Annual Impact Report
2022 Review

Moving Our Mission Forward

Advantage Capital was founded on a Mission to bring businesses, jobs and technologies to communities that have historically lacked access to investment, while producing competitive returns for our investors.

In 2022, we continued to expand the scope of that Mission and its intended impact. Our Annual Impact Report examines the outcomes we achieved over the last year while working to raise the bar for the future.

We know capital changes lives. For many, life is not getting any easier—particularly for those in underserved areas where economic instability is an ongoing reality. Together, with policy makers, investors, entrepreneurs, and others in the industry, we are working hard to blaze new trails of opportunity for all, and with measurable results and positive returns.

Steven Stull
Advantage Capital
Our 2022 Impacts:
Supporting Small Businesses
Unique Businesses Supported
Financing Affordable Homes
Families in New Homes
Expanding Renewable Energy Access
In Capital Deployed

Assessing the Impact of Our Investments

We invest to change lives and level the playing field because we believe a more equitable economy is possible. But it takes tenacity. And it takes a village.

Our team is working with government, institutional investors, entrepreneurs and industry partners to take on the hardest challenges in some of the most distressed areas of the country to catalyze capital that drives growth for those who are ready to seize it.

And our outcomes are precise and promising.

Sandra M. Moore
Managing Director and Chief Impact Officer
Advantage Capital

Without measurement there is no Mission. Accountability is key in this industry, so we meticulously track impact.

In 2022, we surveyed over 100 of our active portfolio companies. They reported:

of employees have health benefits
of companies offer accessible jobs
of employees have access to wealth creation opportunities
of companies reported new employees were able to leave public assistance
of employees have access to training
of employees stay with companies 4+ years

ModernMD is Providing Access to High Quality Healthcare to Communities in Need

Founded on the goal of ensuring equitable access to healthcare, ModernMD is working to bring quality medical care to neglected neighborhoods in New York City. Our investment—enabled by the federal New Markets Tax Credit program—provided the flexible finance solution ModernMD needed to grow and expand its impact.

Invest in People

Advantage Capital - Investment Capital for Small Businesses - United States, Finance, Capital, Investment, wealth, local community

A small business isn’t a product, or a building, or even an idea. People are what make a business. We invest in entrepreneurs and teams with passion and vision. If you’re a leader with an inhibitable drive, we want to help you thrive. From day one, we’re your partner. Let’s work toward your long-term vision together.

Make Impactful Investments

Advantage Capital - Investment Capital for Small Businesses - United States, Finance, Capital, Investment, wealth, local community

We invest in businesses that are ready for growth. But more than that, they are innovators that can change how business is done. With our investments spanning a diverse range of industries, we focus on companies that develop or apply innovative technologies or approaches to products, systems and services. Giving businesses access to the capital they need helps us achieve our double-bottom-line objective: improving local communities through the impact of sustainable local business and employment growth and producing strong returns for our investing partners.

Support and Empower

Advantage Capital - Investment Capital for Small Businesses - United States, Finance, Capital, Investment, wealth, local community

We want to partner with companies so that long after our investment, these driven entrepreneurs have the tools to continue to create change. We form relationships with great people running solid businesses. Our team uses our skills, experiences and networks to help small businesses capitalize on their growth for years to come. We want to give underserved small businesses and communities the push they need to achieve everything we know they’re capable of achieving.

Grow Underserved Communities

Advantage Capital - Investment Capital for Small Businesses - United States, Finance, Capital, Investment, wealth, local community

The companies we work with are committed to their communities, which benefit as we help businesses increase their footprint and deepen their impact. Our history is full of companies that provide deep, positive impacts to their communities beyond just the jobs they create and the economic development they spur. We invested in our hometown after Hurricane Katrina because we believed in New Orleans and its small businesses. For instance, with our support, TurboSquid has been a leader in the economic recovery of New Orleans. In 2015, the company was named by the Silicon Bayou News as a notable contributor to making digital media one of the fastest growing industries in New Orleans, and founder Matt Wisdom was named to the NOLA 100, a list of 100 drivers of the local ecosystem. We work with many of our partner companies to help promote the long-term growth of the underserved communities they call home.

Investing with Intention
In 2022, we made significant strides in addressing a systemic economic issue: the need to close the racial wealth gap in America.

Our Empower the Change Fund is a target $200MM fund dedicated to investing in and supporting minority-owned business enterprises (MBEs). Partnering with like-minded investors, we are directing capital to entrepreneurs of color who are producing the products and providing the services of the future.
Advantage Capital has raised $64.5 million with 13 limited partners for the Empower the Change Fund.
While the Empower the Change Fund is new, our commitment and history of supporting minority-owned businesses is not.
Invested in MBEs
MBEs Supported
In Third Party Follow-On Capital Attracted
Trucking Innovation is a growing Black-owned business that was looking to add to its workforce and expand its operations. We worked to catalyze that job creation and expansion with capital.
Explore more about our impact investing efforts to support small businesses, finance affordable homes and expand renewable energy access.
Supporting Small Businesses
We invest in small businesses to support quality job creation and individual economic security.
Portfolio Companies
Jobs Supported
Financing Affordable Homes
We invest in housing developments to help families find safe, secure and affordable homes.
Families in New Homes
Expanding Renewable Energy Access
We invest in renewables to bring clearn energy options to overlooked areas.
In Capital Raised
Homes Powered

Industry-leading impact investing and results reporting have earned Advantage Capital a spot on Real Leaders' Top Impact Companies list five years running.

Advantage Capital joins other major enterprises such as CVS, Patagonia, and Johnson & Johnson. See the full list here.

Neither Real Leaders nor any of its affiliates is a current client of Advantage Capital or any of its affiliates or an investor in any private funds advised by Advantage Capital or any of its affiliates. Although Advantage Capital has paid an annual fee of $10,200 to participate in the Real Leaders Impact Collaborative, Real Leaders has not received any direct compensation, whether in cash or non-cash form, in connection with the Real Leaders Impact Awards. While Real Leaders and Advantage Capital have an existing relationship through Advantage Capital's participation in the Real Leaders Impact Collaborative that could serve as an incentive to consider Advantage Capital for the Real Leaders Impact Awards, Advantage Capital is not aware of any other material conflicts of interest arising from Real Leaders relationship with Advantage Capital or its affiliates.

Advantage Capital is a registered investment adviser with the U.S. Securities and Exchange Commission ("SEC"). Such registration does not imply a certain level of skill or training. This report has been prepared for informational purposes only and nothing herein should be construed as an offer to sell, or as a solicitation of an offer to purchase, an investment interest in any fund advised by Advantage Capital, or, by extension, of any investment advisory services with regard to such interests or any other securities. Any such offer or solicitation will be made only to qualified prospective investors, pursuant to separate and confidential offering and subscription documents and materials, all in accordance with applicable state and federal securities laws to which Advantage Capital and any such offering may be subject. Only such definitive offering materials may be relied upon in connection with any decision to invest in a fund advised by Advantage Capital, and all such materials, including any materials risks associated with the investment as provided therein, should be carefully read in their entirety. Advantage Capital is an equal opportunity provider.

The portfolio companies referenced herein represent a small sample of Advantage Capital's investments that were selected solely to illustrate the firm's experience making similar investments to those within a particular fund's investment strategy and/or their community impact under state and federal tax credit programs. The sample includes companies from different industry sectors with a mix of investment instruments, and the profitability of any single investment was not a factor in the selection process. Nothing herein should be interpreted to state or imply that investments previously made by Advantage Capital were or are successful, or that past performance is any indication of future performance. All investments involve risk and unless otherwise states, are not guaranteed. Such risks may include, without limitation, risk of adverse unanticipated market developments, risk of counterparty or issuer default, and risk of illiquidity.

Any reference to third parties in this document is not intended to imply that these entities are endorsing Advantage Capital, nor is Advantage Capital making a representation or warranty as to the level of satisfaction regarding any prior or existing relationship that a third part may have had with Advantage Capital.