The National Center for the Middle Market (NCMM) has announced SunTrust Banks, Inc. as its new primary sponsor. The multi-year agreement will enable the NCMM to continue providing insights and analyses that drive growth, jobs and competitiveness in the middle market, and ultimately, the overall U.S. economy.
The NCMM has also signed a multi-year agreement with accounting, tax and advisory organization Grant Thornton, a leading U.S. professional-services firm. The collective sponsors will join The Ohio State University Fisher College of Business—a founding partner of the NCMM—in determining the strategic direction of the NCMM moving forward.
"On behalf of Fisher College of Business, I am delighted to see the National Center for the Middle Market building a strong partnership with SunTrust and Grant Thornton, which are both recognized leaders in their industries," said Anil K. Makhija, dean and John W. Berry, Sr. Chair in Business at Fisher. "These mutually beneficial collaborations underscore the Center's commitment to providing critical insights and analyses that drive growth, increase competition and create jobs in the middle market, the market that moves America."
Throughout the year, the NCMM hosts and participates in a number of events, in addition to funding research reports, which includes its flagship quarterly Middle Market Indicator. Areas of critical focus in the past year include digitization, innovation, mergers and acquisitions, and access to capital, among many other topics that consequently help drive growth in the middle market.
"SunTrust is dedicated to providing industry and product expertise to develop tailored solutions that help middle market companies across the nation achieve smart growth. It's only natural for us to partner with this leading institution and focus our collective efforts on additional opportunities to grow this vital part of our nation's economy," said Mark A. Chancy, wholesale banking executive for SunTrust.
The U.S. middle market is a key driver of the U.S. economy, consisting of 200,000 companies with annual revenues between $10 million and $1 billion. Together, they account for 44.5 million jobs, or one third of total private employment, generating more than $10 trillion in combined revenues annually. In the next 12 months, the NCMM projects the segment's growth to continue to drive the economy, with revenue expanding by 3.7 percent and employment growing 2.7 percent.
"We are deeply pleased to be linking arms with SunTrust and Grant Thornton," said Thomas A. Stewart, executive director of the NCMM. "Their expertise in financial and advisory services is a real asset to us and the middle market. It will greatly enhance the NCMM's work and further our mission."
The National Center for the Middle Market is a partnership of The Ohio State University Fisher College of Business, SunTrust Banks, Inc. and Grant Thornton LLP. The Center was founded in 2011 and is the nation's leading research institution dedicated to helping middle market companies to be more competitive through research, advocacy and educational initiatives.