AltCap Kicks Off Building Prosperity Initiative to Empower Minority and Women Contractors
AltCap, an impact-focused small business lender, is proud to launch the Building Prosperity Initiative to create more pathways for contractors who are minorities, women, and other disadvantaged professionals.
In collaboration with the Opus Foundation and CrossFirst Bank, the Building Prosperity Initiative will strengthen contractors’ businesses, provide access to capital, and help them win more public and private contract work.
“AltCap is excited to bring together an amazing group of stakeholders to launch the Building Prosperity Initiative to increase the number and capacity of women and minority contractors in the region,” said AltCap CEO Ruben Alonso III. “The trades industry today offers opportunities not only for higher-wage jobs but also small business creation and growth. By creating new and growing existing WBE/MBE contractors, AltCap hopes to increase the distribution of economic opportunity and wealth to more people in our region.”
Kicking off in the fall of 2024, the Building Prosperity Initiative program provides three pillars of support for its participants.
First, the program will identify gaps in business’ financial and organizational structures and provide technical assistance. Contractors will then be eligible for the BUILDcap loan fund — open to any contractor already certified as M/W/DBEs in Missouri, Kansas, Nebraska, and Texas — to help them fuel their growth.
Lastly, participants will be given access to the Building Prosperity Coalition, a group of business support providers that will create connections and help guide their success into the future. The Building Prosperity Coalition is an ecosystem of support organizations, including Missouri APEX Accelerator, Building Energy Exchange, Metropolitan Energy Center, Builders Avenue, and e2E.
“There is great demand for quality, stable, sustainable, thriving MBEs and WBEs. Diversity builds a richer community,” said Nancy McCullough, founder and CEO of the entrepreneur support organization e2E. “We’re honored to be part of the coalition and excited to assist these business owners.”
AltCap believes the growth of underrepresented businesses in the construction industry is a significant pathway to building generational wealth and a more just, equitable economy.
Through this initiative, AltCap aims to bridge the gap for contractors who have been historically excluded from traditional sources of capital. In addition, AltCap believes this effort will help larger construction firms that are struggling to hire M/W/DBEs certified contractors.
