John Deere recently announced it will be entering a partnership as a limited investor in Advantage Capital’s Empower the Change growth fund, which provides entrepreneurs of color access to capital in order to grow their businesses and create community wealth.
The Empower the Change fund is a $200 million fund dedicated to investing in and supporting minority-owned business enterprises. The mission of the fund is to “close the racial wealth gap by investing in entrepreneurs of color that are building the products and services of the future.”
Deere’s commitment to the fund as a lead investor is part of the company’s broader objective of allocating $500 million within the next three years to identify and grow relationships with underrepresented and disadvantaged business enterprises, creating a more diverse and sustainable supplier network within the agriculture industry.
“John Deere is committed to strengthening underrepresented communities and creating equitable wealth within the agriculture industry,” said Wallas Wiggins, vice president of global supply management for Deere. “This announcement supports our company’s history of advocating for—and investing in—opportunities that advance social and economic change. We look forward to seeing the positive impact within the lives and livelihoods of the small suppliers the Empower the Change fund will help scale.”