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 Nuevos Mercados Programa De Oportunidades 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
Los inversores
Artesanos Banco
Barclays Bank of Delaware
Common Spirit Health
Citizens Bank
Los Clientes Del Banco
Delaware Community Foundation
Primera Iglesia Unitaria de Wilmington
HSBC
Kennett Borough
Northern Trust
Oportunidad De Financiación De La Red
PNC Bank
Administración de Pequeñas Empresas de EE. UU.
TD Bank, N. A.
TD Bank EQ2
USDA - Rural Development
WSFS Banco
Individual De Los Colaboradores
Clinton Tymes
Daniel Kempski
Glen Christman
Jimmy Jarrell
Pedro Viera Jr.
Phyllis McCollum
Vandell Hampton, Jr.
Los colaboradores
Allen House Studios
Artesanos Banco
Banco de América
Barclays Bank of Delaware
Belfint, Lyons & Shuman, P.A
Be Ready Jesus Is Coming Church
Citizens Bank
La ciudad de Wilmington
Delaware Community Foundation
Delaware State University
Descubrir Banco
JP Morgan Chase Foundation
Leroy Tice, Esquire, P.A. - Team Tice
MacElree Harvey, Ltd.
M&T Bank
Oportunidad De Financiación De La Red
PNC Bank
El Banco De Santander
Shoestring Solutions
State of Delaware
TD Bank, N. A.
TransGenerational Construction & Wholesale
Administración de Pequeñas Empresas de EE. UU.
USDA - Rural Development
Wells Fargo Fundación
WSFS Banco
Board of Directors
Paul B. Hughes III *
Board Chair
Vice President, Business Banking
WSFS Banco
Pedro Viera, Jr. *
Board Secretary
Vice President, Business Banking
PNC Financial Services Group, Inc.
Barry L. Lott *
Director
Vice President, Business Banking
National Council on Aging
Derrick R. Robinson
Cash & Deposits Controller
J.P. Morgan Chase & Co
Judith M. Scarborough, CPA, CVA, CFF *
Board Vice Chair
Master, Sidlow & Associates P.A.
Emanuel V. DeShields
Owner
DE Búsqueda de Seguro de Grupo
Justin D. Poser *
El Vicepresidente Ejecutivo De
Enterprise Customer Contact
M&T Bank
Thomas Hanson, Esq.
Socio
Barnes & Thornburg LLP
Judith M. Scarborough, CPA, CVA, CFF *
Board Vice Chair
Master, Sidlow & Associates P.A.
Emanuel V. DeShields
Owner
DE Búsqueda de Seguro de Grupo
Justin D. Poser *
El Vicepresidente Ejecutivo De
Enterprise Customer Contact
M&T Bank
Thomas Hanson, Esq.
Socio
Barnes & Thornburg LLP
* Executive Committee
Nuestro Equipo
Vandell Hampton, Jr.
El presidente y consejero delegado
David Ortiz
Chief Impact Officer
C'Yonna Henry
Administrative Program Assistant (WBC)
Chris Fullman
Program Manager (NMOP)
Chandler Nicas
Accounting & Portfolio Associate
Bernis Durán
Comunidad Oficial De Préstamos
Atoya Leatherbury
Comunidad Oficial De Préstamos
Ivori Price
Asistente Ejecutiva De La Oficina Del Administrador De
Lorenzo Merino
SVP, Director of Lending
Luz Sellers
Program Director (WBC)
Nicole Bracey
Administrador De Cartera
Salaika Adams
Program Specialist
Shawnna Lynch
Contabilidad Y Finanzas Gerente De
Sheila Harrigan
Gestor De Activos
Sheree Curtis
La Documentación De Los Préstamos Especialista
Sede:
100 W. 10th Street, Suite 300
Wilmington, DE 19801
(302) 652-6774 o (800) 652-4779
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