CLEVELAND, May 18, 2022
/PRNewswire/ -- The Sherwin-Williams Foundation has partnered with
The Urban League of Greater
Cleveland (ULGC) to develop and launch an innovative new
Construction Accelerator Program (CAP) with the goal of driving
long-term growth and success for Northeast Ohio minority-owned businesses.
"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," said John G. Morikis, President of the Foundation,
and Chairman and Chief Executive Officer of The Sherwin-Williams
Company (NYSE: SHW). "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."
Over the next three years, Sherwin-Williams, a global leader in
the paint and coatings industry, will make a significant financial
commitment by investing a minimum of $600
million in its Building Our Future (BOF) global headquarters
and R&D Center project, which includes meeting or exceeding
robust economic inclusion requirements.
Through the pilot program, officially known as Construction
Accelerator Program Powered by Sherwin-Williams, the Urban League
will provide eligible minority-owned businesses with access to
capital, mentorship, education on the Integrated Project Delivery
(IPD) process, construction management best practices and an
opportunity to build capacity. The program will also focus on
intense technical and human capital enhancement, enabling
participating businesses to qualify for a working capital loan
through UBIZ Venture Capital operated through the Urban League's
Entrepreneurship Center.
"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," said Marsha Mockabee, ULGC President and Chief
Executive Officer.
The Construction Accelerator Program is targeting MBE-certified
businesses in the construction industry who are in the growth or
expansion phase, in business for at least three years, and meet a
pre-determined minimum annual revenue threshold, in addition to
other criteria.
Participating business owners will move through ULGC's UBIZ
Accelerator Curriculum, helping to transform their business
infrastructure and operations for success and sustainable growth.
Upon completion of the program curriculum, graduates of the CAP
program will be eligible to apply for the Access to Capital and
Credit Enhancement Plan, a working capital loan through UBIZ
Venture Capital or its investment partners.
"Cleveland needs programs that
ensure opportunities for employment of its residents, as well as
growth opportunities for its minority and female-owned
enterprises," commented Tyson
Mitchell, recently named Director of the Office of Equal
Opportunity (OEO) for the City of
Cleveland. "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."
The CAP is designed to incorporate strategies that will
strengthen, accelerate and position businesses for next-level
engagement in construction projects.
For CAP registration information, prospective applicants should
email UBIZVentures@ulcleveland.org.
Details about the Building Our Future project including the
Company's commitment to inclusion, diversity and equity as well as
its community engagement process and the Our Community video
profiles can be found on the Building Our Future website.
For more information about the Urban League of Greater Cleveland,
visit ulcleveland.org.
ABOUT THE SHERWIN-WILLIAMS COMPANY
Founded in 1866,
The Sherwin-Williams Company is a global leader in the manufacture,
development, distribution, and sale of paint, coatings and related
products to professional, industrial, commercial, and retail
customers. The Company manufactures products under well-known
brands such as Sherwin-Williams®, Valspar®,
HGTV HOME® by Sherwin-Williams, Dutch
Boy®, Krylon®, Minwax®,
Thompson's® WaterSeal®,
Cabot® and many more. With global headquarters in
Cleveland, Ohio,
Sherwin-Williams® branded products are sold
exclusively through a chain of more than 5,000 Company-operated
stores and facilities, while the Company's other brands are sold
through leading mass merchandisers, home centers, independent paint
dealers, hardware stores, automotive retailers, and industrial
distributors. The Sherwin-Williams Performance Coatings Group
supplies a broad range of highly-engineered solutions for the
construction, industrial, packaging and transportation markets in
more than 120 countries around the world. Sherwin-Williams shares
are traded on the New York Stock Exchange (symbol: SHW). For more
information, visit www.sherwin.com.
MEDIA CONTACT:
Julie
Young
Vice President, Global Corporate Communications
Direct: 216.515.8849
corporatemedia@sherwin.com
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