The Equitable Access Fund is designed to meet demand for business credit among small businesses, especially those run by women, military veterans, people with disabilities, and members of the BIPOC, Latinx, and LGBTQ communities. Photo via HelloAlice.com

Houston-based fintech startup Hello Alice and the nonprofit Global Entrepreneurship Network have teamed up to create a $70 million fund that’ll help enable access to credit for small businesses.

Initial funding for the Equitable Access Fund, which debuted today, comes from Wells Fargo. GEN, which helps people start and build businesses, will manage the fund. Hello Alice’s fintech platform offers credit, loans, and grants to U.S. small business owners.

The new fund will provide credit enhancements — such as loan guarantees, loan-loss reserves and cash-collateral deposits — to ease risks for financing partners and free up money for underserved small business owners who face credit challenges.

The fund’s financing partners include First National Bank of Omaha, which issues Hello Alice’s small business credit card, and certain participants in Hello Alice’s financing marketplace. Other partners include the Mastercard payment network and the Kauffman Foundation, a nonprofit that fosters entrepreneurship.

The fund is designed to meet demand for business credit among small businesses, especially those run by women, military veterans, people with disabilities, and members of the BIPOC, Latinx, and LGBTQ communities. Hello Alice data shows that only one-fourth of small business owners have applied for a business credit card, and 85 percent of those applications were rejected due to poor credit or lack of credit.

Through the Equitable Access Fund, small business owners will be able to obtain a business credit card, build their credit profile, and eventually qualify for traditional credit and lending products. The $70 million fund seeks to unlock as much as $1 billion in credit for thousands of small business owners.

“We’re looking forward to creating more partnerships and bringing more institutions on board to the fund to achieve the goal of equitable access to credit,” Elizabeth Gore and Carolyn Rodz, co-founders of Hello Alice, say in a news release.

Wells Fargo Foundation is backing the Equitable Access Fund.

“Small businesses are a critical contributor to the economy and to building generational wealth,” says Otis Rolley, president of the foundation. “We need to create more pathways for historically marginalized small businesses to grow and prosper.”

In conjunction with GEN and Hello Alice’s Equitable Access Program, small business owners will receive credit-building education and technical assistance through a tool called the Business Health Score. The tool, which Hello Alice launched in April 2023, supplies an overview of a business’ financial condition.

Hello Alice Co-Founders Carolyn Rodz and Elizabeth Gore announced their latest opportunity for founders from marginalized communities to access funding. Photos via helloalice.com

Tammi Wallace of the Greater Houston LGBT Chamber of Commerce is a panelist on The Ion's Pride in Tech event. Photo via LinkedIn

Q&A: How the Houston tech community can support LGBTQIA+ innovators

pride month

It's Pride Month, and the Houston tech community is celebrating its LGBTQIA+ community — as well as addressing some challenges faced within the business arena.

The Ion Houston, Austin-based Pride.VC, and Houston-based Sesh Coworking are collaborating on a Pride in Tech event, tomorrow, June 24, at noon at the Ion. It's free to attend and all is welcome. The Ion is also encouraging attendees to come early for a cup of coffee at Common Bond for the weekly Cup of Joey networking happy hour from 8:30 to 10:30 am.

The event will feature a panel moderated by Sesh's Maggie Segrich and Meredith Wheeler, and will tackle topics around how Houston can do more to build a truly inclusive business community. The panelists include

Wallace, who co-founded the Greater Houston LGBT Chamber of Commerce in 2016, joined InnovationMap for a quick Q&A ahead of the event.

InnovationMap: What kind of challenges do LGBTQIA+ founders in Houston face these days?

Tammi Wallace: First, LGBTQIA+ founders need to be at the table and have a voice. When we launched the Greater Houston LGBT Chamber of Commerce in 2016, our primary goal was to make sure we were seen, heard and engaged.

A seat and a voice at the table matters because LGBTQIA+ founders often lack visibility in the broader economic ecosystem and continue to experience discrimination. This means they cannot engage with their full and authentic selves as entrepreneurs and experience unique challenges. More specifically, they face challenges with access to venture capital and angel investment funds and these entrepreneurs lack strong LGBTQIA+ role models and mentors.

In fact, some LGBTQIA+ business owners never come out because they fear losing customers or clients. We hear stories all the time about LGBTQIA+ founders not seeking either traditional or non-traditional funding because they fear that they will have to out themselves in the process and fear discrimination and a lack of acceptance in the process. Disclosing personal information, such as financial information, in some cases, can effectively out them as an LGBTQIA+ person. Funding paths must be fully inclusive and ensure that the process is viewed from the lens of the LGBTQIA+ entrepreneur and how that can impact their access to capital.


    IM: How would you recommend these founders find the community and support they are looking for? 

    TW: Definitely get involved with the Houston LGBT Chamber of Commerce. Since 2016, the chamber has been working to build a strong community to support LGBTQIA+ entrepreneurs and get them access to resources to help their businesses grow and thrive.

    We create connections and give LGBTQIA+ entrepreneurs a space and place to walk through the door as their full and authentic selves. Through the Chamber, LGBTQIA+ founders can find support, whether from other entrepreneurs, mentors and Corporate Partners. We collaborate with the National LGBT Chamber of Commerce (NGLCC) as well as the other LGBTQIA+ chambers in Texas to drive connections and build a strong LGBTQIA+ business network across the country and the state.

    We encourage LGBTQIA+ businesses to get LGBTBE® Certified as well which offers even more connection with other certified businesses, major corporations and other key stakeholders and mentoring opportunities with major companies. We can help these founders get started with the LGBTBE® certification process and tap into national, regional and statewide resources.

    IM: How do you recommend startup development organizations, investors, and other businesses become better allies to the LGBTQIA+ startup community? 

    TW: Ensure that LGBTQIA+ entrepreneurs and business and community leaders are engaged with your organization. Organizations like the Greater Houston LGBT Chamber of Commerce and the Ion are working "boots on the ground" to support the LGBTQIA+ business community and can offer the opportunity for meaningful collaboration. We also recommend advocating for others -- when you are around a table, look around and if the LGBTQIA+ community is not being represented, ask why.

    If representation is around the table, be intentional to ensure that we have a voice. As organizations that are involved in Houston's economic ecosystem, be strong and visible advocates for the LGBTQIA+ business community through engagement of businesses and the Chamber throughout the year. Be engaged -- not just during Pride Month, but twelve months out of the year.

    Whether a startup, investor or a business, you can help raise the profile for LGBTQIA+ businesses and the LGBTQIA+ business movement.

    Supporting the LGBTQ+ community is crucial to Houston business success. Ylanite Koppens/Pexels

    Rice research on why fighting workplace discrimination of LGBTQ+ employees boosts business

    Houston voices

    Being gay, lesbian or bisexual in the workplace often means facing choices that are deeply unfair. Choose to come out and risk being stigmatized or hide your orientation and prepare for a career weighted with the immense stress of secrecy. Theoretically, there are good reasons for businesses to embrace a workforce with diverse sexual orientations.

    First, much workplace discrimination is illegal, and litigation is pricey. More importantly, disdaining 5 to 15 percent of your workforce (the estimated percentage of the workforce population who are gay, lesbian or bisexual) means lagging behind the competition in the ability to recruit and retain top talent. But in reality, the legal protections prohibiting discrimination against employee's sexual orientation is often limited and what should be the rational business choice isn't always made.

    In an article published in The Encyclopedia of Industrial and Organizational Psychology, Rice Business professor Michelle "Mikki" Hebl explores the gamut of workplace challenges for gay, lesbian and bisexual workers. Misconceptions about these employees, she found, are still widespread. First of all, employers and coworkers who stigmatize homosexual or bisexual employees often misunderstand their orientation as a choice. The subsequent treatment based on this misinformation can be viciously destructive.

    A common misperception is that sexual orientation can be easily concealed. To the contrary, many gay, lesbian or bisexual workers are actually outed by coworkers, Hebl notes. Because of this possibility, gay, lesbian and bisexual employees often spend an inordinate amount of their work time and energy simply managing their coworkers' response to their sexual orientation.

    And while some people characterize sexual orientation as just a political issue, those who are gay, lesbian and bisexual employed in a toxic workplace are often not seen simply as undesirables. They can be considered actual threats, their sexual orientation capable of somehow altering the identities of fellow workers. In some cases, associations with HIV and AIDS can lead to gay, lesbian and bisexual workers being treated as physical risks.

    Because of these obstacles, many workers are forced into painful choices at work. Do I put my partner's photo on my desk? Do I mention my weekend plans?

    To reduce this burden on productive workers, Hebl writes, businesses should codify their formal rules about managing harassment. Informally, companies need to create a culture in which people of different sexual orientations are supported rather than punished for their sexual orientation.

    But companies should know this road won't always be easy. Some workers will balk at a more diverse environment. The existence of clear policies, moreover, doesn't guarantee that subtle forms of discrimination won't take place. But the consequences of not establishing policies are considerable, including litigation and high turnover rates.

    In the best of all worlds, the burden of change should not be on the gay, lesbian and bisexual workers themselves. But it's not a perfect world, so Hebl also proposes strategies to help employees maximize workplace acceptance.

    These days, evidence suggests that in some cases, disclosing one's sexual orientation has benefits. Especially in supportive organizations, it often makes sense for people to reveal their sexual orientation after a period of time and with the support of other employees.

    At the same time, Hebl notes, employees may be likely to bully gay, lesbian and bisexual employees whose orientation is the only thing that's is known about them. Thus, gay, lesbian and bisexual workers face a challenge well-known to other minority employees: delivering exceptional work and displaying exceptional character in order to attempt to allay discrimination.

    From an institutional perspective, employers can support their individual gay, lesbian and bisexual employees in myriad ways. Companies can create a welcoming culture by offering same-sex partner benefits. Anti-discrimination policies, frequently voiced, send a message of safety to gay, lesbian and bisexual employees. Such measures require both awareness and real commitment, but the extra efforts pay off well beyond the day-to-day business of hiring and retention. They also encourage open-mindedness, creativity and commitment — and in the end, a more competitive work product.

    ------

    This story originally ran on Rice Business Wisdom in 2018. It's based on research by Michelle "Mikki" Hebl, Eden B. King, and Charles L. Law. Hebl is the Martha and Henry Malcolm Lovett Chair of Psychology at Rice University and a professor of management at Jones Graduate School of Business at Rice University.

    "We're hoping to foster deeper and more inclusive representations and ally-ship at the intersection of art and technology." VlatkoRadovic/Getty Images

    Nonprofit rises to create resources and networking for Houston's LGBTQ+ community

    pride month

    As Pride Month winds down, a new nonprofit is ramping up efforts to provide resources, training, financial aid, and networking opportunities for LGBTQ+ members of Houston's tech and creative communities.

    Co-founders Alan Lett, creative director at event management company Staging Solutions, and Anthony Ferrell, a Microsoft store manager, officially launched Luminiris on June 25. Luminiris states that it's "committed to illuminating a new generation of the creative class seeking to pursue careers in the creative or tech fields — and give back along the way."

    "Houston is a city overwhelmed with talent, both artistic and technical. We've also got a strong and diverse LGBTQ+ community," Lett says in a Luminiris video on YouTube.

    The name of the organization is a mashup of the Latin word "lumen," meaning light, and the Greek word "iris," meaning color.

    "We want Luminiris to be a resource for the community, connecting creative types with technical minds in a professional setting. We're hoping to foster deeper and more inclusive representations and ally-ship at the intersection of art and technology. Through Luminiris, we want to promote LGBTQ+ talent in these fields," Lett and Ferrell say in a June 24 release.

    Luminiris is assuming responsibility for the Microsoft Pride Mixer hosted by Staging Solutions. Lett and Farrell started the mixer five years ago. The Pride Mixer will be the organization's flagship event, held every year on the Friday night before the Houston Pride Festival at the George R. Brown Convention Center.

    Since the 2020 Pride festival and parade are postponed, the mixer isn't being held this year. But Luminiris plans to bring it back in 2021.

    Throughout the rest of this year, Luminiris will focus on monthly virtual social events and online workshops for tech and creative professionals. It also will be collaborating with local networks for tech and creative professionals to help LGBTQ+ nonprofits and causes with graphic design, visual media, software training, and tech know-how.

    "Too many times, smaller nonprofits are blocked by the shadows of larger, developed nonprofits. … I can't wait to see the impact Luminiris will have on those who were once in the shadows," Atlantis Narcisse, founder of Save Our Sisters United, says in the Luminiris release.

    Save Our Sisters is a Houston-based advocacy group that serves cisgender and transgender women of color. Narcisse was one of the honorary grand marshals of last year's Pride parade in Houston.

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    German biotech co. to relocate to Houston thanks to $4.75M CPRIT grant

    money moves

    Armed with a $4.75 million grant from the Cancer Prevention and Research Institute of Texas, a German biotech company will relocate to Houston to work on developing a cancer medicine that fights solid tumors.

    Eisbach Bio is conducting a clinical trial of its EIS-12656 therapy at Houston’s MD Anderson Cancer Center. In September, the company announced its first patient had undergone EIS-12656 treatment. EIS-12656 works by suppressing cancer-related genome reorganization generated by DNA.

    The funding from the cancer institute will support the second phase of the EIS-12656 trial, focusing on homologous recombination deficiency (HRD) tumors.

    “HRD occurs when a cell loses its ability to repair double-strand DNA breaks, leading to genomic alterations and instability that can contribute to cancerous tumor growth,” says the institute.

    HRD is a biomarker found in most advanced stages of ovarian cancer, according to Medical News Today. DNA constantly undergoes damage and repairs. One of the repair routes is the

    homologous recombination repair (HRR) system.

    Genetic mutations, specifically those in the BCRA1 and BCRA1 genes, cause an estimated 10 percent of cases of ovarian cancer, says Medical News Today.

    The Cancer Prevention and Research Institute of Texas (CPRIT) says the Eisbach Bio funding will bolster the company’s “transformative approach to HRD tumor therapy, positioning Texas as a hub for innovative cancer treatments while expanding clinical options for HRD patients.”

    The cancer institute also handed out grants to recruit several researchers to Houston:

    • $2 million to recruit Norihiro Goto from the Massachusetts Institute of Technology to MD Anderson.
    • $2 million to recruit Xufeng Chen from New York University to MD Anderson.
    • $2 million to recruit Xiangdong Lv from MD Anderson to the University of Texas Health Science Center at Houston.

    In addition, the institute awarded:

    • $9,513,569 to Houston-based Marker Therapeutics for a first-phase study to develop T cell-based immunotherapy for treatment of metastatic pancreatic cancer.
    • $2,499,990 to Lewis Foxhall of MD Anderson for a colorectal cancer screening program.
    • $1,499,997 to Abigail Zamorano of the University of Texas Health Science Center at Houston for a cervical cancer screening program.
    • $1,497,342 to Jennifer Minnix of MD Anderson for a lung cancer screening program in Northeast Texas.
    • $449,929 to Roger Zoorob of the Baylor College of Medicine for early prevention of lung cancer.

    On November 20, the Cancer Prevention and Research Institute granted funding of $89 million to an array of people and organizations involved in cancer prevention and research.

    West Coast innovation organization unveils new location in Houston suburb to boost Texas tech ecosystem

    plugging in

    Leading innovation platform Plug and Play announced the opening of its new flagship Houston-area location in Sugar Land, which is its fourth location in Texas.

    Plug and Play has accelerated over 2,700 startups globally last year with corporate partners that include Dell Technologies, Daikin, Microsoft, LG Chem, Shell, and Mercedes. The company’s portfolio includes PayPal, Dropbox, LendingClub, and Course Hero, with 8 percent of the portfolio valued at over $100 million.

    The deal, which facilitated by the Sugar Land Office of Economic Development and Tourism, will bring a new office for the organization to Sugar Land Town Square with leasing and hiring between December and January. The official launch is slated for the first quarter of 2025, and will feature 15 startups announced on Selection Day.

    "By expanding to Sugar Land, we’re creating a space where startups can access resources, build partnerships, and scale rapidly,” VP Growth Strategy at Plug and Play Sherif Saadawi says in a news release. “This location will help fuel Texas' innovation ecosystem, providing entrepreneurs with the tools and networks they need to drive real-world impact and contribute to the state’s technological and economic growth."

    Plug and Play plans to hire four full-time equivalent employees and accelerate two startup batches per year. The focus will be on “smart cities,” which include energy, health, transportation, and mobility sectors. One Sugar Land City representative will serve as a board member.

    “We are excited to welcome Plug and Play to Sugar Land,” Mayor of Sugar Land Joe Zimmerma adds. “This investment will help us connect with corporate contacts and experts in startups and businesses that would take us many years to reach on our own. It allows us to create a presence, attract investments and jobs to the city, and hopefully become a base of operations for some of these high-growth companies.”

    The organization originally entered the Houston market in 2019 and now has locations in Bryan/College Station, Frisco, and Cedar Park in Texas.