Simmons Bank Commits $1.25 Million to Support Southern Bancorp Community Partners' Minority Business Empowerment Program
Summary
Simmons Banks support includes a 10-year, $1 million Equity Equivalent (EQ2) investment and a $250,000 grant to provide technical assistance to participating MBEP businesses. "Working with Southern Bancorp helps us make a bigger impact on small businesses in their early stages of development, and that is critical to the success of minority entrepreneurs," said George Makris, Jr., executive chairman of Simmons Bank. "Our unique partnership with Simmons Bank provides us with another valuable tool in our mission to support minority entrepreneurs with the skills and capital needed to grow their business and strengthen their financial future," said Darrin Williams, CEO of Southern Bancorp Inc. "This investment enables us to provide low-cost capital solutions and technical support that advances economic empowerment and prosperity where its needed the most. EQ2 is an innovative debt tool that offers nonprofit community development financial institutions (CDFIs) like Southern Bancorp the chance to raise capital with features that are similar to an equity investment. "Simmons Bank has made a significant commitment to central Arkansas minority business entrepreneurs that will be felt for years to come," said Kenya Davenport, interim president of Southern Bancorp Community Partners.