Fulton Bank Invests $1 Million in Innovate Capital Growth Fund
January 31 2023 - 2:44PM
Business Wire
Investment Will Fund Growth for Minority-
and Women-Owned Businesses in the Mid-Atlantic
Region
Fulton Bank, a subsidiary of Fulton Financial Corporation
(NASDAQ: FULT), has invested $1 million in Innovate Capital Growth
Fund, L.P., which provides capital and operational expertise to
enable minority- and women-owned businesses to grow.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230131005975/en/
Innovate Capital Growth Fund Partner
Della Clark and Fulton Financial Corporation Chairman and CEO
Curtis J. Myers celebrate the bank’s investment to help fund growth
for minority- and women-owned businesses. (Photo: Business
Wire)
The investment is part of Fulton Bank’s Commercial Affinity
Banking initiative, which is designed to increase access to
financial services for diverse businesses.
“Fulton Bank’s investment will advance our mission of connecting
institutions with minority businesses, unlocking the potential for
future growth,” said Innovate Capital Growth Fund Partner Della
Clark. “There are more than 3,200 minority-owned and 8,800
women-owned businesses in our target market in the Mid-Atlantic
region, and providing them with equity capital represents a
significant opportunity to contribute to overall economic
growth.”
Based in Philadelphia, Innovate Capital Growth Fund is a Small
Business Investment Company (SBIC) focused on providing equity
investments in women- and minority-owned lower middle market firms
in the Mid-Atlantic region. Innovate Capital Growth Fund typically
works with businesses with annual revenues of approximately $2
million to $10 million from a range of industries, including
manufacturing, consumer products, technology, and healthcare
services.
“Fulton Bank is committed to ensuring that businesses in the
communities we serve have access to the capital and banking
services that will empower them to grow and thrive,” said Curtis J.
Myers, Chairman and Chief Executive Officer of Fulton Financial
Corporation. “We are excited about the opportunity to invest in
Innovate Capital Growth Fund, which is focused on supporting
diverse businesses.”
“This investment in Innovate Capital Growth Fund is part of
Fulton Bank’s Commercial Affinity Banking Program,” said Joel
Barnett, Senior Vice President and Director of Commercial Affinity
Banking. “As part of that program, we are creating a suite of
commercial banking solutions which includes access to capital and
deposits and payments. Fulton bankers are undergoing training on
these new programs and resources to develop expertise in assisting
diverse businesses.”
About Innovate Capital Growth Fund Innovate Capital
Growth Fund is an unleveraged SBIC fund uniquely focused on
investing growth equity in minority and women-owned lower middle
market businesses. We bring a solution focused on growth, built
through years of experience and expertise understanding minority
and women-owned business concerns and addressing them through
capital, operational expertise, and access to our strategic
network. We partner with talented executives to build valuable
companies in the lower middle market. Learn more at Innovate
Capital Growth Fund.
About Fulton Bank, N.A. Headquartered in Lancaster, Pa.,
Fulton Bank is a premier community bank in the Mid-Atlantic region.
As a subsidiary of Fulton Financial Corporation, a $26 billion
financial services holding company, Fulton Bank offers a broad
array of products and services at more than 200 financial centers
across Pennsylvania, New Jersey, Maryland, Delaware, and Virginia.
At Fulton Bank, we seek to change lives for the better by building
strong customer relationships, providing significant community
support and empowering more than 3,300 employees to do the same.
Through the Fulton Forward® initiative, we’re helping build vibrant
communities. Learn more at www.FultonBank.com. Fulton Bank, N.A.,
Member FDIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20230131005975/en/
Innovate Capital Growth Fund: Della Clark
215-895-4005 Fulton Bank: Steve Trapnell
717-291-2739
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