Partnership holds undeniable power when Community Development Financial Institutions (CDFIs) come together around a shared mission, combining their unique strengths to overcome challenges and broaden their collective impact.
Watchen Bruce, President and CEO of Baltimore Community Lending (BCL), along with Duane Lewis, COO, and Oraine Reid, CFO of Black Business Investment Fund (BBIF), are members of the African American Alliance of CDFI CEOs (The Alliance) who have joined forces to invest in a catalytic Business Development and Resource Center designed to ignite lasting economic growth in Baltimore and beyond.
Prior to this joint deal, Bruce reflected on earlier conversations with the late Inez Long – BBIF’s former president and CEO – about the importance of collaboration across the CDFI space. Recognizing that BCL faces challenges in securing allocations as a Community Development Entity (CDE), Bruce saw an opportunity to leverage her relationship with BBIF, leading to an investment of BBIF’s New Markets Tax Credit (NMTC) allocations into BCL’s $12 million Business Development & Resource Center.
The New Market Tax Credits(NMTC) Program attracts private investments to revitalize low-income communities. Although BBIF currently serves only Florida and Georgia, the NMTC program includes a carve-out provision that allows CDEs to use up to 15% of their allocation for projects outside their designated service areas. This provision made it possible for BBIF to allocate $7 million towards the Center.
The Center will function as a comprehensive resource hub for all business owners, offering a range of business development services including accounting, wealth management, and marketing that will be available in-person and online. Since many individuals encounter challenges throughout their entrepreneurial journey, the center will support entrepreneurs from launch to exit. BCL’s partners will have the opportunity to provide their services through the center’s online platform, enabling them to grow and reach clients without physically being in Baltimore.
“I strongly believe if you have a mission of serving underserved communities, it doesn’t matter where you are,” said Bruce. “The Business Development and Resource Center will be national; not just limited to Baltimore. Even though BBIF is in Florida, as Alliance members, I knew they could still collaborate and contribute to the cause of capacity-building.”
Housed in a four-story building, the Center will feature dedicated spaces to foster growth and collaboration. The first floor will host the business development center, while the second floor will offer co-working spaces leased to non-profit organizations and local small businesses. BCL’s corporate offices will occupy the third and fourth floors. In the long term, the goal is to build sustainability by establishing long-term partnerships with banks, accounting firms, and legal service providers.
“We are very passionate about what we are doing in our communities,” said Lewis. “We’re here because of the lack of resources small businesses have. Just because it [the center] will not benefit Florida directly, it doesn’t mean another community outside of the state shouldn’t have resources that they need. We share a common purpose to see underserved individuals have access to resources that other people do. We are doing the same work for our communities here in Florida which is why we jumped at the opportunity to help BCL.”
As underserved communities and small businesses continue to face persistent challenges, both organizations hope this partnership will inspire other CDFIs and CDEs to collaborate and amplify their impact nationwide. Black-led CDFI and Alliance member Maryland Capital Enterprises (MCE) also has a long-standing partnership with BCL, working together to fill economic gaps in the community. As one of the non-profit tenants at the center, MCE will provide technical assistance and training to clients – demonstrating once again how collaboration drives transformative change.
BCL’s partnership with other financial institutions highlights the critical role CDFI leaders play in proactively advancing their missions, especially when confronted with barriers such as limited funding, scarce resources, or eligibility hurdles.
“The goal is to build a strong ecosystem within the small business community, and we can only do that through partnership,” said Reid. “Partnership helps us to learn from each other so that we don’t have to redo the script. We are a family, and we will make the family tree grow.”
This joint initiative is a powerful example of The Alliance’s commitment to build bridges that empower its members to create wealth and expand economic opportunity in Black communities.
Lenwood V. Long, Sr. CEO of the Alliance stated, “This collaboration is a model of the type of partnership that the late beloved Inez Long, advocated for Alliance members. It is an honor of work that can be further replicated within the Alliance network.”
The official ribbon cutting ceremony for the Center is set for June 2025.
