2023 – 2024 Impact Report – True Access Capital

LETTER FROM OUR CEO

VANDELL HAMPTON,
JR. Chief Executive Officer

Dear Friends and Supporters,
Reflecting on the last 18 months, I am filled with optimism for the future we’re shaping together.

The year marked the launch of True Access Capital’s (TAC) new, five-year strategic plan (2023-2028). The plan reaffirms our commitment to serving small business owners—especially women and people of color—with the capital, technical assistance and mentoring that is often unavailable in these low-wealth communities. This plan is a blueprint for improving TAC’s impact by strengthening our infrastructure, expanding our community outreach, and offering a more comprehensive range of products and services. You can read more about the new strategy elsewhere in this report.

Reflecting on 2023-2024, I am filled with optimism for the future we’re shaping together.

The past 18 months have brought significant changes for True Access Capital. Several long-term employees retired, creating an immediate need to document procedures and recruit new leaders. In the process, we restructured roles and responsibilities and are now better positioned to sustain ongoing growth.

In addition, we embarked on an overhaul of our accounting systems—a complex, multi-phase project we expect to complete in early 2025. Managing this implementation and ensuring the seamless migration of data while maintaining normal business operations, is a critical undertaking—and our team is meeting the challenge.

We also launched new initiatives and formed key partnerships. Notably, in 2024, we partnered with New Castle County and the Claymont Renaissance Development Corporation to create the New Castle County Corridor Revitalization Fund. The fund provided grants of up to $10,000 to small businesses and other organizations located along several New Castle County commercial corridors. The initiative promoted economic growth by funding improvements that enhance the aesthetic appeal and functionality of the corridors. These improvements included façade upgrades, landscaping, new signage, painting and other enhancements.

This renovation project was partially funded through the New Castle County Corridor Revitalization Fund.

Together, we are building a stronger, more resilient, more inclusive economy. Thank you for your continued trust and support. We look forward to the journey ahead.

Our New Markets Opportunities Program hit its stride in 2024, offering monthly webinars and an annual Procurement Fair to help small, minority, and women-owned businesses break into lucrative markets and secure contracts with large corporations and government entities. We partnered with organizations such as Christiana Care, the Army Corps of Engineers, DelDot, J.P. Morgan Chase, and the City of Wilmington, among others, to provide expert-led sessions that guide clients through the complexities of the procurement process.

Procurement Fair at The Wilmington Public Library

Meanwhile, our expansion into southeastern Pennsylvania continues to flourish. In 2023, nearly half of our lending occurred in in Philadelphia, Delaware, and Montgomery Counties in southeastern Pennsylvania. We’ve strengthened our referral networks and partnerships, making True Access Capital a go-to resource for minority and women-owned businesses in the region.

Another exciting development has been the growth of our team and the continued cultivation of a workplace culture centered around diversity, equity, and inclusion. Our commitment to these values is reflected in both the communities we serve, and within our own organization. Investing in our people is integral to ensuring that we deliver high-quality, mission-driven services to the entrepreneurs who rely on us.

Looking ahead, we remain focused on building financial self-sufficiency and creating lasting change for the communities we serve. None of this would be possible without the support of our partners, funders, and clients. Your belief in our mission fuels our work and empowers us to continue creating opportunities for underserved entrepreneurs.

Together, we are building a stronger, more resilient, more inclusive economy. Thank you for your continued trust and support. We look forward to the journey ahead.

Sincerely,

Vandell Hampton, Jr.
President & CEO, True Access Capital

Our Impact

Our Impact 2023 - 2024 (as of 9/30)

$9.3 million
in new loans

And TAC loans helped create or retain 287 jobs in low-income communities

74^%
Went to businesses led by people of color

50^%
Went to businesses led by women

32^%
Went to businesses in low-income communities

Strategic Plan
2023 - 2028

Over the past several years, True Access Capital (TAC) has experienced significant growth. This growth reflects TAC’s growing role in providing essential loans and technical support to women- and minority-owned businesses. To sustain and amplify that growth, TAC has adopted a five-year strategic plan. As of late 2024, we are one year into implementation.

TAC’s strategic plan recognizes that while our mission of empowering women and people of color remains constant, the systems and organizational structures needed to support that mission must evolve. This includes upgrading technology systems, streamlining processes, adopting data-driven approaches for decision-making, investing in staff development, and building an organizational infrastructure with the capacity to manage larger portfolios and expanded programming.

Vision for 2028

TAC’s vision for 2028 focuses on three core areas: infrastructure, outreach, and product offerings. We will build a robust business structure to support ongoing growth and long-term sustainability. This includes refining internal policies and procedures, expanding our team and fostering a positive organizational culture aligned with our values.

INFRASTRUCTURE, OUTREACH, AND PRODUCT OFFERINGS.

By 2028, we will be recognized across the region as a trusted resource for BIPOC entrepreneurs and small businesses. Through strategic partnerships, enhanced outreach, and an aligned brand experience, TAC will extend its support to more businesses in more locations and help them thrive.

TAC also plans to align its technical assistance offerings with its lending activities to ensure clients receive comprehensive support. By integrating training and lending services, TAC will enable businesses to grow, mature, and contribute to the economic vitality of their communities.

Strategic Goals and Key Projects

The strategic plan outlines three primary goals for the next five years, each supported by specific projects and activities:

1) Aligning Products and Services

We will streamline internal processes, enhance customer interaction, and prioritize technical assistance offerings. Key initiatives include:

Developing a structured process for regularly reviewing and improving TAC’s internal procedures.
Enhancing customer interaction across all services, ensuring a seamless experience for borrowers and clients seeking technical assistance.
Aligning technical assistance with growth trends and internal capacity to better meet the evolving needs of small businesses.

2) Refining and Expanding Outreach

We will increase our visibility and strengthen relationships with BIPOC communities by expanding outreach efforts and creating a consistent brand experience. Specific projects include:

Measuring and expanding outreach to ensure we reach underserved communities.
Creating an aligned brand experience for all services, making it easier for stakeholders to understand and access TAC’s offerings.
Cultivating partnerships with other organizations to enhance the breadth of services TAC can provide.

3) Strengthening Internal Infrastructure and Culture

As TAC grows, we will continue our focus on building internal capacity and equity and a positive work environment. Key initiatives include:

Revising and formalizing internal roles and processes to accommodate organizational growth.
Expanding TAC’s employee team to support increased operations and the projected growth in lending and technical assistance.
Establishing benchmarks for internal efficiency and customer satisfaction to ensure continuous improvement.
Implementing a Diversity, Equity, and Inclusion (DEI) plan, further embedding these values into TAC’s organizational culture.
Launching recurring culture-building activities to foster a positive, collaborative atmosphere among staff and stakeholders.

Commitment to Self-Sufficiency and Community Impact

At the heart of TAC’s strategic plan is a commitment to self-sufficiency. By increasing operational efficiency and effectiveness, TAC will reduce reliance on external grant funding, allowing those resources to be directed toward mission-focused initiatives that serve underserved communities. Over the next five years, TAC aims to achieve a self-sufficiency ratio of 80%, a key milestone that will ensure long-term financial health.

We will maintain our dedication to offering technical assistance to all individuals, regardless of whether they become borrowers.

Concurrently, we will maintain our dedication to offering technical assistance to all individuals, regardless of whether they become borrowers. This holistic approach strengthens small businesses and fosters economic vitality in the community.

True Access Capital’s 2023-2028 strategic plan outlines a clear roadmap for growth, sustainability, and community impact. By aligning products, refining outreach and strengthening internal infrastructure, TAC is well-positioned to continue empowering underserved entrepreneurs and contributing to the economic growth of local communities. With a focus on self-sufficiency and a commitment to equity, TAC’s vision for 2028 is one of continued expansion and meaningful impact.

Investors / Contributors

Investors

Artisans’ Bank
Barclays Bank of Delaware
Common Spirit Health
Citizens Bank
Customers Bank
Delaware Community Foundation
First Unitarian Church of Wilmington
HSBC
Kennett Borough
Northern Trust
Opportunity Finance Network
PNC Bank
U.S. Small Business Administration
TD Bank, N.A.
TD Bank EQ2
USDA - Rural Development
WSFS Bank

Individual Contributors

Clinton Tymes
Daniel Kempski
Glen Christman
Jimmy Jarrell
Pedro Viera Jr.
Phyllis McCollum
Vandell Hampton, Jr.

Contributors

Allen House Studios
Artisans’ Bank
Bank of America
Barclays Bank of Delaware
Belfint, Lyons & Shuman, P.A
Be Ready Jesus Is Coming Church
Citizens Bank
City of Wilmington
Delaware Community Foundation
Delaware State University
Discover Bank
JP Morgan Chase Foundation
Leroy Tice, Esquire, P.A. - Team Tice
MacElree Harvey, Ltd.
M&T Bank
Opportunity Finance Network
PNC Bank
Santander Bank
Shoestring Solutions
State of Delaware
TD Bank, N.A.
TransGenerational Construction & Wholesale
U.S. Small Business Administration
USDA - Rural Development
Wells Fargo Foundation
WSFS Bank