Fulton Bank invests $1M in fund that guides businesses owned by women, minorities

Fulton Bank has put $1 million into a fund that helps businesses owned by women and minorities.

Innovate Capital Growth Fund L.P. provides capital and expertise to qualifying businesses that have annual revenue of about $2 million to $10 million, according to a statement from Fulton Financial Corp., the Lancaster-based parent company of the bank.

By aiding diverse businesses, the bank and fund say they can boost the regional economy.

"Fulton Bank's investment will advance our mission of connecting institutions with minority businesses," said Della Clark of Innovate Capital Growth Fund. The fund is based in Philadelphia and works with businesses involved in manufacturing, consumer products, technology and health care.

"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," Clark said in the statement.

The investment backs up what Fulton calls its Commercial Affinity Banking initiative to increase access to financial services. The bank is training staff to assist diverse businesses, said Joel Barnett, senior vice president.

"We are creating a suite of commercial banking solutions which includes access to capital and deposits and payments," Barnett said.

"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 J. Myers, chairman and chief executive officer of Fulton Financial.

Fulton Bank has more than 200 financial centers throughout Pennsylvania, New Jersey, Maryland, Delaware and Virginia, and more than 3,300 employees.

Shares in Fulton Financial are traded on the NASDAQ market under the ticker symbol FULT. The shares' closing price Tuesday was $16.73, giving the bank a market capitalization of $2.8 billion.

Shares of Fulton have traded as high as $18.91 and as low as $13.72 in the last 52 weeks.