Side note:
Soft music plays.
Text on screen:
George Ashton the Third. Helping Diverse Businesses Scale.
Logos:
- J.P. Morgan;
- Chase;
- and the Chase octagon symbol.
On screen:
A man with short hair, brown eyes, and wearing a business suit, George Ashton the Third.
Text on screen:
George Ashton the Third, President, LISC Fund Management.
George:
It was difficult as a youth growing up in a mostly white affluent neighborhood, as the only Black child in the Little League or in your school.
On screen:
A photo shows Mr. Ashton, as a child, holding baseball trophies.
George:
But that difficulty forced me to figure out where the commonalities were. It also made me sort of an arbiter between communities. While it was a really challenging time, being either too Black for certain situations or too white for other situations…
On screen:
A photo montage shows Mr. Ashton, as a young man:
- with a group of friends;
- running on an outdoor track;
- playing golf;
- (and) wearing a suit jacket, smiling.
George:
…it was an uncomfortableness that really ultimately benefited me in the way that I look at the world and the perspectives I have, but also the empathy that I can bring to understanding the challenges of different experiences across the country.
On screen:
Photographs show Mr. Ashton standing with colleagues at different conventions and seminars across the country, including one in Washington D.C.
Text on screen:
When Ashton started raising capital for his first business, the racial wealth gap was undeniable.
George:
As I think back to building my career, I think back to how hard it was to start a business for myself. My access to capital was actually not as strong as my business partner’s who came from a lower-income background but had connections through his community.
On screen:
Photos show Mr. Ashton with his business partner, a White man with brown eyes.
George:
So, when both of us tries to raise capital from our networks and I came up with very little, he came up with a whole lot more. And I was like, “Wow.” This racial inequity, when it comes to network wealth, is a real thing. And what does that mean for your ability to start a business?
On screen:
A montage shows Mr. Ashton walking through an office building, speaking with a LISC funding recipient, a woman who has dark pulled-back hair and glasses.
Text on screen:
Artura Taylor, President and CEO, TDG Scientific.George:It’s really been incredibly rewarding to talk with somebody who has been in a business for four or five years, has found different ways to scrape by, deserves to get a chance to expand that business, to hire more people, create jobs in the community, fulfill their dreams…
On screen:
Mr. Ashton meets with Ms. Taylor In an office with wall-sized windows overlooking a city.
George:
…and to be able to provide them that capital is the most powerful part of being in this profession. Changing their lives, but also potentially affecting the lives of their next generations, so that we could not only provide solutions, but provide solutions at scale that actually might create a tipping point.
Text on screen:
In his role at LISC Fund Management, Ashton helps entrepreneurs access the capital they need to take their businesses to the next level.
George:
The awesome thing about LISC is it at the same time has this national perspective on solutions for communities, but also has folks in communities (38 of them all over the country) that can give you real context for the actual challenges and how they manifest in those particular communities.
On screen:
A montage of photos and videos show Mr. Ashton wearing a hardhat marked "LISC Strategic Investments," at a podium during a LISC-sponsored event, attending a meeting in a conference room, and visiting different small businesses.
George:
One of the thematic challenges we see for BIPOC businesses is the need for working capital.
Text on screen:
BIPOC - Black, Indigenous, and people of color.
George:
And an example that comes to mind is a printing company in Kalamazoo, Michigan where there’s an employee that’s been at the company for a really long time, has been in a leadership role at that company.
On screen:
A montage shows a man with short hair, a thin mustache, and glasses, Sean Hollins. Mr. Hollins walks through a printing shop, reviews recently-completed printing jobs, and works on his office computer.
Text on screen:
Sean Hollins, Owner, R.J.s' Printing.
George:
The owner is looking to transition the business. The employee (who’s a BIPOC employee) just needs some capital to basically be able to buy the building and the business from the existing owner.
On screen:
In an office, Mr. Hollins meets with a Senior Program Officer of the Local Initiatives Support Corporation.
George:
So again, the concept of someone who’s gone 90% of the way, in terms of setting the business up and preparing themselves for success, just needs 10% more – this capital – to get them over the hump. And so hopefully, the capital that we put in these communities means in a generation or two, more people are at that point where they can really follow their dreams.
On screen:
Mr. Ashton smiles, standing outside on a wide city avenue.
Text on screen:
George Ashton the Third. Helping Diverse Businesses Scale.
Logos:
- J.P. Morgan;
- Chase;
- and the Chase octagon symbol.
Side note:
Legal disclosures appear.
Text on screen:
Equal Housing Lender.
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