I’m excited to announce the launch of our strategic plan, designed to mobilize and amplify advocacy, prosperity, and wealth for Black communities and leaders of Black-led Community Development Financial Institutions (CDFIs).
Our goal is to build a future where Black-led CDFIs are resource-rich and unrestricted in their ability to be catalysts for economic mobility, prosperity, and wealth building for Black families and communities. To help us design an actionable path forward, our board, members, staff, and other invested stakeholders, underwent a 14-month intensive process to develop our three-year strategic plan.
Rooted in an analysis of the nature and impact of economic exclusion of Black-led CDFIs, Black families and Black communities, and the multitude of interventions required to close the racial wealth gap, we are guided by three pillars:
- Expand Financial Capacity of Members through Collective and Cooperative Strategies
- Strengthen Technological and Operational Capabilities of Member Institutions
- Build a More Robust Human Capital Pipeline for Black-Led CDFIs
- Develop a Culture of Learning and Support for Black-Led CDFIs
- Amplify the financial preferences and needs of Black communities to inform product development, marketing, research, and policy action
- Expand AAA members’ ability to offer a slate of financial products and services that prevent wealth-stripping and lead to full financial inclusion for African Americans.
- Increase the number of regions and market segments served by Black-led CDFIs.
- Amplify the narrative of Black CDFI leaders as key actors and power brokers within the racial economic-justice ecosystem becoming a Racial Economic-Justice Ecosystem Influencers.
- Hold Community Development Finance Sector Investors Accountable to Proportionate Investment in Black CDFIs.
- Support and Advance Public Policies and Advocacy Efforts That Benefit the Stabilization and Growth of Black-led CDFIs
The three pillars resulted in the revision of our mission statement to the following:
AAA 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.
In addition, we’ve added six passionate and talented individuals to our team, in various positions. You can meet them here.
In the next few months, we’ll continue to implement our strategic plan with a brand refresh and a focus on growing our ecosystem for Black communities. I am excited to join you in bringing this plan to life by releasing the work that we’re doing for Black communities.
Lenwood V. Long, Sr. President & CEO, The Alliance