NEW ORLEANS & ST. LOUIS – November 15, 2022 – Advantage Capital, venture capital firm, small business lender and impact investor, announced today 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 & Trust, 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.
Advantage Capital expects to announce it first investments from the fund shortly. For more information, visit www.advantagecap.com/empowerthechange.
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 billion in companies from a diverse array of industry sectors and has helped support more than 50,000 jobs. Learn more at www.advantagecap.com, or via Twitter or LinkedIn.
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.
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle, including the Empower the Change Fund, managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
Although NMSDC Business Consortium Fund (BCF) and Advantage Capital have entered into a business partnership relating to the Empower the Change Fund, BCF is not a current client or investor in any private fund advised by Advantage Capital, and Sahra Halpern (BCF’s president) has not received any direct compensation, whether in cash or non-cash form, for the statements or opinions expressed in this release. There are no known material conflicts of interest on the part of BCF or any of its employees or affiliates making or expressing such statements or opinions resulting from BCF’s relationship with Advantage Capital or from Advantage Capital and BCF’s partnership relating to the Empower the Change Fund.
John Deere (“Deere”) is a current investor in the Empower the Change Fund that is managed by Advantage Capital. No one associated with Deere, or the organization itself, has received any direct or indirect compensation, whether in cash or non-cash form, for the statements or opinions expressed in this release. There are no known material conflicts of interest on the part of Deere or any of its employees or affiliates making or expressing such statements or opinions resulting from such party’s relationship with Advantage Capital or from any compensation arrangement, except that the benefits to Deere of investing in the Empower the Change Fund may be enhanced, and any risks associated with such investment may be reduced or mitigated by additional investment and participation of others in the Empower the Change Fund.
Contacts
Advantage Capital
Joe Stosberg, Communications
jstosberg@advantagecap.com
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Advantage Capital Invests in MeltBlown Technologies, Supporting Economic Growth in Rural Georgia
Advantage Capital Expands Executive Leadership Team With the Return of Ryan Brennan, Former COO of OPIC, as Managing Director
Advantage Capital announced today that Ryan Brennan will join the firm as Managing Director. Brennan will lead efforts to foster access to capital and economic development in underserved communities across the country. He will also join the leadership of the firm’s fundraising team and spearhead new initiatives to strengthen and develop internal talent and assets.
Advantage Capital Expands Executive Leadership Team With the Return of Ryan Brennan, Former COO of OPIC, as Managing Director
Rural Counties Receive Economic Lift with Georgia Program
Through the Georgia Agribusiness and Rural Jobs Act (GARJA), Advantage Capital made an investment in Danimer Scientific, a growing company focused on helping to end global plastic pollution. Danimer’s growth in rural Bainbridge, Georgia, is highlighted in the Summer 2019 issue of Georgia County Government magazine as part of a special focus on rural counties and the economic lift made possible through the GARJA program.
Rural Counties Receive Economic Lift with Georgia Program
Advantage Capital Invests in Danimer Scientific, Supporting Company’s Growth in Rural Georgia
Advantage Capital today announced a $6.5 million investment in Danimer Scientific, a leading biotechnology company producing biodegradable and compostable polymers used in consumer and industrial products. The investment was made through the GARJA program and supports the company’s anticipated growth as it seeks to boost capacity and significantly increase its workforce at its Bainbridge, GA location over the next few years.
Advantage Capital Invests in Danimer Scientific, Supporting Company’s Growth in Rural Georgia
Louisiana, look to the past to help secure your future
While other states have followed our lead for 30 years, Louisiana should now wisely learn from their efforts. Policymakers can draw lessons from how incentive programs have evolved in other states, learn from their mistakes and adopt their innovations. That will place us on the cutting edge of new approaches, says Advantage Capital Managing Director Michael Johnson, in the latest City Business article posted February 21.
Louisiana, look to the past to help secure your future
Opportunity Zones offer new life in long-ignored Louisiana neighborhoods
Ensuring that Opportunity Zones are successful requires thinking through with private and public parties how to protect existing residents and businesses while creating opportunity that’s needed for future growth, says Advantage Capital Vice President Philip Ruppel. Learn more about the Opportunity Zone program and where the real value may come into play, for maximum community impact throughout Louisiana.
Opportunity Zones offer new life in long-ignored Louisiana neighborhoods
Outside NOLA City Limits: Rural Louisiana Could Use a Kickstart
Louisiana’s rural small businesses need capital to grow and create new opportunities. Without it, thriving rural communities can turn into ghost towns, says Advantage Capital Principal Tony Toups.
Outside NOLA City Limits: Rural Louisiana Could Use a Kickstart
Incentives Turn New Orleans Into a Tech Boom City
The thing about incentives is that in igniting growth and inspiring entrepreneurs, cities like New Orleans become a magnet for top-tier new talent that fire up new phases of expansion, says Advantage Capital Chief Financial Officer Justin Obletz.
Incentives Turn New Orleans Into a Tech Boom City
Advantage Capital Selected to the Inaugural Real Leaders 100 Top Impact Companies
We are honored to be selected to the inaugural Real Leaders 100 Top Impact Companies. Read more about us and other RL100 companies that prove business can be a Force for Good.
Advantage Capital Selected to the Inaugural Real Leaders 100 Top Impact Companies
Advantage Capital Invests in Momentum Solar, Supporting Company’s Explosive Growth and Strengthening the Clean Energy Economy
Advantage Capital today announced a $4.1 million investment in Momentum Solar, a residential solar company offering solar design, engineering and installation services across New Jersey, New York and five other states. The investment, through the Grow NJ program, supports the company’s expansion plans and growth strategy.
Advantage Capital Invests in Momentum Solar, Supporting Company’s Explosive Growth and Strengthening the Clean Energy Economy
Advantage Capital Invests in Mirac, Preserving Company’s Strong Manufacturing Presence in Rural Ohio
Advantage Capital today announced a $7.55 million investment in Mirac, Inc., a rural Ohio-based electronics assembly and fabrication company with locations in Lynchburg and West Union, that will help keep jobs in rural Ohio.
Advantage Capital Invests in Mirac, Preserving Company’s Strong Manufacturing Presence in Rural Ohio
Novogradac Journal of Tax Credits Volume 9 Issue 9: NMTC Investment in Operating Businesses Complex, Beneficial
It's not simple to invest NMTCs in operating businesses, but it's impactful. It comes down to permanent, quality and accessible jobs, says Advantage Capital Managing Director Jonathan Goldstein.
Novogradac Journal of Tax Credits Volume 9 Issue 9: NMTC Investment in Operating Businesses Complex, Beneficial
Advantage Capital Invests in Ohio-Based RXQ Compounding, LLC
Advantage Capital today announced a nearly $3.6 million investment in RXQ Compounding, LLC, an FDA-approved outsourcing facility that manufactures medical formularies and medications used in physician offices and hospitals across the country, located in Athens County, one of Ohio’s hardest hit rural areas.
Advantage Capital Invests in Ohio-Based RXQ Compounding, LLC
Advantage Capital Agribusiness Partners Invests in New Hampshire-Based Rustic Crust, Inc.
Advantage Capital Agribusiness Partners, LP (ACAP) invests in Rustic Crust, Inc., a “better-for-you” pizza company.
Advantage Capital Agribusiness Partners Invests in New Hampshire-Based Rustic Crust, Inc.
Advantage Capital Picks Winning Teams in Revitalizing Communities and Putting Capital to Work
Advantage Capital celebrates some of the country's top emerging leaders in community finance at MIT's Community Finance Challenge.
Advantage Capital Picks Winning Teams in Revitalizing Communities and Putting Capital to Work
Advantage Capital Portfolio Company Cleveland HeartLab, Inc. Acquired by Quest Diagnostics
Cleveland HeartLab becomes the base for Quest Diagnostics’ first national center of excellence in cardiometabolic disorders.
Advantage Capital Portfolio Company Cleveland HeartLab, Inc. Acquired by Quest Diagnostics
Advantage Capital Napa, CA Office Statement
For Immediate Release: Advantage Capital’s office in Napa, California will be closed until further notice as a result of the recent Northern California fires.
Advantage Capital Napa, CA Office Statement
Advantage Capital Managing Director Ryan Brennan Appointed to the Overseas Private Investment Corporation
Advantage Capital has announced that Managing Director Ryan Brennan has been appointed as Vice President, Office of Investment Policy at the Overseas Private Investment Corporation (OPIC), the development finance arm of the federal government.
Advantage Capital Managing Director Ryan Brennan Appointed to the Overseas Private Investment Corporation
Advantage Capital Will Use NMTC Allocation to Spur Economic Growth
On November 22, 2016, Advantage Capital announced that it was awarded an $80-million allocation in the federal New Markets Tax Credit (NMTC) program. Administered by the U.S. Department of the Treasury, this program helps economically distressed communities attract private investment capital. This brings Advantage Capital’s total awards to $739 million since 2001.
Advantage Capital Will Use NMTC Allocation to Spur Economic Growth
Advantage Capital Agribusiness Partners Invests in Florida-Based Vintage Italia
Advantage Capital Agribusiness Partners, LP (ACAP), along with Silas Capital and Emil Capital Partners, announced today it is leading a $3 million financing round in Florida-based Vintage Italia. Dedicated to providing capital to companies in food and agribusiness industries, ACAP has selected Vintage Italia – founded by entrepreneur Jerry Bello – as the first company within the snack food category to receive support from the fund.
Advantage Capital Agribusiness Partners Invests in Florida-Based Vintage Italia
Advantage Capital Agribusiness Partners Invests in California-Based Hip Chick Farms
Advantage Capital Agribusiness Partners, LC (ACAP) announced today a $2-million investment in Hip Chick Farms, which offers a line of organic and fully cooked frozen poultry entrées. The investment comes at a time of growth for Hip Chick Farms, supporting its release of new products as the company begins to supply to large retailers Target and Kroger.