Alabama Newscenter — Partnership to Inject $130 Million Into Deep South Small Businesses Hurt by Pandemic

| February 11, 2021 @ 6:00 pm

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By Alabama NewsCenter Staff

Hope Enterprise Corp., with a $130 million commitment from Goldman Sachs, has partnered with seven cities and nine historically Black colleges and universities (HBCUs) across the South to launch the Deep South Economic Mobility Collaborative (DSEMC).

Birmingham, Montgomery and their respective HBCUs, Miles College and Alabama State University, are taking part in the collaborative, announced Tuesday, which was formed to stabilize and strengthen businesses and communities devastated by the economic crisis. DSEMC invests in the power of small businesses and entrepreneurs in the Deep South, particularly those from underserved and under-resourced communities.

DSEMC taps the expertise and capabilities of Hope Enterprise Corp., Goldman Sachs, institutions of higher learning and cities to provide access to financing, business education classes and business support services, leveraging the private, public and nonprofit sectors. This comprehensive effort focuses on stabilizing and strengthening small businesses and bolstering employment in a region characterized by entrenched poverty and racial disparities.

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