In an initiative to support diverse-owned and underrepresented businesses, Macy’s has announced a new program designated S.P.U.R. Pathways: Shared Purpose, Unlimited Reach, which includes a multiyear, multifaceted funding program to advance entrepreneurial growth, close wealth gaps and break down systemic barriers.
Macy’s is making a $30 million investment as S.P.U.R. Pathways moves to provide $200 million funding for underrepresented businesses, it noted. The $30 million investment, which Macy’s will deliver over the next five years, will consist of a $20 million investment in the company’s own supplier access fund, and an additional $10 million investment, projected to return about $100 million in capital for diverse-owned and underrepresented growth-stage businesses. A third element establishes a pipeline to a Momentus Capital loan program expected to provide up to $100 million in capital access to businesses at various stages of development.
The program will feature a range of financing options from growth equity capital to loans for working capital and commercial real estate. It also will provide a suite of educational resources, fueling a holistic supplier ecosystem and acting as a catalyst for growth, Macy’s maintained. Through S.P.U.R. Pathways, businesses will have access to tools and opportunities to progress through various growth stages in addition to an advisory network of successful entrepreneurs around the country who can provide strategic growth advice and help with credit improvement, business plans, financial reporting, daily operating challenges, business strategy, opportunity evaluation and other personalized services. Advisory services through S.P.U.R. Pathways also will provide access to additional training and resources such as professional services, business templates, technology and software development tools, as well as online and in-person workshops focused on the specific needs and sectors of each participating enterprise.
“S.P.U.R. Pathways: Shared Purpose, Unlimited Reach is dedicated to shaping the future of U.S. retail,” said Jeff Gennette, Macy’s chairman and CEO. “Macy’s, Inc. has promoted underrepresented businesses and entrepreneurs for more than a decade and furthers that commitment today, pushing the U.S. retail industry to a new era. As part of our social purpose platform, Mission Every One, this investment will provide access to capital resources that will advance the next generation of brands and service providers. By investing in high-growth underrepresented businesses at all stages of growth, we intend to create meaningful economic impact within our communities, while serving our customers.”