Macy’s, Inc. champions diverse entrepreneurs
and, through strategic partnerships, provides access to up to $200
million in funding and a holistic retail ecosystem
Today, Macy’s, Inc. announced S.P.U.R. Pathways: Shared
Purpose, Unlimited Reach, a multiyear, multifaceted funding
program to advance entrepreneurial growth, close wealth gaps and
shatter systemic barriers faced by diverse-owned and
underrepresented businesses. This innovative effort, created in
partnership with Momentus Capital, advances a long-standing Macy’s,
Inc. commitment to underrepresented businesses and aims to
galvanize the retail industry to invest in the next generation of
entrepreneurs.
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Macy’s, Inc. Advances Mission Every One
Commitment with S.P.U.R. Pathways: Shared Purpose, Unlimited Reach
- A Catalyst for Underrepresented Business Growth
Through Macy’s, Inc.’s $30 million investment, S.P.U.R. Pathways
will ultimately represent up to $200 million in access to critical
funding for underrepresented businesses and will feature a
comprehensive range of financing options from growth equity capital
to loans for working capital and commercial real estate.
Additionally, this effort will provide a full suite of educational
resources, fueling a holistic supplier ecosystem and acting as a
catalyst for outsized growth.
“S.P.U.R. Pathways: Shared Purpose, Unlimited Reach is dedicated
to shaping the future of U.S. retail. 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,” said Jeff Gennette, chairman and chief
executive officer of Macy’s, Inc. “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.”
The lack of substantial capital deployment remains a persistent
obstacle to underrepresented businesses’ success. As an example, in
2021, startups with at least one Black founder only had access to
1.3% of total venture capital dollars invested in the United
States1. By facilitating equity investment and loan access
opportunities, Macy’s, Inc. believes S.P.U.R. Pathways will drive
accelerated business growth among diverse-owned and
underrepresented businesses and entrepreneurs.
“With Macy’s, Inc., we have a unique opportunity to offer
underrepresented businesses the resources to grow in a more
equitable environment,” commented Raymond Guthrie, Chief Investment
Officer and Head of Capital Deployment for Momentus Capital. “The
Macy’s, Inc. supplier ecosystem provides access to comprehensive
tools, industry experts, educational resources, and now with
funding through our collaboration and the formation of S.P.U.R.
Pathways: Shared Purpose, Unlimited Reach, creates an unparalleled
opportunity within the retail industry. Access to capital and
expertise fuels mutual growth and fosters wealth creation and
entrepreneurship within historically underfunded communities.”
Over the next five years, Macy’s, Inc. is investing a total of
$30 million, consisting of a $20 million investment in its own
supplier access fund, and an additional $10 million investment,
projected to provide approximately $100 million in capital for
diverse-owned and underrepresented growth-stage businesses. A third
channel creates a pipeline to a Momentus Capital loan program
anticipated to provide up to $100 million in capital access to
businesses at various stages of development.
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. Across Macy’s, Bloomingdale’s,
and Bluemercury, with a network of more than 700 stores, digital
shopping through online and app experiences, and new smaller
off-mall store formats, Macy’s, Inc. fosters a comprehensive
supplier ecosystem that advocates for businesses at all levels of
growth and across a vast array of categories and size.
Full Suite of Tools & Resources
Macy's, Inc. offers suppliers access to a complete supplier
ecosystem, including opportunities for mentorship through The
Workshop at Macy's and strategic relationships with national
advocacy organizations. In addition to financing through S.P.U.R.
Pathways, businesses will have access to necessary tools and new
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.
For additional information on this critical funding access,
please visit macysinc.com/spurpathways.
About Macy’s, Inc.
At Macy’s, Inc. (NYSE: M), we are a trusted source for quality
brands at great values from off-price to luxury. Across our iconic
nameplates, including Macy’s, Bloomingdale’s and Bluemercury, we
help our customers express their unique style and celebrate special
moments, big and small. Headquartered in New York City, we operate
one of retail’s largest e-commerce businesses integrated with a
nationwide footprint to deliver the most convenient and seamless
shopping experience. Our purpose is to create a brighter future
with bold representation – so we can realize the full potential of
every one of us. For more information, visit macysinc.com.
About Mission Every One
Mission Every One is Macy’s, Inc.’s commitment to create a
brighter future with bold representation for all that empowers more
voice, choice and ownership for colleagues, customers, and
communities. Built on three pillars of impact – our people,
communities, and planet, Macy’s, Inc. will direct $5 billion of the
company’s spend, scaling through 2025, to the people, partners,
products and programs to drive a more equitable and sustainable
future. For more information on Mission Every One, visit
macysinc.com/purpose.
About Momentus Capital
Momentus Capital is transforming how capital and investments
flow into communities to provide people access to the capital and
opportunities they deserve.
Through our family of mission-driven organizations, including
Capital Impact Partners, CDC Small Business Finance, and Ventures
Lending Technologies, we are working to reinvent traditional
financial systems that have failed to address systemic issues of
inequality, economic empowerment, and the widening racial wealth
gap.
Each organization under the Momentus Capital brand will still
operate as separate entities, but their clients will now have
access to more resources and products. We offer a continuum of
financial, knowledge, and social capital to help local leaders
build inclusive and equitable communities and create generational
wealth. This includes a comprehensive package of loan products,
impact investment opportunities, training and business advising
programs, and technology services that advance locally led
solutions.
Leveraging 80 years of combined experience, a portfolio of
nearly $3 billion, and strong community engagement, the family of
companies has delivered more than $23 billion in financing, created
and preserved 250,000 jobs, and served 12,000 small businesses and
five million people across their history. With headquarters in
Arlington, Virginia, and San Diego, California, Momentus Capital
operates nationally with a focus on larger urban areas and cities
in Arizona, Michigan, Nevada, New York, Texas, and Washington,
D.C.
[1] Gené Teare, “VC Funding to Black-Founded Startups Slows
Dramatically as Venture Investors Pull Back,” Crunchbase News, June
16, 2022,
https://news.crunchbase.com/diversity/vc-funding-black-founded-startups/#:~:text=Two%20companies%20with%20a%20Black,a%20valuation%20of%20%242.5%20billion.
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Macy’s, Inc. Communications Communications@macys.com
Macy’s, Inc. Investor Relations Investors@macys.com
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