The Enterprise Center is raising a $50M growth capital fund for women- and minority-owned businesses
The Enterprise Center, the West Philadelphia-based nonprofit offering business education and capital resources, is officially launching its fund to support investments in women- and minority-owned businesses. Called the Innovate Capital Growth Fund and aiming to cap at $50 million, the plans for the fund were first announced over two years ago.
The fund is categorized as a Small Business Investment Company (SBIC), which means it’s a privately owned company licensed and regulated by the US Small Business Administration that invests in small businesses in the form of debt and equity.
The federal SBIC program has worked for a long time, The Enterprise Center President Della Clark said at an April 11 event sharing details on the fund. But the benefits haven’t always “flowed” to minority and women-owned businesses.