HI Mark Capital, the first majority Black-owned venture capital firm founded in South Carolina, has received an equity investment from Bank of America as part of the company’s commitment to address the persistent gap in access to growth capital for women and minority-led businesses.

The investment from Bank of America comes as venture funding to Black-founded companies is experiencing a national decline.

Recognizing the need for investments in minority-led businesses, Bank of America was the first bank to commit to the fund and partner for HI Mark Capital’s first close, which officials said will catalyze growth and advance racial equality and economic opportunity in South Carolina and across the Southeast.

“HI Mark Capital is committed to investing in minority, female or Indigenous founders across the southeast that traditionally face barriers to accessing capital. Our inaugural fund will invest in or acquire, incubate, and scale sustainable startups or early-stage tech-enabled businesses,” said HI Mark Capital Managing Partner, Herbert L. Drayton III.

“Bank of America’s partnership is a strong foundation from which HI Mark Capital can build toward our $20 million Fund target. This partnership will in turn help remove barriers to building wealth and reducing the wealth gap for minority and women entrepreneurs.”

Founded in March 2020, HI Mark Capital’s inaugural fund is committed to investing in women and BIPOC-led early-stage businesses in growing and competitive markets, while also providing the support and guidance new and experienced entrepreneurs need.

HI Mark Capital invests in diverse entrepreneurial leaders who engage in our comprehensive approach to sustainability, which measures impact based on ESG standards.

Officials said the Bank of America investment will support broader access to capital for Black, brown and women-owned businesses, an ownership group that is underrepresented in the Southeast in part because of challenges with accessing capital.

The partnership with HI Mark Capital builds on the bank's local efforts to support and help grow small and minority-owned businesses in the Lowcountry community, including connecting business owners with wrap-around services like education programs, technical assistance vendors, and Community Development Financial Institution (CDFI) resources, and Bank of America's education programs. 

“Our equity investment in HI Market Capital is just one example of the bank’s commitment to addressing the gap in access to capital and to deploy more into emerging companies led by diverse entrepreneurs. HI Mark Capital is well positioned to help more minority founders scale their business, which will ultimately spur job growth and more economic opportunities across South Carolina and the Southeast,” said Mark Munn, president, Bank of America Charleston/Hilton Head.

“Bank of America has committed more than $400 million to more than 100 women and minority-led funds across the country through capital investments in mission-focused  funds, like HI Mark Capital.”

 Carter Lumber, a leading building materials supplier, announced plans to expand its South Carolina footprint with new operations in Florence County.

The company’s $26 million investment will create 80 jobs, according to the South Carolina Department of Commerce.

Headquartered in Kent, Ohio, Carter Lumber is a privately held, family-owned company with more than 170 locations across the Midwest, mid-Atlantic and Southeast regions.

In addition to lumber, the company sells a range of building supplies including decking, doors, kitchens, siding and windows. Carter Lumber is the fourth largest professionally focused lumber and building materials supplier in the nation.

With existing operations in Easley and Rock Hill, this will mark the company’s third South Carolina location and first facility in Florence County.

Located at 305 West Myrtle Beach Highway in Johnsonville, Carter Lumber’s plans include renovating a 120,000-square-foot facility in Florence County to manufacture roof and floor trusses along with hanging interior door units.

This location will also serve as a millwork warehouse for stock mouldings, and the products from the Florence County facility will be delivered to residential, commercial and multi-family job sites.

Operations are expected to be online by the third quarter of 2023. Those interested in joining Carter Lumber should go to the company’s careers page.

The state’s Coordinating Council for Economic Development approved job development credits related to the project. The council also awarded a $100,000 Set-Aside grant to Florence County to assist with the costs of site preparation and building construction.

Governor Nominates Next Executive Director of the S.C. Department of Employment and Workforce

Gov. Henry McMaster nominated William H. Floyd to be the next executive director of the South Carolina Department of Employment and Workforce (DEW).

Previously the agency's chief of staff, Floyd has served as acting executive director since March 1, following the retirement of Executive Director Dan Ellzey.

"With tens of thousands of jobs created in just the last few years, it is paramount we have a leader at DEW who can help strengthen our workforce and fill these jobs," McMaster said. "With his experience as chief of staff and 35-year career as a certified labor and employment specialist, William Floyd is the right person to lead the agency forward and build upon the strong foundation already in place at DEW." 

Prior to joining DEW, Floyd practiced law for 35 years as a certified labor and employment law specialist and has been listed in the Best Lawyers in America since 2008.

He has served on the S.C. Chamber of Commerce’s Board of Directors as well as the Chamber’s Human Resource and Manufacturing committees. He also served on the S.C. Bar Employment and Labor Law Section and Military Law Section.

For a copy of Floyd's biography, click here. 

Floyd was screened by the South Carolina Senate's Committee to Investigate Candidates for DEW Tuesday morning. 

Floyd received his undergraduate degree from Wofford College 

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