Social Justice Finance firm Equivico Connects Businesses to Radically Fair Capital
NEW YORK, March 9, 2023 /PRNewswire/ — EQUIVICO by NCRC honors the unity of women and entrepreneurs of color during Women’s History Month and on the heels of Black History Month, highlighting its mission to create an economy that works for all. Situated at the intersection of capital, community, and technology, Equivico by NCRC is a woman-owned impact investment management firm specializing in credit funding underserved businesses and communities.
For our economy in which most members of our community have been chronically underbanked, the integration of capital and social impact can help transform our economy to create true opportunity for all, fuel financial success across socio-economic status, race or ethnicity and gender and grow our economy. Equivico holds a deep conviction that financial markets can do more to fuel economic success in underserved communities and businesses, generate competitive returns and make the world a stronger, fairer place, profitably.
Equivico is proud to spotlight Whiskey & Sticks, a small Black, and thriving woman-owned business. Kelder Summers, Founder, and Owner of Whiskey & Sticks has worked with Equivico since June 2021, including participating in Equivico’s business advisory program and more and recently taking a loan. Kelder will use the loan to scale up her services to include luxury, and off-site services for weddings and festivals. A five-year-old business set in the heart of New Orleans, Whiskey & Sticks doesn’t just sell premium spirits and cigars, they share their history and culture with travelers and neighbors alike who come from near and far to experience the vibe.
Radio broadcaster Kelder Summers started her business alongside her veteran newscaster husband who were both inspired by her deep ties to the Gentilly neighborhood. She grew up just blocks away from Bayou Road, the oldest street in New Orleans-a street that was a hub for free people of color to set up shop to reach customers going from the bayou to the Mississippi River.
“From getting a loan from Equivico to attending their business advisory program, working with Equivico has been a wonderful alliance for me,” said Kelder Summers, Founder, and Owner of Whiskey & Sticks. “Owning Whiskey & Sticks means financial freedom and building equity that I can hand down to my son, a legacy of sorts, that I can be proud of. I am creating jobs in an area that, historically, has been a place of economic growth for people of color. Having this loan and access to intellectual resources also allows me to scale up so that we can not only stay afloat but grow. My advice for business owners and aspiring entrepreneurs is to keep working through the process no matter the idea or how far-fetched it seems. It may not work the second time or even the fifth time but keep working until it works for you. It is absolutely worth it!”
“The rate of new businesses started by women of color grew by 43% between 2014 and 2019, and overall, most new businesses today are started by women,” said Eleni Delimpaltadaki Janis, Managing Partner, and Chief Investment Officer of Equivico. “It is critical for the future of our economy for women and people of color to have access to capital. We are proud to provide quality financing and work with dynamic and innovative entrepreneurs like Ms. Summers, who are leaders in their communities, setting an example of hard work, perseverance, and creativity. I look forward to witnessing the growth of Whiskey & Sticks and many other woman-owned businesses that we have supported, including Fun Da Mentals for Education in Richmond, TX, Steam Ed Corporation in Long Island, NY, Ottra in Brooklyn, NY and CodeStream Studios in Dallas, TX. As we grow Equivico’s own capacity to stand up innovative financing solutions, we look forward to welcoming more businesses, investors, and community leaders to our platform.”
“Small businesses make up 98% of New York State businesses and employ 40% of New York’s private sector workforce,” said former New York Governor David Paterson. “The demand for loans is at an all-time high and there is a tremendous opportunity for small business entrepreneurship. I commend Equivico for providing access to fair capital and all entrepreneurs who are improving the lives of their families and communities.”
Since its founding, Equivico by NCRC has been developing and serving a national community of 4,000 small business owners from whom to identify qualifying borrowers. Equivico provides a mentoring and coaching program for the entrepreneurs that it invests in, 71% are people of color, and 51% are women.
To learn more about investing in deserving entrepreneurs or applying for a loan, click here.
About Equivico by NCRC
Equivico by the National Community Reinvestment Coalition provides smart capital and tools to support small businesses, change the rules hindering entrepreneurial outcomes and fosters economic success for everyone through partnership with investors, communities, and technology. Learn more at www.equivico.com.
VP, Rubenstein Public Relations
Originally published at https://www.prnewswire.com/news-releases/equivico-celebrates-the-unity-of-women-and-entrepreneurs-of-color-by-spotlighting-black-women-owned-businesses-301768162.html
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