AltCap expands small business lending in Texas with $5M line of credit from Liberty Bank and Trust

Liberty Bank and Trust announced today a partnership to provide a $5 million financing facility to AltCap, an impact-focused small business lender, to support its efforts of increasing access to capital for entrepreneurs of color and minority-controlled businesses in Texas. 

This infusion of capital will enable AltCap to increase its small business lending in Texas and bolster its mission of strengthening underserved communities through accessible small business financing. Since becoming an active Community Development Financial Institution (CDFI), AltCap has deployed more than $32 million in small business and microloans to underserved entrepreneurs in America’s Heartland. 
 
Liberty Bank, a minority depository institution, has a similar focus on supporting entrepreneurs of color as CDFIs and, in particular, minority-controlled CDFIs like AltCap. This investment comes on the heels of AltCap’s recent announcement about its efforts to expand its lending into more communities in Missouri and Kansas as well as to Texas and Colorado.
 
"As an emerging CDFI in Houston and Dallas region, collaborative partnerships and access to capital are imperative for AltCap’s expansion efforts,” said Anthony Williams, AltCap Houston Market President, who will lead the lending efforts in Texas. “We believe our partnership with Liberty Bank will provide more entrepreneurs, small and local businesses with the capital they need to start, build and grow sustainable businesses in diverse communities." 
 
"We are thrilled to partner with AltCap on this transformative initiative to support underserved small businesses in the Houston and Dallas region,” said Charles McElrath, Vice President, Regional Director of Commercial Lending at Liberty Bank and Trust.
 
“As a minority depository institution, Liberty Bank shares AltCap's commitment to fostering an inclusive entrepreneurial ecosystem that empowers underrepresented communities. This collaboration reinforces our dedication to providing access to capital for those who have traditionally been underserved, and we are confident that our combined efforts will make a significant impact in promoting economic growth and strengthening communities across the region."
 
Through this partnership, Liberty Bank and Trust and AltCap are helping to build a vibrant, inclusive economy in Texas for generations to come. Learn more at altcap.org.