The Built2Last Equity Development Fund Impacts Minority Community

Our goal is to help minority businesses obtain capital to fuel growth and spur job opportunities in underserved and under-resourced communities often overlooked by investors and traditional funding sources.

Too often, small, minority-owned businesses struggle to obtain financial backing to fuel their ideas and innovations, and that problem has only increased during the pandemic. Yet, these same entrepreneurs are often the greatest source of economic opportunity in their communities, especially in underserved and under-resourced areas that struggle to attract major service providers, retailers and other community-sustaining employers. With this fund, we can help minority job creators overcome barriers to their growth and success and ensure that the benefits of our post-pandemic economic recovery are shared more equitably.

The fund will be available as a resource to minority businesses, which have historically been denied bank funding in disproportionate numbers and often lack the initial equity and capital to grow and sustain their small businesses.

• Durham County spent $19 million, or 6.07%, with minority and female-owned firms during a study period.

• A study also found that minority and women-owned firms were underutilized as prime contractors in construction and services. The study also found that minority- and women-owned businesses (MWBE) were underutilized in subcontracting for construction and A/E.

FAQ