The Enterprise Center receives generous funding to support minority, women-owned businesses
The Enterprise Center, the West Philadelphia-based non-profit that helps local minority-owned businesses, has recently received a generous investment in its Innovate Capital Growth Fund (ICGF). The $5 million investment was made by TD Charitable Foundation, the charitable giving arm of TD Bank. It is the first equity investment made by the Foundation.
ICGF is a new non-profit sponsored Small Business Investment Company (SBIC) focused on providing growth equity to minority and women-owned businesses in the Mid-Atlantic, with a focus on the Greater Philadelphia area. To date, the Foundation is the fund’s largest financial institution investor.
ICGF invests growth equity capital in minority and women-owned lower middle market businesses and offers expertise in operations, while bridging capital throughout the development stages of a company’s portfolio. The investment by TD Charitable Foundation builds upon an existing relationship between TD Bank and The Enterprise Center.
“Our fund was designed to help minority and women-owned businesses who have historically had a more challenging time accessing the SBA’s SBIC program by providing capital for them to scale operations and unlock generational wealth for themselves,” said Della Clark, President of The Enterprise Center.
Proceeds earned from this investment will be redirected for other charitable purposes by the Foundation.
The Enterprise Center (TEC), located at 4548 Market St., provides various funding opportunities to minority and women-owned small businesses, as well as business consulting services. The organization also owns the Center for Culinary Enterprises near 48th and Spruce, which offers low-cost access to state-of-the-art commercial kitchen space where members also receive access to a wide range of business acceleration resources. Prospective members are invited to attend a Foodie Forum, a twice-monthly virtual info session.