29 Mar 2022 ‘Empower the Change’ Growth Fund Aims to Close the Racial Wealth Gap
BUSINESS CONSORTIUM FUND teams up with venture capital firm Advantage Capital to
Introduce and Unveil the Empower the Change Fund
New York, NY – March 29, 2022 – The Empower the Change growth equity fund is entirely dedicated to providing access to capital to minority-owned businesses, empowering and enabling entrepreneurs of color who are advancing innovation in America.
“As we announced during Black History Month, we are responding to the injustices and inequities we see for small businesses owned and operated by people of color by doing what we – as a venture capital firm and impact investor – do best: deploy capital to underserved and overlooked areas and entrepreneurs,” said Sandra M. Moore, Chief Impact Officer and Managing Director, Advantage Capital. “Last month, we shared our intentions. This month, we are thrilled to launch our brand: The Empower the Change Fund.”
Advantage Capital and the NMSDC Business Consortium Fund have partnered with like-minded investors interested in advancing opportunities for minority-owned businesses, adding two, new limited partners since the initial announcement. These established and authentic investors recognize a step-change is required and that appropriate access to capital can empower entrepreneurs with the resources needed to grow their businesses and build their communities.
Limited partners include:
- Altria
- Busey Bank
- Carrollton Bank
- First Bank of the Lake
- Midwest Banking Center
- Society of Human Resource Managers (SHRM)
- Southern Bancorp
- Trust Bank
- USBCDC
“The Empower the Change Fund allows investors to participate in providing flexible capital to entrepreneurs of color at scale,” said Henry Childs, Chief Fund Manager, Business Consortium Fund. “The goal is to create generational wealth both for minority business owners and the communities in which they live.”
The fund has no geographical limitations and can invest in minority-owned businesses at every stage of the business’ growth.
“Our ability to provide flexible, patient investment in the lower middle market with the highest needs for funding and growth is a mainstay strength for our firm for more than 30 years,” said Brian Anderson, Principal and Empower the Investment Lead at Advantage Capital. “This type of targeted fund is needed and, I believe, will help be a catalyst for the type of change we want to see in our industry and in our society.”
The Empower the Change Fund is planning to begin deploying capital to minority-owned businesses in Q2 2022.
About the Business Consortium Fund
The National Minority Supplier Development Council Business Consortium Fund, Inc. is a certified United States Department of the Treasury Community Development Financial Institution. BCF is America’s most comprehensive financing and consulting support organization exclusively serving NMSDC certified minority-owned businesses. BCF is also the sole owner of Triad Investments L.P., one of 11 Specialized Small Business Investment Companies (SSBICs) dedicated to serving minority-owned businesses in the US. Non-media-related inquiries may be directed to info@bcfcapital.com or via telephone at 1-212-243-7360.
About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $3.6 billion in companies from a diverse array of industry sectors and has helped support more than 66,000 jobs. Learn more at www.advantagecap.com or LinkedIn.
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Media Contacts:
Impact Consulting Enterprises: 973-337-2028
Cheryl McCants, cmccants@eimpactconsulting.com
Roger Baron, rbaron@eimpactconsulting.com