Bank One Invests $5 Million in Black Enterprise Fund
Bank One Invests $5 Million in Black Enterprise Fund
CHICAGO, April 19, 2001 – Bank One announced today it has invested $5 million in the Black Enterprise/Greenwich Street Corporate Growth Partners, LP, a private equity fund that invests in established high-growth, African-American owned and operated businesses.“Bank One’s investment in the Black Enterprise Fund further demonstrates our commitment to supporting minority entrepreneurs,” said James Dimon, Bank One’s chairman and chief executive officer. “We provide loans to many businesses, but we know that a substantial capital infusion at a crucial point can propel a company to increased sales, additional hiring and an even larger role in the community.”
The fund serves minority-owned companies that generate revenue between $10 million and $100 million and need capital to support their growth plans, such as an expansion, buyout or succession. The fund is expected to invest between $5 million to $15 million in established companies in industries such as consumer goods, retail, manufacturing or information technology.
“Access to capital continues to be a major challenge for minority-owned businesses,” said Earl G. Graves, Sr., co-general partner of the fund and chief executive officer of Earl G. Graves Publishing Co. “We’re thrilled to have Bank One as a partner in this national initiative.”
Supported by leading companies in financial services and other industries, the Black Enterprise Fund now has capital totaling $91 million. The bank’s investment was made through a subsidiary, Banc One Community Development Corporation. Bank One plays a major role in its communities by providing financial services to consumers, businesses and corporations, and through contributions in education, development and civic leadership.
Bank One Corporation (NYSE: ONE) is the nation’s fifth-largest bank holding company, with assets of more than $265 billion. Bank One offers a full range of financial services to large corporate and middle market commercial customers and consumers. It is the largest Visa credit card issuer, the third largest bank lender to small businesses, and one of the top 25 managers of mutual funds. A leader in the retail market, Bank One operates more than 1,800 banking centers and a nationwide network of ATMs. Bank One can be found on the Internet at www.bankone.com.