Goal is to further increase diversity in the rural community development and government-guaranteed lending industries
Beginning in January 2023, Arkansas Capital Corporation, in partnership with the University of Arkansas at Little Rock (UALR), will begin a 16-week pilot project for business students who have a strong interest in banking and economic development.
In 2015, Arkansas Capital was designated by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI), affirming the company’s work and successful partnerships with commercial banks, government agencies, and others at the local, state, regional, and national levels in providing fair and responsible financing packages to distressed areas since 1957. To date, nearly $2.4 billion has been deployed by Arkansas Capital resulting in over 11,000 jobs created.
“Minorities are still under-represented in the lending industry. Arkansas Capital feels creating this opportunity is a natural extension of our work as a CDFI,” said CEO Sam Walls. “Our team is very excited about this initiative, and we appreciate UALR for working with us to make it happen. It is our hope that in the future we can expand this program to other colleges and universities around Arkansas.”
Arkansas Capital’s new Minorities in Lending Internship Program will be a paid internship with an additional stipend that the intern can use for tuition, room and board, or related expenses.
According to Dr. Deborah Baldwin, interim dean of the UALR College of Business, Health, and Human Services, college students tend to rely on the experiences of their families and their family networks when choosing careers and often follow in their parents’ footsteps. “Finding pathways into banking and finance can be a challenge. Arkansas Capital’s new internship program opens a new door for those who have not previously considered careers in finance and banking,” she said.
Arkansas Capital aims to draw from the intern’s real-life experience to provide a direct contribution to the company’s strategic focus of advancing opportunities for minority and female small business owners.
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