Small Business Lending

SMALL BUSINESS LENDING

003The ERC Capital Fund, Inc. was created in 1984 to provide financing for the development and growth of minority-owned enterprises. The goal was to support businesses that could be competitive in the general marketplace by improving access to capital, eliminating economic barriers, facilitating broad-based exposure to successful business environments and improving managerial skills.

Initially capitalized by a grant from the U.S. Department of Commerce, Economic Development Administration, and later fortified by a low-interest loan from the Ford Foundation, the ERC Capital Fund provided financing for minority-owned enterprises in the areas of:

  • entertainment (29%)
  • manufacturing (32%)
  • real estate development (14%)
  • communications (14%)
  • service (11%)

After several years of successful operation, the ERC Capital Fund was transitioned from a lending program to an internal source of capitalization for ERC’s equity investments. The ERC Capital Fund ceased its operation in 2008.

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