Enterprise Center launches $50 million fund to help women-led and diverse-owned companies
One of the most prominent non-profit organizations in West Philly, The Enterprise Center, is launching a fund in order to help struggling businesses owned by women and people of color within the Philadelphia, New Jersey and the Mid-Atlantic area.
Many up-and-coming entrepreneurs and businesses have struggled since the COVID-19 pandemic, as well as the protests during the George Floyd riots.
The trust, which is called The Innovate Capital Progress Fund was launched to specifically use its funds to assist investments in small businesses so they could thrive.
This investment was initially established two years ago and so far, it has reached $17 million for funding. The center is hoping to see $50 million by next year.
This program comes from a Small Enterprise Funding Firm (SBIC) which is from a privately owned firm licensed and controlled by the US Small Enterprise Administration.