the Pilot are as follows:

1. Business Assessments and Loan Application Submission (3 months)

Phase 1 will consist of completing an in-depth business assessment and pulling together documents required by the LISC loan application. These documents consist of the following:
• Articles of Incorporation
• Certificate of Good Standing
• Last 3 years' business tax returns for owner and business
• 2022 and 2023 year-to-date balance sheet and income statement
• Debt schedule
• Capital request and business growth plan
• Pro forma financials through 2025

2. Implementation and loan servicing (16 months)

Phase 2 will commence after the Pilot Participant completes the required approval process and receives funding from LISC. It begins with sales and other training and tech stack integration and then moves to fully implement the targeted revenue growth strategies. The Pilot Participant will be guided by and provided access to subject matter experts and coaches to assist with implementation.

3. Evaluation of Results and Recalibration (3-6 months)

Phase 3 will focus on reporting results, sharing lessons learned and best practices, and recalibrating. It will also include publishing a project assessment and developing a long-term growth plan.

If you are interested in joining the Pilot, Please send an email inquiry to [email protected]. Or if you would like to take the first step in applying for the LISC loan, click the button below.