Bridging the Gap: How ABC is Fueling BIPOC Business Dreams in LA

William Jackson was born in Italy to a military family. They moved often during his childhood, but eventually planted roots in Texas after his father’s retirement from the US Air Force. William obtained a degree in Marketing at the University of Texas at Austin. After graduating, he moved to Southern California, where he established his family and business. 

William began his career as a two-way radio salesman at Motorola. He expanded his offerings beyond sales to include services like installation and maintenance in the public safety and construction sectors. Yet, he always dreamed of owning a business for the freedom and opportunity it would bring. In 2006, he realized this dream when he opened Global Electric, an electrical contracting company specializing in design, construction, and maintenance of electrical and low voltage systems. 

Global Electric has grown to serve the transportation, utilities, healthcare, renewable energy, education, and government sectors across Los Angeles and Orange County. Their clients include LA Metro, Metrolink, Orange County Sanitation District, and the Los Angeles World Airport. Although William has been able to successfully grow the business, it hasn’t been without challenges.  

As a BIPOC-owned small business, Global Electric’s biggest challenge has been in securing capital. “We didn’t have strong enough financials to support the size of a loan needed to grow the business. We're a public works contractor, so we have to bond many of our jobs, but you've got to have strong financials in order to do that. It's like the chicken or the egg,” said William.

Black entrepreneurs often face hurdles in accessing capital, which is crucial for starting, operating, and growing their businesses. To address this issue and close the opportunity gap in Los Angeles County, LISC LA created the Asset Building for Communities of Color (ABC) program. With support from Wells Fargo, ABC is investing directly in small businesses like Global Electric by providing flexible, 0% interest capital paired with technical assistance.

With the 2028 Olympics set to be held in Inglewood, William knew that he wanted to be part of the growing business community. The Pacific Asian Consortium in Employment (PACE) connected him to LISC LA. The ABC program provided Global Electric with flexible capital to help purchase commercial property in Inglewood, one of LA’s major commercial corridors.  

For William, the ABC investment has provided more than a new office. The flexible financing has allowed him to free up other monies as working capital to hire new employees, purchase vehicles, and fund business operations. He plans to expand to have a statewide footprint across various sectors. 

Addressing the challenges faced by entrepreneurs operating in communities of color requires a multifaceted approach, including more targeted financial products and services. ABC is countering economic disparities by removing barriers and opening paths to ownership.

Learn more about how the ABC program can help your business purchase commercial property at www.lisc.org/los-angeles/abc-fund/acquisition-capital-product/.