Includes Simmons first EQ2 investment to support minority
entrepreneurs in central Arkansas
LITTLE ROCK, Ark., May 17, 2024 /PRNewswire/ -- Simmons Bank and Southern Bancorp Community
Partners (Southern Bancorp) announced an agreement for a
$1.25 million investment that will
support Southern Bancorp's Minority Business Empowerment Program
(MBEP), a business technical assistance program and loan fund
supporting minority entrepreneurs in central Arkansas. Simmons
Bank's 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. "Small
businesses are the backbone of a strong economy and this investment
represents a long-term commitment to provide access to low-cost
capital that will drive new opportunities for jobs, new
opportunities for innovation and new opportunities for continued
economic growth across central Arkansas."
Launched in 2021, the MBEP is a 12-week technical assistance and
funding readiness program for minority entrepreneurs in central
Arkansas. The program's curriculum is led by industry experts
in both group learning and one-on-one sessions, and centers around
seven key business disciplines, including sales and operations,
financial management and accounting, human resources, marketing and
communications, management and leadership, business growth
strategies, and digital technology integration. Upon completing the
program, participants are better prepared to seek funding to
support their business operations, growth, and scalability.
"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 it's needed the
most."
According to the U.S. Department of Commerce, minority
entrepreneurs make critical contributions to the U.S. economy,
generating nearly $2 trillion in
revenue each year. 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. "Partnerships like this represent our ongoing, shared
commitment to providing economic opportunities to all Arkansans, no
matter one's zip code or financial position."
Simmons
Bank
Simmons Bank is a
wholly owned subsidiary of Simmons First National Corporation
(NASDAQ: SFNC), a Mid-South based financial holding company that
has paid cash dividends for 115 consecutive years. Simmons Bank operates 233 branches in
Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial
solutions delivered with a client-centric approach. In 2023,
Simmons Bank was recognized by
Forbes' as one of "America's Best Midsize Employer" and among the
"World's Best Banks" for the fourth consecutive year. Additional
information about Simmons Bank can
be found on our website at simmonsbank.com, by following
@Simmons_Bank on X (formerly Twitter) or by visiting our
newsroom.
Southern Bancorp
Founded in 1986 by some of the
nation's leading political, business, and philanthropic leaders
with an initial investment of $10
million, Southern Bancorp, Inc., along with its development
partners – Southern Bancorp Bank and Southern Bancorp Community
Partners – has grown into a $2.6
billion asset organization with 56 locations serving 65,000
customers across two states. Southern Bancorp has a unique array of
financial products and services designed to help individuals at all
stages of life's financial journey – from teaching kids how to save
to helping entrepreneurs and families realize the American Dream.
Southern Bancorp is a certified Community Development Financial
Institution, certified B-Corp, and proud member of the Global
Alliance for Banking on Values. Learn more at www.BankSouthern.com
and www.SouthernPartners.org.
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SOURCE Simmons Bank