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For years, Macy’s, the largest department store in the U.S., has been trying to figure out how to make its vendor base more representative of the country’s population. On Monday, Macy’s announced it plans to invest $30 million over the next five years into three financing channels meant to support brands run by people from groups underrepresented in the retail industry, The New York Times reported. Momentus Capital will oversee the loan fund. The retailer said financing for these programs would equal $200 million.
The money will be offered in the form of loans for working capital and commercial real estate, as well as growth equity capital. Macy’s executives want both the vendors it works with now and new ones to be involved with the program.
Read more in The New York Times.
By Rebecca Meiser
Contributor, Commerce + Communities Today and Small Business Center
ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.
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