Impact Ventures Launches Community Micro Equity Fund Supported by PNC Foundation $500,000 Grant

DALLAS, May 6, 2024 – Impact Ventures has received a half-million-dollar grant from the PNC Foundation to create the PNC Community Micro Equity Fund, which is designed to help connect qualified business owners and entrepreneurs in North Texas with working capital and an ecosystem of support.

With grant support from the PNC Foundation, the two-year program will use Impact Ventures existing integrated capital deployment strategy and offer a mixture of flexible grants, debt and equity capital to under-resourced businesses throughout the North Texas region. The fund creates an opportunity for under-represented business owners to grow and scale their enterprises, create sustainable jobs and provide economic mobility for workers.

“There are communities in North Texas that lack equitable access to financial services, educational services and the networks that create economic opportunity,” said Brendan McGuire, PNC regional president for North Texas. “By providing under-resourced business owners and entrepreneurs with a support system, we believe this fund will encourage development and sustainable businesses that benefit the entire region.”

In addition to funding support, the grant from PNC Foundation will allow Impact Ventures to offer financial education designed for businesses preparing for growth through customer or capital acquisition. The program focuses on core business and financial principles to help business owners and entrepreneurs develop a comprehensive business plan.

“This catalytic investment from PNC aligns with our mission to accelerate and invest in all shades of genius,” said Benjamin J. Vann, Impact Ventures founder & CEO. “Knowing that many diverse businesses neither fit the mold for traditional debt capital nor have the growth criteria needed for venture type funding, there has to be a solution to meet entrepreneurs where they are — that is what we are doing at Impact Ventures made possible by partnerships like this.”

Impact Ventures recently launched and deployed $1.2M to 40 diverse-led enterprises to Texas’s first integrated capital fund providing strategic grants, flexible debt and patient equity capital to diverse-led business throughout North Texas and beyond. Impact Ventures is seeking strategic partners like the PNC Foundation as it moves towards becoming a CDFI (Community Development Financial Institution). For entrepreneurs interested in the Community Micro Equity Fund, Impact Ventures is hosting its next virtual information session May 15^th, 2024, for applicants to its Summer Capital Readiness Program.

Visit https://impact-ventures.co/community-micro-equity-fund/ to learn more.

Email bvann@impact-ventures.co for media inquiries.

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