In the WBENC Women Owned in Retail Macy’s session, “Access to Capital Deep Dive,” two WBENC-Certified Women Business Enterprises (WBEs) shared insights on their access to capital journey with Byron Whitmore, Principal, Supplier Opportunity Fund at Macy’s Inc.
S.P.U.R. Pathways, a partnership between Macy’s, Inc. and Momentus Capital was created to provide funding to advance entrepreneurial growth, close wealth gaps and address systemic barriers for businesses operating in the retail industry.
Byron was joined by Ahriana Edwards, CEO and Founder of Vaila Shoes and Tierra Forte, CEO and Co-Founder of Mightly, for a discussion on access to capital and how S.P.U.R. Pathways has supported entrepreneurial growth.
Ahrianna and Tierra shared their capital journeys from self-funding their businesses through savings, crowdfunding and pitch competitions, to identifying and securing working capital for their business. Preserving ownership in their business was a priority for both Ahriana and Tierre so they each looked at debt to fund their businesses. Ahriana needed flexible capital that she could draw on as needed while Tierra was looking for predictability in the cost of capital for her business as its revenues increased over time.
Ahriana was able to secure a flexible loan through S.P.U.R. Pathways that provided as needed working capital and purchase order financing to help fulfill customer orders while awaiting payment. Tierra secured a hybrid security through S.P.U.R. Pathways, featuring revenue-linked repayment and an option to recover previously lost equity.
In the session, Ahriana and Tierra each advised fellow entrepreneurs to begin with an understanding of short-term capital needs and longer-term business objectives. In addition, they recommended a focus on building a relationship with a banker to understand the available funding options, and ensure you are prepared with financial statements and projections before entering those discussions.
For Ahriana and Tierra, preparation paid off—both are now funded with the working capital their businesses need today to continue their growth. When asked what impact Macy’s, Inc. and S.P.U.R. Pathways has had on their business, Tierra remarked “securing funding through S.P.U.R. Pathways enabled us to invest in the inventory and personnel essential for opening new sales channels. The accompanying support and mentorship have been invaluable, providing us with clear insights into building a financially sustainable business that can weather market ups and downs.” – Tierra Forte, CEO and CoFounder of Mightly.
The success Ahriana and Tierra have each achieved demonstrates how preparation and programs like S.P.U.R. Pathways can be transformative for entrepreneurial growth. For more information on Macy’s, Inc. and how S.P.U.R. Pathways could support your business, please visit macysinc.com/spurpathways.
This Women Owned in Retail session was in partnership with WBENC LIFT, which delivers financial and scalability readiness programs and access to capital resources women entrepreneurs need to thrive.
