Diversity Capital and NAACP announces a joint venture to finance and advise Minority Business Enterprises
Diversity Capital Company, LLC (DiversityCapCo), a subsidiary of NexTier Companies, LLC, and the National Association of the Advancement of Colored People, Inc. (NAACP) have announced the formation of a new 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, the 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 that “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.”
About Diversity Capital Company
DiversityCapCo was founded in 2020 as a finance company exclusively dedicated to the minority business community. Our mission is to expand access to capital and critical advice necessary to assure the survival, stabilization and success of the minority business community.
The NAACP, founded in 1909 in response to the ongoing violence against Black people around the country, is the largest and most pre-eminent civil rights organization in the United States. We have over 2,200 units and branches across the country, along with well over two million activists. Our mission is to secure the political, educational, social, and economic equality of rights in order to eliminate race-based discrimination and ensure the health and well-being of all persons.