Minority and Women Owned Businesses
XMi High Growth and Development Fund shall strive to maximize the participation of minority-owned businesses and woman-owned businesses to reflect the racial, ethnic and gender diversity of Tennessee’s population. Additionally, TNInvestco is an equal opportunity program and does not discriminate in employment or investment on the basis of race, color, religion, sex, national origin, citizenship status, age, disability, political affiliation, or belief.
During its investment period, XMi had capital available to invest in businesses including, but not limited to, minority-owned businesses and woman-owned businesses pursuant to the restrictions in the Tennessee Small Business Investment Company Credit Act. According to the Act, each TNInvestco, including XMi, shall coordinate its efforts to strive to maximize participation in minority-owned businesses and woman-owned businesses with the efforts of the State of Tennessee’s Department of Economic and Community Development (ECD). Demonstrating our commitment, XMi made its largest investment of growth capital into RLCL Acquisition, LLC which at the time of investment was a 100% minority-owned logistics and transportation company.
“Minority-owned business” means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more individuals who are members of any racial or ethnic minority within the state and whose management and daily business operations are under the control of one (1) or more members of any racial or ethnic minority within the state.
“Woman-owned business” means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more women and whose management and daily business operations are under the control of one (1) or more women.
For additional help and resources, please get familiar with the state of Tennessee’s Business Enterprise Resource Office (BERO) that offers procurement assistance and development opportunities to small and minority- and women-owned businesses.
For more information go to their website at: https://www.tn.gov/ecd/small-business/bero/bero-about.html
For more information on the TNInvestco program, go to the website at: www.tn.gov/ecd/small-business/tninvestco.html