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Macy's store in New York.
Macy's store in New York. Photo: Pixabay.

Macy's launches catalyst for diverse business growth

Through strategic partnerships, the firm works to improve conditions for diverse entrepreneurs.

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The department store recently introduced its “S.P.U.R. Pathways: Shared Purpose, Unlimited Reach,” a multi-year, multi-faceted financing program to promote business growth, close wealth gaps, and break down systemic barriers faced by diversely owned businesses.

Through a partnership with Momentus Capital, the program is part of Macy's longstanding commitment to these companies, and seeks to empower the retail industry to invest in the next generation of entrepreneurs.

Jeff Gennette, Chairman and Chief Executive Officer of Macy’s Inc., stated:

Macy’s Inc. has promoted underrepresented businesses and entrepreneurs for more than a decade and furthers that commitment today, pushing the U.S. retail industry to a new era.

Millionaire investment

Including the forthcoming $30 million investment, the initiative will offer up to $200 million in access to critical financing for diverse businesses, and will feature a wide range of options, from growth equity to working capital loans and commercial real estate.

Also, the program, which has a holistic approach, will provide a complete package of educational resources that will serve as catalysts for businesses’ growth.

“As part of our social purpose platform, Mission Every One, this investment will provide access to capital resources that will advance the next generation of brands and service providers. By investing in high-growth underrepresented businesses at all stages of growth, we intend to create meaningful economic impact within our communities, while serving our customers,” added Gennette.

Help for diverse companies

Highlighting figures showing how in 2021 startups with at least one black founder only had access to 1.3% of total venture capital dollars invested in the US, the program will make it easier to invest capital and expand access to loans, thus promoting the growth of diverse entrepreneurs.

“With Macy’s, Inc., we have a unique opportunity to offer underrepresented businesses the resources to grow in a more equitable environment. The Macy’s, Inc. supplier ecosystem provides access to comprehensive tools, industry experts, educational resources, and now with funding through our collaboration and the formation of S.P.U.R. Pathways: Shared Purpose, Unlimited Reach, creates an unparalleled opportunity within the retail industry. Access to capital and expertise fuels mutual growth and fosters wealth creation and entrepreneurship within historically underfunded communities,” noted Raymond Guthrie, Chief Investment Officer and Head of Capital Deployment for Momentus Capital. 

Resource Distribution

This is how the resources will be allocated in the next 5 years:

  • $20 million for its provider access fund
  • $10 million (part of a US$100 million fund) for diversely owned companies
  • $100 million from the Momentus Capital loan program for companies in various stages of development.

More tools

In addition to financing alternatives, the program will offer companies access to all the resources and opportunities to progress through various stages of growth.

Among the available tools, the following stand out:

  • A nationwide network of successful entrepreneur advisors for strategic growth advice and help with credit enhancement, business plans, financial reporting, day-to-day operational challenges, business strategy, opportunity assessment and other personalized services.
  • Access to additional training and resources, including professional services, business templates, technology and software development tools, as well as online and in-person workshops focused on the specific needs and industry of each participating diverse ownership business.

For additional information click here.

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