John Deere Enters Partnership with Advantage Capital to Increase Investment in Supporting Underrepresented Entrepreneurs and Business Owners

Rhea-AI Summary

Deere & Company (NYSE: DE) has announced a partnership with Advantage Capital's Empower the Change growth fund, committing $500 million over three years to support entrepreneurs of color. This initiative aims to enhance diversity within the agricultural supply chain, fostering community wealth and equitable opportunities. The partnership reflects Deere's commitment to social and economic change in underrepresented communities. Historically, Deere has worked with various organizations to strengthen Black farmers' livelihoods, demonstrating its focus on promoting equity in agriculture.

Positive

• Deere commits $500 million to Advantage Capital's Empower the Change fund over three years.
• The initiative aims to support underrepresented entrepreneurs and diversify the agricultural supply chain.
• Past investments demonstrate Deere's ongoing commitment to social equity and community support.

Negative

• None.

MOLINE, Ill., Oct. 31, 2022 /PRNewswire/ -- Deere & Company (NYSE: DE) today announced it will be entering a partnership as a limited investor in Advantage Capital's Empower the Change (EPC) growth fund, which provides entrepreneurs of color access to capital in order to grow their businesses and create community wealth.

Deere's commitment to the fund as a lead investor is part of the company's broader objective of allocating $500 million within the next three years to identify and grow relationships with underrepresented and disadvantaged business enterprises, creating a more diverse and sustainable supplier network within the agriculture industry.

"John Deere is committed to strengthening underrepresented communities and creating equitable wealth within the agriculture industry," said Wallas Wiggins, vice president of global supply management and logistics for Deere. "This announcement supports our company's history of advocating for—and investing in—opportunities that advance social and economic change. We look forward to seeing the positive impact within the lives and livelihoods of the small suppliers the Empower the Change fund will help scale."

John Deere has placed a robust emphasis in working with partners across the country to create equitable opportunities for communities previously under engaged.  In 2020, in partnership with the National Black Growers Council and the Thurgood Marshall Fund, Deere launched the LEAP Coalition focused on improving the livelihoods of Black farmers. LEAP (Legislation, Education, Advocacy and Production Systems) works with organizations such as the Federation of Southern Cooperatives and the Center for Heirs Property to provide awareness, assistance and legal help and counsel to help Black and minority farmers gain a clear title to their land and ensure the long-term sustainability of their land. John Deere deploys a multi-faceted approach to funding which includes not only monetary investments in programs but resource support. John Deere's investments include funding to support the National Black Growers Council, The Federation of Southern Cooperatives, Minorities in Agriculture, Natural Resources and Related Sciences (MANRRS), Thurgood Marshall College Fund and 1890 land-grant institutions such as North Carolina A&T.

About Deere & Company:

Deere & Company (www.JohnDeere.com) is a global leader in the delivery of agricultural, construction, and forestry equipment. We help our customers push the boundaries of what's possible in ways that are more productive and sustainable to help life leap forward. Our technology-enabled products including John Deere Autonomous 8R Tractor, See & Spray™, and E-Power Backhoe are just some of the ways we help meet the world's increasing need for food, shelter, and infrastructure. Deere & Company also provides financial services through John Deere Financial.

For more information on Deere & Company, visit us at www.deere.com/en/news/.

About Advantage Capital:

Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $3.6 billion in companies from a diverse array of industry sectors and has helped support more than 65,000 jobs. Learn more at www.advantagecap.com, or via Twitter or LinkedIn.

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SOURCE Deere & Company

FAQ

What is Deere's recent partnership about?

Deere is partnering with Advantage Capital's Empower the Change fund to invest $500 million in supporting entrepreneurs of color.

How much is Deere investing in the Empower the Change fund?

Deere is investing $500 million over the next three years.

What is the goal of Deere's investment in the Empower the Change fund?

The goal is to enhance diversity within the agricultural supply chain and create equitable opportunities for underrepresented entrepreneurs.

When was Deere's partnership with Advantage Capital announced?

The partnership was announced on October 31, 2022.

What is the stock symbol for Deere & Company?

The stock symbol for Deere & Company is DE.