The African American Alliance of CDFI CEOs (The “Alliance”) has received a $375,000 grant from the PNC Foundation to be dispersed over three years. This multi-year grant will allow The Alliance to develop innovative programs and provide critical resources supporting and empowering Black CEOs of Community Development Financial Institutions (CDFIs) to increase their capacity, support the mentorship training program for Women-Led CDFIs within its membership and continue its work to address the racial capital gap that continues to plague the balance sheets of Black-Led CDFIs and the communities they serve.
“Transformational change requires strong partnerships and impact-driven collaborations. We are gratified by this demonstration of support from the PNC Foundation, said Lenwood V. Long, Sr., president and CEO of The Alliance of African American CDFI CEOs. “For the past four years we have been committed to supporting the mission of our member CEOs and their charge to invest in projects that provide affordable housing, create jobs, and strengthen small businesses in marginalized communities.”
The Alliance is a membership-driven intermediary organization that aims to: build the capacity of member organizations; build bridges to economic stability, well-being, and wealth for Black individuals, families, and communities; and build power in Black communities by challenging and influencing financial sectors to operate more equitably.
It is the only organization leveraging Black CDFI CEOs’ decades of expertise, relationships, and intellectual capital to change the odds and the outcomes for Black, Indigenous, and Persons of Color (BIPOC) in underserved communities.
“At PNC we are committed to making a positive difference by leveraging the power of our resources to help all move forward financially,” said Richard Bynum, Chief Corporate Responsibility Officer for the PNC Financial Services Group. “We are proud to support the Alliance of African American CDFI CEOs’ Capacity Building Initiative because we believe that its focus on small businesses, affordable housing, and business services has tremendous potential to effect lasting change in communities throughout the country.”
About PNC Foundation
The PNC Foundation, which receives its principal funding from The PNC Financial Services Group (www.pnc.com), actively supports organizations that provide services for the benefit of communities in which it has a significant presence. The foundation focuses its philanthropic mission on early childhood education and community and economic development, which includes the arts and culture.
About African American Alliance of CDFI CEOs
The African American Alliance of CDFI CEOs (The Alliance) is a coalition of 53 CEOs of Black-led Community Development Financial Institutions (CDFIs), which include loan funds, credit unions, venture capital firms, and non-profit developers. Since 2018, The Alliance has represented all 50 states and the District of Columbia. As a result, members are uniquely positioned to address issues related to housing and access to capital for African American populations and communities. Learn more about the Alliance and initiatives at www.aaacdfi.org