Fulton Bank is investing $1 million to help minority and women-owned businesses grow.
Fulton, a subsidiary of Fulton Financial Corp., invested the funds in Innovate Capital Growth Fund, L.P., which provides capital and operational expertise to minority- and women-owned businesses.
The investment is part of Fulton Bank’s Commercial Affinity Banking initiative, which is designed to increase access to financial services for diverse businesses, the bank said.
“Fulton Bank’s investment will advance our mission of connecting institutions with minority businesses, unlocking the potential for future growth,” said Innovate Capital Growth Fund Partner Della Clark. “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.”
Based in Philadelphia, Innovate Capital Growth Fund is a Small Business Investment Company (SBIC) focused on providing equity investments in women- and minority-owned lower middle market firms in the Mid-Atlantic region.
Innovate Capital Growth Fund said it typically works with businesses with annual revenues of approximately $2 million to $10 million from a range of industries, including manufacturing, consumer products, technology, and healthcare services.
“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,” said Curtis Myers, chairman and CEO of Fulton Financial Corp. “We are excited about the opportunity to invest in Innovate Capital Growth Fund, which is focused on supporting diverse businesses.”
Senior Vice President and Director of Commercial Affinity Banking Joel Barnett said, “This investment in Innovate Capital Growth Fund is part of Fulton Bank’s Commercial Affinity Banking Program. As part of that program, we are creating a suite of commercial banking solutions which includes access to capital and deposits and payments. Fulton bankers are undergoing training on these new programs and resources to develop expertise in assisting diverse businesses.”