Business, Free News Articles, Funding and Investment

Black-Owned Private Equity Firm Offers Zero-Percent Interest Loans to Businesses of Color Impacted by COVID-19, Civil Unrest

GREENSBORO, N.C. -- Today, North Carolina-based, black-owned private equity firm, Building Wealth & Communities (BWC) Capital, announced the launch of the BWC+invest Zero-Percent Interest Loan Program. Developed for small, emerging businesses of color across the country, the program will provide a minimum of $10,000 for businesses disproportionally impacted by temporary and permanent closures due to the economic downturn caused by the COVID-19 pandemic and civil unrest surrounding recent police brutality and racial bias cases.

Established in partnership with the Racial Equity Institute (REI), a Greensboro, NC-based alliance of racial equity trainers, organizers and institutional leaders, the program grants qualified borrowers three-years to repay the loan with an up to 50% loan forgiveness option.

"The Racial Equity Institute believes that we must begin taking stock of the glacial nature of racial disparities and economic inequity. Current approaches have been a bit anemic in response to the magnitude of issues at hand," said Deena Hayes-Greene, REI's co-founder and managing director. "The murder of George Floyd and the COVID-19 pandemic have presented us with indisputable evidence that the African American community suffers the greatest disproportionality of any group in this state, in this country."

Hayes-Greene adds, "While we will join the masses of people demanding systemic change, we will also join BWC in empowering ourselves and our community by putting our money where our mouth is. We encourage other organizations dedicated to building resilient communities of color to support our efforts to highlight the concerns for a broader approach to closing persistent racial gaps in our community."

BWC's goal is to deploy $10 million in loans over a five-year period to businesses of color. The firm has already committed $100,000 over five years towards the initiative and seeks to encourage single and multi-year investments from institutional investors, philanthropists, and the community-at-large.

"Since inception in 2005, BWC has helped to build financial strategies to ensure infrastructure improvements on black college campuses and access to capital for major projects and businesses in underserved communities of color to the tune of over $1 billion in transactions," said Bridget Chisholm, BWC's founder and managing partner. "We are proud of our accomplishments and economic impacts such as jobs created and Minority Business Enterprise (MBE) spending, but we know there is more to do. We refuse to stand by while communities of color collapse under the weight of business inoperability and racial inequities. The time is now, and we heed the call to act on behalf of black community growth and sustainability."

Qualifying businesses of color must have at least one year of operation, two or more full-time equivalent (FTE) employees and an established track record for producing enough cash flow (or a plan to re-establish it) to support loan repayment within a three-year period or to meet the requirements of the up to 50% loan forgiveness guidelines. Each application will be reviewed by a select community development committee within 72 hours of application submission. Loan approvals or disapprovals will be communicated to the applicant no later than seven business days after submissions.

"We believe our communities are in a state of emergency. Therefore, it is in the best interest of our program to work quickly to provide the capital needed to help businesses of color succeed," said Chisholm.

Application submission will open on July 1, 2020.

To donate or apply for the BWC+invest Zero-Percent Interest Loan Program, visit https://bwccapital.com/bwcinvest/.

About BWC Capital

BWC Capital, LLC is a private equity firm headquartered in North Carolina. In operation since 2013, BWC Capital was formed to address opportunities outside the scope of BWC Consulting, a boutique strategy and financial advisory consulting firm in existence since 2005, and in response to the insatiable demand and widening the gap for access to capital by emerging-and-growth-oriented businesses. To learn more about BWC Capital, visit https://bwccapital.com/.

LOGO LINKS FOR MEDIA
[1] https://www.Send2Press.com/300dpi/20-0616s2p-bwc-invest-300dpi.jpg
[2] https://www.Send2Press.com/300dpi/20-0616s2p-rei-logo-300dpi.jpg

Related link: http://www.bwccapital.com

This news story was published by the Neotrope® News Network - all rights reserved.

Aerospace and Aviation, Business, Free News Articles

Lowden Street Capital Announces Acquisition of Southern Air Custom Interiors, Inc.

ALEXANDER CITY, Ala. -- Lowden Street Capital, a private equity firm focused on rural market investing, acquired Southern Air Custom Interiors, Inc., an upholstery company out of Haleyville, Ala. that focuses on custom aircraft interiors, on April 30, 2020.

Founded in 2017 by Matt Bean, Lowden Street Capital is a private equity firm currently raising its second fund. Lowden Street focuses on small business buyouts in rural communities, assisting small business owners with transitioning their businesses from one generation to the next by offering investing, consulting, and other strategic services.

Southern Air Custom Interiors, Inc. has been customizing aircraft interiors since 1992, and is well known within the industry for the quality of their craftsmanship. Led by two female furniture upholsterers, Southern Air has established itself as a premier aircraft interiors operation for Cessna, Gulfstream, and Mooney owners, among many other brands. Southern Air Custom Interiors plans to expand service offerings by offering aircraft maintenance and avionic services to meet the needs of its customers.

"I am excited to welcome Southern Air to the Lowden Street family-let's take to the skies!" said Matt Bean, Lowden Street Capital Managing Partner. "I have been thoroughly impressed with their work on private aircraft, client mixture, and high ethical standards, and I look forward to working with their team to streamline processes, increase efficiencies, and expand sales channels."

Mr. Bean went on to comment, "to support the addition of new sales channels, Southern Air intends to grow its staff by hiring for new technical jobs, which I find inspiring given the current complications facing the U.S. economy."

In anticipation of the acquisition, Lowden Street Capital recently hired Texas Christian University MBA graduate Melissa Shahbaz to serve as Junior Director. For that announcement and more information on the dynamic team at Lowden Street Capital, visit LowdenStreet.com.

Founded in 2017 by Matt Bean, Lowden Street Capital is a private equity firm located in Alexander City, Alabama. Lowden Street is strategically focused on rebuilding and developing mature and small businesses in rural markets.

Learn more at https://www.lowdenstreet.com/

*LOGO link for media: https://www.Send2Press.com/300dpi/20-0521s2p-lowdenstreet-300dpi.jpg

Related link: https://www.lowdenstreet.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles

The Devil is in the Details: Black-owned BWC Capital Works to Demystify Federal Stimulus PPP Loan Forgiveness

GREENSBORO, N.C. -- Black-owned North Carolina-based investment firm, BWC Capital secured a Payroll Protection Program (PPP) forgivable small business loan during the first round of available funds several weeks ago.

After evaluating the pros and cons of the loan forgiveness aspect of the program, and how small businesses - particularly businesses owned by people of color - are struggling to secure the loan and may face challenges in accessing loan forgiveness, the firm is working to inform small businesses about the importance to remain vigilant about their loan status and loan forgiveness requirements under the current guidelines.

To read a recent interview with the BWC Capital team and to learn about the relief program's loan forgiveness requirements, visit the company's website - https://bwccapital.com/the-devil-is-in-the-details-black-owned-bwc-capital-demystifies-federal-stimulus-ppp-loan-forgiveness/

"Qualifying for a PPP loan as a minority-owned business brought with it a set of hurdles that we were fortunate to navigate," said Bridget Chisholm, BWC's founder and managing partner. "But once we secured the loan and delved into the requirements to better understand the loan forgiveness component, we recognized the importance of helping our clients, partners, and other small business owners understand the program's requirements and hopefully help prevent potential barriers to returning to business as usual once we reach the other side of the pandemic."

In the wake of the novel coronavirus, small businesses across the U.S. scramble to secure the funding needed to survive the current economic downturn. While the country struggles to create and implement a national strategy to safeguard its once bolstering economy, business owners look to federal, state, and local governments for guidance on how to successfully navigate the current crisis. In response to this immediate call for action, Congress has passed two small business bailout packages over the last several months. The $349 billion for forgivable PPP loans included in the initial relief package was exhausted in less than two weeks. Congress subsequently provided an additional $310 billion in relief funds, which are currently being allocated to small businesses in need.

Now in its second round of implementation, the PPP loan program includes $60 billion in set-aside dollars to be provided to small businesses by community development lenders, credit unions, and certain other smaller lenders. The intent of the set-aside is to ensure that more PPP loans reach businesses owned by people of color, as this group was not well-served with the initial round of funds.

During the recent interview, BWC's founder and managing partner, Bridget Chisholm and BWC's senior partner, E.L. Chisholm discussed key elements to the PPP loan forgiveness program's qualification structure, important deadlines, and next steps. In their own words, "the devil is in the details" and what appears to be an easily accessible solution for small businesses is instead marred by time-sensitive loan forgiveness guidelines that could lead to penalties and interest-bearing debt repayment.

About BWC Capital

BWC Capital, LLC is a private equity firm headquartered in North Carolina. In operation since 2013, BWC Capital was formed to address opportunities outside the scope of BWC Consulting, a boutique strategy and financial advisory consulting firm in existence since 2005, and in response to the insatiable demand and widening gap for access to capital by emerging- and growth-oriented businesses. To learn more about BWC Capital visit http://www.bwccapital.com.

Related link: http://www.bwccapital.com

This news story was published by the Neotrope® News Network - all rights reserved.