This edition of our annual report is dedicated to the memory of our beloved friend and esteemed colleague, Inez Long. As the President and CEO of the Black Business Investment Fund Florida, and a co-founder and cherished Board member of The Alliance, Inez devoted her life to uplifting Black and minority communities through economic empowerment and relentless support for minority-owned businesses. Her unwavering commitment to CDFIs, particularly those led by Black leaders, has left an enduring impact on our community. Under her guidance at BBIF, she expanded access to capital, opened doors for countless entrepreneurs, and spearheaded transformative initiatives like the establishment of a Community Development Corporation and the successful raising of funds through the New Markets Tax Credits program. Her contributions continue to resonate in the communities we serve.
I am delighted to share with you our 2023 Impact Report, Rising Together: A Year of Growth and Collaboration. I take pride in reflecting on the advancements we’ve achieved in our mission to close the racial wealth gap and fight for economic justice for Black-led CDFIs and the communities they serve.
Our mission at The Alliance is clear: to empower Black-led CDFIs by increasing their access to capital and providing them with the tools they need to succeed. In turn, these CDFIs are empowering their communities, fueling wealth generation, and driving economic stability. In turn, our member CDFIs furnish their communities with essential resources to foster wealth generation and attain economic stability. Over the past year, our strides have been substantial. We’ve raised over $17.5M in support of the Black Renaissance Fund and opened the application portal. Alliance members can now apply for capacity-building grants and below-market patient debt. We launched the African American Equity Impact Scorecard which drove positive social and economic impact in the communities its users serve.
Our capacity-building programs have flourished. The Women-Led Initiative saw a remarkable 52% growth in membership, with $445,000 awarded in grants through this program. We’ve also strengthened our advocacy efforts, working closely with policymakers at both the state and federal levels to champion policies that uplift Black communities and work towards closing the racial wealth gap. In 2023, we placed a special focus on climate and environmental justice, establishing the Community Builders of Color Coalition (CBCC)—a coalition of 18 national BIPOC-led financial institutions and advocacy groups. Today, the CBCC leads the Justice Climate Fund, a nonprofit dedicated to ensuring that low-income and marginalized communities have equitable access to the benefits of the Greenhouse Gas Reduction Fund.
Within this impact report, you’ll find comprehensive insights into our programs, accomplishments, and future plans. We extend an invitation for you to join us in this mission as we strive for another year of growth and continued collaboration and a more equitable future for all.
Be Steadfast!
Lenwood V. Long, Sr.
CEO
