Houston, Aug. 26, 2021 (GLOBE NEWSWIRE) -- “We want to thank Woodforest National Bank for its generous investment that will further our joint commitment to closing the race and wealth gaps in entrepreneurship,” said LiftFund President and CEO Janie Barrera. “By supporting our access to capital efforts and Ascend Houston, we know entrepreneurs of color and women entrepreneurs in our community will be better equipped to overcome the inequities that exist in our economy and develop a pathway for growth and prosperity.”
Ascend Houston offers entrepreneurs an accelerator program that includes coaching, contract opportunities, and access to capital. The program is part of a national initiative in which organizations join forces to help entrepreneurs scale up. LiftFund, a nonprofit community lender and small business advocate, manages the Houston program.
“Research shows that BIPOC and women start businesses at higher rates than their counterparts but often don’t have the same access to capital, resources, and training. Woodforest National Bank’s investment will help to change that narrative,” Barrera said.
Jay Dreibelbis, President and CEO, Woodforest National Bank, added, “Woodforest has been a long-time advocate and supporter of our friends at LiftFund. Working with like-minded CDFIs who have a passion for providing coaching, mentorship, and access to capital is an approach we stand by wholeheartedly. We are proud to help to lift up minority and women contractors in our Houston home market.”
The first Ascend Houston cohort graduated in July 2020. The 18 construction graduates received over 1,400 hours of business management education and 110 hours of credit mentoring education. All the graduates have secured procurement opportunities, including 60 affordable housing projects, and are currently working on new construction single-family homes, multi-family affordable housing projects, and commercial projects.
Gabriela Smith, and her husband and business partner Quitman Smith, owners of Big State Construction, are Ascend Houston graduates who are already experiencing the benefits of the program. “LiftFund and the Ascend program were instrumental to our success. Most businesses do not make it through the first couple of years, and we had many people remind us of that during our journey. The support and guidance we received through this program gave us an advantage that helps us succeed,” said Gabriela, Smith co-owner of Big State Construction.
To learn more about Ascend Houston, visit: www.ascendhoustontx.com
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About Woodforest National Bank:
Celebrating 40 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 760 branches in 17 states across the United States and is an Outstanding CRA rated institution. For more information about Woodforest National Bank, please visit www.woodforest.com
About LiftFund:
LiftFund, a nonprofit community small business lender, transforms lives by opening doors, leveling the financial playing field and building a community of shared success through entrepreneurship. Founded in 1994 in San Antonio, Texas, LiftFund provides capital, financial coaching, tools and resources to entrepreneurs who do not have access to loans from commercial sources. Since inception, LiftFund has provided over $403 million in capital, propelling the dreams of over 24,600 diverse small businesses throughout its 14-state footprint. In Houston, LiftFund has provided some $68.7 million in capital and more than 4,300 loans, 81% to minority clients.
