Fulton Bank invests $1M in Innovate Capital Growth Fund
Lancaster-based Fulton Bank, a Fulton Financial Corp. subsidiary, has invested $1 million in Innovate Capital Growth Fund, a Small Business Investment Company focused on providing equity investments in women- and minority-owned lower middle market firms in the Mid-Atlantic region.
Based in Philadelphia, the fund typically works with businesses with annual revenues of between approximately $2 million and $10 million. The industries include consumer products, healthcare services, manufacturing, and technology.
“Fulton Bank’s investment will advance our mission of connecting institutions with minority businesses, unlocking the potential for future growth,” Della Clark, Innovate Capital Growth Fund partner, said. “There are more than 3,200 minority-owned and 8,800 women-owned businesses in our target market in the Mid-Atlantic region, and providing them with equity capital represents a significant opportunity to contribute to overall economic growth.”
The bank’s investment is part of Fulton Bank’s Commercial Affinity Banking initiative. The initiative increases access to financial services for diverse businesses.
“Fulton Bank is committed to ensuring that businesses in the communities we serve have access to the capital and banking services that will empower them to grow and thrive,” Curtis J. Myers, chairman and CEO of Fulton Financial Corp, said.
Fulton Bank has more than 200 financial centers in Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.