Former Houston City Council Member Amanda Edwards & New Small Business Alliance (BEAMW) Partner with Texas Capital Bank to Reduce Disparities for Minority and Women Owned-Businesses Seeking To Access Capital and Scale Their Businesses
HOUSTON, TX – August 5, 2021 – According to the Houston Small Business Community Report, minority-owned businesses have been denied loans at three times the rate of non-minority-owned firms, and in Houston women own only 24% of employer small businesses. In light of this, entrepreneurs, investors, chambers of commerce, business support organizations and small business advocates have joined forces to form the Business Ecosystem Alliance for Minorities and Women, or BEAMW, to address the disparities minority- and women-owned businesses face when seeking capital and attempting to scale their businesses.
To celebrate its launch, BEAMW is excited to invite the public to a virtual event on August 26, 2021, at 12:00 p.m., where it will formally announce its first anchor partner: Texas Capital Bank. BEAMW and Texas Capital Bank will discuss BEAMW’s strategy for reducing disparities for women and minority businesses and why Texas Capital Bank is investing in the work of BEAMW through a Community Impact grant. To attend, please RSVP at https://beamwlaunch.eventbrite.com.
“At Texas Capital Bank, we truly believe small businesses are the heartbeat of the economy and we are thrilled BEAMW has formed to serve as a collaborative network, committed to serving entrepreneurs across our region today and inspiring those of tomorrow. Small business owners are the lifeblood of every community and we’re proud to serve alongside BEAMW as partners in providing technical assistance, mentors and support as this collaborative grows and positively impacts the fabric of economy and business ecosystem.” – Jenny Guzman of Texas Capital Bank stated.
BEAMW was created to implement the recommendations from the Houston Small Business Community Report (https://nextstreet.com/portfolio/assessing-houstons-small-business-community/) developed by the City of Houston Women and Minority-Owned Business Task Force in 2018-2019. The Task Force was initiated and led by former Houston City Council Member, Amanda K. Edwards, and co-chaired by entrepreneurs Carolyn Rodz and Courtney Johnson Rose. The Task Force comprised women and minority business owners, Chambers of Commerce, and leaders in the financial industry. The group provided the Mayor of Houston with recommendations regarding, (1) how to increase access to capital for minority- and women-owned business enterprises (MWBEs), and (2) how to assist these business owners in scaling up their businesses. To view a summary, click here.
Despite Houston’s strengths, barriers and disparities continue to prevent minorities and women from fully participating in wealth-building through small business ownership. When the barriers are removed, significant advances in wealth creation and economic mobility for minorities and women through small business ownership emerge. “It is not enough to state that Houston is the most diverse city in the country; we must be the city where the challenges that diverse communities face are solved,” Former City Council Member Amanda Edwards affirmed.
The Task Force identified several gaps affecting the profitability and sustainability of Houston minority and women-owned businesses. BEAMW will concentrate on alleviating the following ecosystem gaps:
- Coordination and Navigation: Help MWBEs understand and navigate the business services ecosystem
- In-Depth Services: Help Business Service Organizations offer in-depth and industry-specific support
- Personal Networks: Connect business owners with potential customers and investors
- Preparedness for Financing: Ensure business owners have the business and financial planning tools and skills required to access financing and new markets
- Personal Credit: Offer credit building services to business owners
- Alternative and Innovative Capital Solutions: Increase the volume of alternative and innovative capital, creating incentives for partnerships between lenders and other sources
- Microloans: Meet business owners’ need for microloans
BEAMW and Texas Capital Bank’s Community Impact partnership will promote MWBE financial empowerment through a series of programs and efforts in 2021 that include:
- BEAMW Launch & Texas Capital Bank “Community Impact” Partnership Event
- August 26, 2021 at 12:00 p.m.
- One on One Financial Preparedness Small Business Counseling
- Business Networking Forums
- Texas Capital Bank Bankers’ Roundtables
Through its partnership with Texas Capital Bank, BEAMW has also received a FHLB Partnership Grant Program award to strengthen its fundraising efforts on behalf of its member organizations. To connect with BEAMW and see how you can become a member and/or supporter, please email firstname.lastname@example.org.
BEAMW has collaborated with Impact Hub Houston as its fiscal agent to help support the small business ecosystem. More information about BEAMW may be found at www.beamw.org, and more information about Impact Hub Houston and its network may be found at https://houston.impacthub.net.
About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank, N.A., a commercial bank that delivers highly personalized financial services to businesses and entrepreneurs. We are headquartered in Dallas, Texas, and work with clients across the country. For more information, please visit www.texascapitalbank.com. Member FDIC.