MBN USA

July 25, 2024

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Participants shared strategies to improve lending to MBEs

The Minority Business Development Agency (MBDA) recently hosted its second annual Access to Capital Summit at the U.S. Department of Commerce. The Access to Capital Summit: Equity in Action convened national banks, investors, trade associations and the government entities that regulate these institutions to discuss trends that affect capital formation for minority business enterprises (MBEs).  

Every year, this congressionally mandated forum fosters a collaborative environment where these stakeholders can share insights, perspectives, and strategies for reversing disparities and improving lending and equity investment for MBEs. 

“The Minority Business Development Agency and the Department of Commerce are committed to ensuring all people have the resources, access, and opportunities necessary to succeed,” said Eric Morrissette, acting under secretary of commerce for minority business development. “Our agency is perfectly positioned to help solve some of the greatest challenges alongside major players in the financial arena, and our annual Access to Capital Summit is just one tool we’ve been empowered to use to make these challenges a thing of the past.” 

The Summit included three separate panel discussions with noted leaders from various private and federal institutions:

Panel One: The Banks, MDI and CDFIs Perspectives   

• ·    Robert Schapira, senior vice president and director of small and business banking diverse customer segments, Wells Fargo & Co. 
• ·    Eva Brown, head of community reinvestment and strategic partnership, BMO 
• ·   Calixto Garcia-Velez, president and CEO, Banesco USA 
• ·    Luz Urrutia, president and CEO, Action Opportunity Fund 

        Panel Two: FinTechs and Equity Players Perspectives 

• ·  Sadip Nayak, president, Quantum Financial Technologies  
• ·   Kelly Cochran, deputy director, Finreg Labs 
• ·   Ashlyn Roberts, senior director, government relations, National Venture Capital Association 

       Panel Three: The Government Regulators' Perspectives  

• · David Kaufmann, community development manager, Federal Reserve Board 
• · Andrew Moss, director, minority outreach, national director of Project Reach, Office of the Comptroller of the Currency 
• ·  Betty Rudolph, director, office of minority and community development banking, Federal Deposit Insurance Corporation (FDIC)
• ·  Julie Davis, senior special counsel, office of the advocate for small business capital formation, Securities and Exchange Commission (SEC)