Impact Ventures, a Dallas-based foundation, has launched what they are calling the first, locally grown and minority-led integrated capital fund for women and minority-led businesses in North Texas.
Through a recent $200,000 program related investment from North Texas-based Phillips Foundation, they hope to make owning a business a reality for so many who have dreamed of it for years.
“This money is going to seed our Dallas inclusive capital fund which is a $20M initiative to invest over the next 10 years in women and minority-owned businesses. They can be small businesses, they can be technology start-ups, those who are looking for loans or equity investments as well,” said Benjamin Vann, founder and CEO of Impact Ventures.
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Vann said there is no better time than now for something like this.
“Recent reports show that more than 40,000 Black-owned businesses permanently closed their doors because of the economic impact of the pandemic. In Dallas County alone, there is a $45.7M unmet demand for loan capital for women and minorities,” Vann said. “With the hundreds of millions of dollars going to racial equity initiatives, not many are focusing on economic inequalities, specifically with a focus on entrepreneurship and access to capital.”
Van said this fund is different because it has more flexible underwriting and repayment terms available than average financing. It also caters to those who may not have the metrics, such as an adequate credit score, to get their business off the ground.