Empower the Change Fund adds additional Limited Partners, growing fund focused on providing access to capital to minority-owned business enterprises (MBEs)
Advantage Capital, venture capital firm, small business lender and impact investor, announced it has added three additional Limited Partners to a new growth capital fund dedicated to closing the racial wealth gap by investing in MBEs. In partnership with the NMSDC Business Consortium Fund (BCF), the impact-oriented fund will provide flexible risk capital to support minority businesses and help them scale.
“With this second close, we are thrilled to continue working toward our ambitious goals and intended outcomes,” said Sandra M. Moore, Chief Impact Officer and Managing Director, Advantage Capital. “Since we announced the fund in February, we have been laser focused on securing capital we can deploy to minority-owned businesses and communities.”
The fund currently has a robust pipeline of potential businesses it is looking to invest in. With new capital commitments from Deere & Company, Enterprise Bank, and UMB Bank, the fund anticipates it will begin to make its first investments later this month.
“Empower the Change is a key element of our strategy to get more capital to minority-owned businesses,” said Sahra Halpern, president of BCF. “Every corporation and financial institution we engage with shares our vision of increasing capital access for business owners of color, and I am excited about the work we will accomplish through this fund.”
Over its 30-year history, Advantage Capital has invested $260 million in more than 70 MBEs, whose founders often lack the personal and family wealth to start and grow a business.
“We have a long history of investing in opportunities that advance social and economic change,” said Wallas Wiggins, vice president of global supply chain management and logistics for John Deere. “The Empower the Change Fund exemplifies the type of investment we seek to help minority and undercapitalized suppliers grow and build sustainable businesses in their communities.”
Other limited partners in the Empower the Change Fund include Altria, Busey Bank, Carrollton Bank, First Bank of the Lake, Midwest Banking Center, Society of Human Resource Managers (SHRM), Southern Bancorp, Truist Bank and U.S. Bank.
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