Macy’s, Inc. has launched a new funding program aimed at advancing entrepreneurial growth, closing wealth gaps and shattering systemic barriers faced by diverse-owned and underrepresented businesses.
Called S.P.U.R. Pathways: Shared Purpose, Unlimited Reach, Macy’s partnered with Momentus Capital on a $30 million investment that will ultimately represent up to $200 million in access to critical funding.
The initiative will roll out over the next five years, Macy’s, Inc. said, with a $20 million infusion into its own supplier access fund, and an additional $10 million investment. Together, this funding is projected to provide approximately $100 million in capital for diverse-owned and underrepresented growth-stage businesses. A third channel through a Momentus Capital loan program is anticipated to provide up to an additional $100 million in capital access to businesses at various stages of development, the company added.
According to Macy’s, S.P.U.R. Pathways will feature a comprehensive range of financing options from growth equity capital to loans for working capital and commercial real estate.
What’s more, Macy’s said businesses will have access to tools and opportunities to progress through various growth stages. This includes an advisory network of successful entrepreneurs around the country for 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 will also provide access to additional training and resources, including professional services, business templates, technology and software development tools, as well as online and in-person workshops focused on the specific needs and industry of each participating diverse-owned enterprise.
“This investment will provide access to capital resources that will advance the next generation of brands and service providers,” Jeff Gennette, chairman and CEO of Macy’s, Inc., said in a statement. “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.”
Earlier this year Macy’s, Inc. introduced its social purpose platform, Mission Every One, developed to build on the company’s heritage of corporate citizenship and to achieve positive societal change.
Through Mission Every One, Macy’s, Inc. will direct $5 billion of the company’s spend, scaling through 2025, to the partners, products, people, and programs that help create a more equitable and sustainable future. A portion of this spend will support investments in business development programs, including S.P.U.R. Pathways and The Workshop at Macy’s, the retail industry’s longest-running retail development program, which has empowered more than 200 diverse-owned brands.