Byron Reed recently joined Momentus Capital as the new Senior Vice President of Business Advising. In his commitment to serve borrowers from underestimated communities, he will lead, manage, advise, and provide strategic direction to the team of business advisors who consult with potential and existing small and medium-sized business owners and partners.
In this blog, we take some time to get to know more about Byron, his history, and what keeps him committed to building communities of opportunity.
Byron Reed joins Momentus Capital as the new Senior Vice President of Business Advising.
Q: Â Tell me about your background
Byron:Â I have more than 35 years of banking experience working in the areas of community development, corporate philanthropy, community/government relations, trust services, small businesses, real estate, and consumer lending.
Prior to joining Momentus Capital, I served as Senior Vice President at Texas Capital Bank where I was charged with leading the bank’s Community Reinvestment Act (CRA) business plan and strategy to assist communities to thrive.
I was formerly the president/CEO of the Long Beach Center for Economic Inclusion, where I designed programming and services that assisted communities living with low incomes in Long Beach and more specifically the Central, North, and West neighborhoods in an effort to assist them with becoming financially successful.
I have earned my bachelor’s degrees in Finance and Political Science and Public Administration with a minor in Business Finance from the University of Oklahoma.
Q: How did you get into business advising?
Byron: I would like to believe that my 35+ years working in financial services have shaped my advising expertise. I have been providing advice in the areas of small business, affordable housing, supplier diversity, and more. Â
To me, business advising is an extension of the work that I have been performing in financial services, in that it allows me to continue to assist people living with low incomes and connect them with the right resources so that they can thrive.
Studies have shown that entrepreneurs that receive some type of technical assistance training before starting a small business have a very high probability of succeeding.
I feel my best knowing that I am able to contribute value to the lives of entrepreneurs, especially ones that have not always been supported to achieve their dreams.
Q: Why is it important to offer business advising services, particularly to entrepreneurs who have not always been supported to achieve their dreams?
Byron: Entrepreneurs of color have traditionally been shut out of the financial system and denied the capital and opportunities they deserve.
The work Momentus Capital is doing in offering a continuum of capital, including knowledge capital through business advising services to support communities of color, is essential.
Those entrepreneurs are the engines of job creation and economic activity in their communities and when they are given the opportunity to succeed, the inevitable result is healthier communities, and a thriving country.
Q: How do you think our business advising services level the playing field for business owners who have been historically underestimated?
Byron: As part of its continuum of capital products, impact investments, and capacity building programs, Momentus provides knowledge capital through business advising, assistance, and training.Â
Hands down, our business advising services help entrepreneurs to scale by addressing the specific needs of small business owners, ranging from 1:1 counseling to innovative capacity building and capital solutions for emerging developers of color.Â
It is my aspiration to raise Momentus Capital’s profile to be an organization well recognized for its business advising services!
Q: How do you perceive the role of Community Development Financial Institutions (CDFIs) within the financial sector?
Byron: The role of CDFIs is extremely critical, if not vital, as many small businesses are unable to secure traditional financing for one reason or another. CDFIs serve as an incubator helping prove these small businesses’ aptitude, capabilities, and overall strength, especially those coming from underestimated communities.
Q: How do you anticipate your role as SVP of Business Advising will contribute to building healthy, inclusive, and equitable communities for borrowers of color?
Byron: I believe my background working in financial services will allow me to build upon Momentus Capital’s existing efforts at building healthy, inclusive, and equitable communities for borrowers of color.
Q: What motivates you to do what you do?
Byron: As a diverse leader, I have the responsibility to bring my best talents forward in an effort to truly change and impact lives, one person, family, neighborhood, or community at a time. My motivation is to always try and affect positive change and add value to organizations I serve.
Q: What are you most grateful for in your life?
Byron: So many things, but I am beyond grateful for my family, friends, the opportunity to see the world, the opportunity to lead and excel, good health, sound mind, and a God spirit to continue to do the work that I do.
Q: What was the last thing that made you smile?
Byron: The last thing that made me smile was watching my niece perform, and experiencing her confidence coming through because she knew that she had put in the work to show up!
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