15 May Diversity Capital and immito partner to support capital needs for minority small businesses
CHICAGO, ILLINOIS – May 15, 2021 – Diversity Capital Company, LLC (DiversityCapCo), a subsidiary of NexTier Companies, LLC, and immito, LLC (immito) national, non-bank SBA lender, announced the formation of a new partnership to help improve access to capital for minority-owned small businesses.
Already challenged by systemic discrimination, the minority business community faced additional challenges brought on by the Covid-19 pandemic. DiversityCapCo was founded in 2020 to help improve access to capital for diverse businesses. By partnering with immito, the company adds a new source of business funding that is specifically geared to the needs of minority small businesses.
Via this partnership, DiversityCapCo will provide access to an SBA lending program for small business loans between $250,000 to $5 million. The DiversityCapCo goal is to deploy between $500 million to $1 billion over the next five to seven years in the minority business community by developing and staffing an outreach campaign in the largest 25 cities, and surrounding regions, in the United States in collaboration with affinity partners like the National Urban League, NAACP and others.
Mr. Lawrence C. Manson, Jr., Chairman and Chief Executive Officer of DiversityCapCo, stated that, “Diversity Capital was formed to supplement the urgent need for financing for the minority business community. immito’s dedication to serving the needs of all under-served businesses, especially diverse businesses, made them a natural fit.”
“We’re excited to work closely with Diversity Capital to improve our outreach to the minority business community, so that we can help more of those businesses take advantage of SBA-sponsored lending programs to obtain funding on the best possible terms and at the lowest costs,” said Alexis Hamilton, the President and Chief Executive Officer of immito.
immito is a national, non-bank SBA lender that is a wholly-owned subsidiary of the Local Initiatives Support Corporation (LISC), whose mission is to help serve the funding needs of small businesses that have traditionally been under-served by conventional financing institutions. More info at immito.com
About Diversity Capital Company
DiversityCapCo is a finance company exclusively dedicated to the minority business community whose mission is to expand access to capital and critical advice necessary to assure the survival, stabilization and success of the minority business community. More info at diversitycapco.com
Mason Wiley, Chief Marketing Officer
Diversity Capital Company, LLC
Davina Bergin, Chief Development Officer