Bank of America Investing in Fund to Promote Michigan Business Diversity
23 Gennaio 2020 - 6:23PM
Dow Jones News
By Stephen Nakrosis
Bank of America Corp. (BAC) and the Consumers Energy Foundation
are each providing $200,000 in initial startup capital for an
investment fund aimed at increasing racial and ethnic diversity in
business ownership in West Michigan.
The two groups are working with non-profit The Right Place Inc.,
to develop the fund, which will be based in Grand Rapids, Michigan.
The fund is expected to support diverse business owners and to
"focus on businesses that intend to provide multi-generational
wealth creation within historically disadvantaged groups," the
groups said.
The fund's focus will be on early and mid-stage businesses in
fields including advanced manufacturing, life sciences and
information technology. The fund will invest in current and
prospective companies which are based in and operate in West
Michigan.
"The goal of this fund is to increase ethnic and racial
diversity in Grand Rapids' business ownership," said Renee Tabben,
Grand Rapids Market President, Bank of America, who sits on the
Board of The Right Place. "Bank of America strives to help local
economies prosper and one way we do that is by supporting business
ownership to create sustainable, financially healthy and diverse
communities."
The Right Place, is a regional nonprofit working to improve
current and long-term economic prosperity in West Michigan.
The Consumers Energy Foundation is the charitable arm of
Consumers Energy, a public utility providing gas and electricity in
Michigan.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 23, 2020 12:08 ET (17:08 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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