BWC Capital’s Four-Part Series: COVID-19 and the Future of Historically Black Colleges & Universities
Part 2: White Philanthropy Needs More Imaginative Approach to Combat Systemic Racial Inequity
GREENSBORO, NC – July 3, 2020 – In this second installment of a four-part series, BWC Capital, a black-owned North Carolina-based economic development firm, addresses the impact of the white philanthropic sector’s donations on Historically Black Colleges and Universities (HBCUs) and how the sector has continuously missed opportunities to make equitable contributions to help black institutions of learning regardless of their academic accolades, size or popularity. BWC offers recommendations and a call to action to ensure that future donations are aligned with the needs of students at every HBCU and not a select few.
Black-Owned Private Equity Firm Offers Zero-Percent Interest Loans to Businesses of Color Impacted by COVID-19, Civil Unrest
Greensboro, NC – June 16, 2020 – Today, North Carolina-based, black-owned private equity firm, Building Wealth & Communities (BWC) Capital, announced the launch of the BWC+invest Zero-Percent Interest Loan Program. Developed for small, emerging businesses of color across the country, the program will provide a minimum of $10,000 for businesses disproportionally impacted by temporary and permanent closures due to the economic downturn caused by the COVID-19 pandemic and civil unrest surrounding recent police brutality and racial bias cases.
Part 1: COVID 19 and the Future of Historically Black Colleges & Universities
GREENSBORO, NC – June 3, 2020 – For over 15 years, Bridget Chisholm and her team at North Carolina-based black-owned economic development firm, Building Wealth & Communities (BWC) Consulting, LLC has had first-hand experience with providing high-level financial solutions to Historically Black Colleges and Universities (HBCUs).
Black-owned investment firm BWC Capital offers insight on small, minority-owned businesses’ difficulty accessing stimulus funds from big banks
The COVID-19 health crisis is highlighting persistent racial inequities that existed prior to the arrival of this novel virus. Along with pre-existing health disparities causing people of color – Black and Hispanic communities in particular – to be more susceptible to contract the virus and to die from the virus, economic inequalities also exist. This persistent economic disparity can be seen playing out in the Payroll Protection Program (PPP), a $349 billion-dollar relief package included in the $2.2 trillion-dollar disaster aid legislation recently passed by Congress. In order to secure a PPP loan, small businesses must identify a participating bank that will approve and fund the loan, which is backed and guaranteed by the federal government.
BWC Consulting for A.G. Gaston Boys & Girls Club
The new Arthur George Gaston Boys & Girls Club (A.G. Gaston) building allows more children to benefit from community involvement. Gaston’s namesake for the club honors his legacy and hard work. Gaston’s started many businesses and achieved great successes in business–– insurance, loans, and the motel business. He used his many businesses to build his community. Just like Gaston, that is precisely the purpose of the A.G. Gaston Boy & Girls Club. It is essential to highlight the past achievements of crucial figures in the community and to introduce to children their impact.
BWC Consulting Leads Effort to Bring Hampton Inn Hotel to Rural Tennessee
BWC Consulting is excited to be part of an effort that will boost economic development in McMinnville, TN. Serving as New Markets Tax Credit (NMTC) consultant to Hunt Properties GP, BWC led the effort to secure $12 million in NMTC allocation, which provided around $3.9 million in equity to the project. Hunt Properties GP will develop an 74-room Hampton Inn hotel that will bring a much-needed hospitality amenity to this rural, economically distressed footprint of Tennessee. The project site for the planned hotel was the former location of the River Park Hospital and is located in close proximity to major local economic drivers such as the relocated hospital and the Automation and Robotics Training Center (ARTC) offered by Motlow College, which attracts students from across the country needing extended stay lodging accommodations.
New program can help promote economic opportunity in lagging, underserved communities.
BWC Consulting has kicked off 2019 with continued efforts aimed at attracting and boosting economic development in economically-challenged communities across North Carolina. Partnering with the City of Rocky Mount, BWC recently hosted a convening focused on the nascent Opportunity Zones program and what this initiative can mean for local communities. The gathering was held in downtown Rocky Mount in eastern North Carolina at the new Events Center and brought together more than 60 stakeholders from local communities across the state.
Novus Advanced Manufacturing to Expand Its Operations in Tennessee
Company Press Release
Novus Advanced Manufacturing, LLC, an emerging innovative leader that specializes in manufacturing steel panels for the hospitality and retail center sectors, will be expanding its operations in St. Joseph, TN (Lawrence County). The company, a minority-owned and led business, is experiencing growing demand for its products and services. The expansion project will allow Novus to meet this demand and continue to establish itself as a leader in the manufacturing of steel studs and steel tracks, which are components of the expanding lines of panelized walls and trusses.
‘Opportunity Zones’ Rules Help Bring Program Into Sharper Focus
“We anticipate that $100 billion in private capital will be dedicated towards creating jobs and economic development in Opportunity Zones,” Secretary Steve Mnuchin said about the program, which was created as part of last year’s massive federal tax overhaul.
Nonprofit eyes December groundbreaking for $7.2 million project at CrossPlex
Birmingham Business Journal
A.G. Gaston Boys & Girls Club, which serves more than 1,000 boys and girls throughout Birmingham and Jefferson County, has launched a $7.2 million “Building Their Future” campaign to build a new 24,300-square-foot facility.
The campaign is being led by Condoleezza Rice, Grayson Hall, Lee Styslinger III, Bob Dickerson, Jason Eppenger and other community advocates.