ST. LOUIS — Advantage Capital has made its first investment from a fund created to provide capital to minority-owned businesses with the goal of helping to “close the racial wealth gap," officials said.
The Empower the Change Fund LP is loaning $7.5 million to Tannis Fussell of Ascentria Capital and James Collins of Eastwood Capital to acquire majority ownership of a long-haul trucking company, Warren, Michigan-based General Trucking. Terms were not disclosed of the subordinated debt. Fussell is based in Miami and and Collins is in New York City.
Formed in 2021, Empower the Change is a partnership between Advantage Capital – with headquarters in Clayton and New Orleans – and the New York City-based National Minority Supplier Development Council Business Consortium Fund. So far, about $80 million has been raised for the fund, with the goal being $200 million.