Money

Diversity Capital and NAACP Announce Joint Venture to Finance and Advise MBEs

By MBE Magazine Staff 
Last updated on July 1st, 2020 06:28 pm
Official seal of the NAACP

Diversity Capital Company, LLC (DiversityCapCo), a subsidiary of NexTier Companies, LLC, and the NAACP (National Association of the Advancement of Colored People, Inc.) announced the formation of an economic empowerment platform powered by DiversityCapCo.

With economic self-sufficiency at the forefront of every discussion that addresses economic parity, the NACCP and DiversityCapCo have decided to collaborate to provide financing and technical assistance to support the minority business community.

The parties have agreed to work together to operationalize the economic empowerment platform powered by DiversityCapCo.  The effort is consistent with the NAACP mission and addresses the short-, medium- and long-term financing and advisory needs of the many entrepreneurs in the NAACP ecosystem.  The goal is to deploy between $500 million to $1 billion over the next five to seven years in the minority business community by developing and staffing an outreach campaign in the largest 25 cities, and surrounding regions, in the United States in collaboration with the NAACP field offices.

Derrick Johnson, president and chief executive officer of the NAACP stated, “Our effort is one, among a number of critical elements, that will support the survival of the minority business community.”  The NAACP and DiversityCapCo teams will work closely to leverage their respective C-suite access to secure funding to support the various funding vehicles within the economic empowerment platform powered by DiversityCapCo.

Mr. Lawrence C. Manson, Jr., chairman and chief executive officer of DiversityCapCo, stated, “The company was formed to supplement the urgent need for financing for the minority business community while serving as the engine for the economic empowerment platform powered by DiversityCapCo.”