Macy’s announces funding programme for underrepresented businesses


November 8, 2022 | By RetailME Bureau

American retail conglomerate Macy’s Inc. has announced S.P.U.R. Pathways: Shared Purpose, Unlimited Reach, a multiyear, multifaceted funding programme to advance entrepreneurial growth, close wealth gaps and shatter systemic barriers faced by diverse-owned and underrepresented businesses. This innovative effort, created in partnership with Momentus Capital, advances a long-standing Macy’s Inc. commitment to underrepresented businesses and aims to galvanise the retail industry to invest in the next generation of entrepreneurs.

Through Macy’s Inc.’s $30 million investment S.P.U.R. Pathways will ultimately represent up to $200 million in access to critical funding for underrepresented businesses and will feature a comprehensive range of financing options from growth equity capital to loans for working capital and commercial real estate. Additionally, this effort will provide a full suite of educational resources, fuelling a holistic supplier ecosystem and acting as a catalyst for outsized growth.

“S.P.U.R. Pathways: Shared Purpose, Unlimited Reach is dedicated to shaping the future of US retail. Macy’s Inc. has promoted underrepresented businesses and entrepreneurs for more than a decade and furthers that commitment today pushing the US retail industry to a new era,” said Jeff Gennette, Chairman and Chief Executive Officer of Macy’s Inc. “As part of our social purpose platform, Mission Every One, this investment will provide access to capital resources that will advance the next generation of brands and service providers. By investing in high-growth underrepresented businesses at all stages of growth we intend to create meaningful economic impact within our communities while serving our customers.”

The lack of substantial capital deployment remains a persistent obstacle to underrepresented businesses’ success. As an example, in 2021, start-ups with at least one Black founder only had access to 1.3% of total venture capital dollars invested in the US. By facilitating equity investment and loan access opportunities Macy’s Inc. believes S.P.U.R. Pathways will drive accelerated business growth among diverse-owned and underrepresented businesses and entrepreneurs.

“With Macy’s Inc. we have a unique opportunity to offer underrepresented businesses the resources to grow in a more equitable environment,” commented Raymond Guthrie, Chief Investment Officer and Head of Capital Deployment for Momentus Capital. “The Macy’s Inc. supplier ecosystem provides access to comprehensive tools, industry experts, educational resources and now with funding through our collaboration and the formation of S.P.U.R. Pathways: Shared Purpose, Unlimited Reach, creates an unparalleled opportunity within the retail industry. Access to capital and expertise fuels mutual growth and fosters wealth creation and entrepreneurship within historically underfunded communities.”

Over the next five years Macy’s Inc. is investing a total of $30 million consisting of a $20 million investment in its own supplier access fund and an additional $10 million investment projected to provide approximately $100 million in capital for diverse-owned and underrepresented growth-stage businesses. A third channel creates a pipeline to a Momentus Capital loan programme anticipated to provide up to $100 million in capital access to businesses at various stages of development.

Earlier this year Macy’s Inc. introduced its social purpose platform Mission Every One developed to build on the company’s heritage of corporate citizenship and to achieve positive societal change.

Through Mission Every One Macy’s Inc. will direct $5 billion of the company’s spend scaling through 2025 to partners, products, people and programmes that help create a more equitable and sustainable future. A portion of this spend will support investments in business development programmes, including S.P.U.R. Pathways and The Workshop at Macy’s which has empowered more than 200 diverse-owned brands. Across Macy’s, Bloomingdale’s and Bluemercury with a network of more than 700 stores, digital shopping through online and app experiences and new smaller off-mall store formats Macy’s Inc. fosters a comprehensive supplier ecosystem that advocates for businesses at all levels of growth and across a vast array of categories and size.

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