, one of TEC's focuses is connecting minority- and women-owned businesses to government and corporate contract opportunities through supplier-diversity programs. With both a Community Development Financial Institution and SBIC under one roof, it is uniquely positioned to help early-stage and mature growth-oriented companies.
. Lower levels also dampen the rate at which Black men and women start businesses compared to their white counterparts. "We have a flawed system. Funders give us money for programs with unrealistic metrics," said Clark."They don't provide money for follow-on capital to that program." Nonprofits like TEC staff up, but the process starts again in two or three years when the program ends.Clark came to realize that low-wealth communities get program dollars, but prosperous communities get investment capital.
. Banks are interested in investing in SBICs because it's one of the few ways they are allowed by law to invest directly in private-equity funds. These funds are considered riskier but promise higher returns than other investments. They can also use CRA dollars for the investment. TEC has pre-existing relationships with banks and other institutions that could be limited partners in an SBIC fund., and few are owned by women, minorities, and veterans—only 49.
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