DALLAS, TX (APRIL, 26, 2021) – Phillips Foundation today announced its partnership with Impact Ventures, following the approval of a $200,000 program related investment (PRI) to seed the launch of its Dallas Inclusive Capital Fund. The fund will be the first locally grown and minority-led CDVC (Community Development Venture Capital) fund for women- and BIPOC-led enterprises in North Texas.
Founded by Benjamin J. Vann, Impact Ventures is a Dallas–based nonprofit that empowers talented yet underrepresented women and people of color in building generational wealth through inclusive entrepreneurship, community-wealth building, and integrated capital.
Impact Ventures operates a range of accelerator and networking programs that provide education, technical assistance, resources, mentorship and access to capital to women and BIPOC entrepreneurs. The launch of the Dallas Inclusive Capital Fund will serve as an important step toward creating economic power and meeting the financing needs of minority- and women-led businesses.
“We are honored to invest in Impact Ventures’ expansion at such an inflection point,” said Elizabeth Carlock Phillips, executive director of the Phillips Foundation. “We believe in Benjamin Vann’s vision and hope our catalytic capital can help move the needle on race and gender equity in North Texas. We fully support this fund’s mission to build a more prosperous and equitable financial system in Dallas and beyond.”
The Dallas Inclusive Capital Fund’s initial portfolio will focus on funding growth-oriented small businesses, tech enterprises and community-based real estate development projects in Dallas County. The fund will deploy flexible loans and patient equity investments, and will provide a component for both accredited and non-accredited investors to participate in wealth-building opportunities, by focusing on low- to moderate-income communities, place-based organizations, and faith-based institutions. Beneficiaries of the Dallas Inclusive Capital Fund will create milestone plans and receive access to mentoring opportunities, financial-management workshops and peer-to-peer accountability groups.
“Genius is evenly distributed across zip codes, however access and opportunities are not,” said Benjamin J. Vann, founder and CEO of Impact Ventures. “In Dallas County alone, there is an estimated $42.7 million unmet financing need from small businesses owned by women or people of color. Empowering underrepresented entrepreneurial talent with the capital and resources they need to thrive is an important step in building more vibrant and equitable communities.”
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About Phillips Foundation
Phillips Foundation is a private family foundation and catalytic capital platform that leverages its assets to maximize social, environmental and financial value. For more information, visit www.phillipsfdtn.org. Follow Phillips Foundation on Facebook at www.facebook.com/phillipsfdtn, and on Twitter and Instagram at @PhillipsFdtn.
About Impact Ventures and the Dallas Inclusive Capital Fund
Impact Ventures is a 501c(3) organization on a mission to eliminate the social and economic barriers for talented, yet under-estimated women and BIPOC communities to build generational wealth through inclusive entrepreneurship and integrated capital. The Dallas Inclusive Capital Fund is a place-based integrated capital fund investing flexible debt and patient equity in women and BIPOC-led enterprises to build economic power and create community wealth. For more information, visit www.impact-ventures.co. Follow Impact Ventures on Facebook at www.facebook.com/impactventureco, and on Twitter and Instagram at @ImpactVentureCo.