Founders First Capital Partners Announces Racial and Social Economic Equality Initiative
Founders First Capital Partners levels the playing field with $100 million in funding for communities in need.
Founders First Capital Partners primarily focuses on businesses led by people of color, women, and military veterans, and businesses located in low to moderate income areas less connected to the traditional funding networks. Founders of such businesses are launching companies at a rate three to five times higher compared to that of businesses started by young, white males, yet are severely lagging behind at as it relates to revenue growth and livable wage job creation. Overall, these businesses have traditionally faced challenges when it comes to economic advancement, including lack of capital resources.
“The recent protests have put a spotlight on chronic cancer of injustices and inequalities that have plagued this country for over 401 years,” said Kim Folsom, founder and CEO of Founders First Capital Partners, LLC. “We are addressing the huge economic, social, and racial gaps in urban communities with the launch of this new initiative that allows us to fund, grow, and build wealth in communities that are underserved, undercapitalized, under-resourced, and most devastated by the recent global pandemic.”
With $100 million in debt funding from Community Investment Management, Founders First Capital Partners has expanded its support for businesses led by underserved and underrepresented entrepreneurs.
Through Founders First Capital Partners proprietary business accelerator programs, learning platform, and growth methodologies, these underserved service-based businesses grow into profitable, tech-enabled companies. Their mission is to empower underserved groups of business owners by providing them with access to growth capital, expertise, and resources to enable them to build sustainable, profitable, and accretive legacy businesses.
Along with its accelerator program, Founders First Capital Partners offers businesses revenue-based financing, an innovative funding mechanism that generally requires entrepreneurs to pay a fixed percentage of revenue up to a predetermined cap. This solution offers small businesses a highly attractive alternative that aligns with business performance, self-liquidates, and does not dilute ownership from business proprietors representing underserved backgrounds and communities.