Urban League, state announce $127 million 'empowerment fund'
Seeking to foster the expansion of minority businesses, who often lack access to the capital, the National Urban League came to Baltimore on May 17 to announce a new "empowerment fund" designed to promote entrepreneurship among minority and urban-based businesses.
Standing with Sharon Pinder, director of the Maryland Office of Minority Affairs, executives from the National Urban League and Stonehenge Capital announced that $127 million in U.S. tax credits had been assembled and would be sold to raise money to capitalize existing businesses poised for growth and expansion.
"Small businesses are the largest creators of new jobs in America, and the Urban League Empowerment Fund will help minority-owned businesses find the technical assistance, financial investment and corporate relationship they need to grow, develop and create more jobs in those urban areas that need it most," said Marc Morial, president and CEO of the National Urban League. "Growing small businesses is one of the best ways to close the wealth gap in America."
The National Urban League, through partnerships with Stonehenge Capital, the Kauffman Foundation, the Business Roundtable and the Office of the President of the United States, will use the fund to purchase guaranteed loans made in low-income areas, directly fund minority-owned businesses and finance projects and increase minority employment.
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