News and Events Type: News

Mobilizing Leaders and Pushing for Equitable Policies that empower CDFI Leaders and Underserved Communities Nationwide 

FOR IMMEDIATE RELEASE

April 8, 2025

WASHINGTON, DC – The African American Alliance of CDFI CEOs (The Alliance) joins community development leaders and policy advocates in Washington, D.C. on April 9, 2025, for Hill Day, an urgent call to action on behalf of underserved communities. This coordinated advocacy effort underscores the critical role CDFIs play in the financial ecosystem, managing over $300 billion in mortgages and loans that fuel small businesses, affordable housing, and commercial real estate development across the country. 

With a delegation of 80+ Black-led Community Development Financial Institution (CDFI) CEOs, The Alliance is advancing a targeted agenda for economic and community investment directly to lawmakers, centering equal access and lasting change in low-income communities.  

On this day of advocacy, The Alliance is meeting with congressional offices to discuss key policy priorities, including: 

• Securing full funding for the CDFI Fund so all CDFIs can finance small businesses, affordable housing, and community facilities. 

• Protecting the Greenhouse Gas Reduction Fund (GGRF) from claw backs that threaten clean energy investments in underserved communities. 

• Making the New Markets Tax Credit (NMTC) permanent, ensuring long-term incentives for private investment in low-income communities; and 

• Sustaining funding for critical CDFI programs, ensuring mission-driven lenders have the capital and technical support to serve their communities. 

“Hill Day provides a powerful opportunity to spotlight the critical role CDFIs play in advancing economic opportunities and wealth-building for thousands of communities across our nation,” said Lenwood V. Long, Sr., CEO of The Alliance. “We will directly engage with policymakers and address why CDFIs need the funding, resources, and support to continue serving underserved communities. To close the racial wealth gap, we must invest in the institutions doing the work.” 

The Alliance’s participation in Hill Day underscores its commitment to ensuring capital and resources flow toward historically marginalized communities. More than a network, The Alliance represents a movement of CDFI leaders who are not only filling gaps created by systemic disparities, but creating new systems for opportunity, ownership, and generational wealth.  

To learn more about The Alliance and its programs, visit https://aaacdfi.org/ 

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About The African American Alliance of CDFI CEOs   

The African American Alliance of CDFI CEOs (The Alliance) is a coalition of more than 80 CEOs of Black-led Community Development Financial Institutions (CDFIs), comprising loan funds, credit unions, venture capital firms, and non-profit developers. Since 2018, The Alliance’s network collectively services 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 its programs at http://www.aaacdfi.org. 

Pamela Stewart is a trailblazer in community development finance who is transforming the economic landscape for Black entrepreneurs. As President of the Black Business Investment Corporation (BBIC), Pamela brings a wealth of experience, a mission-driven mindset, and a commitment to breaking down systemic barriers for underserved communities. Her leadership is not only helping Black-owned businesses thrive but also empowering the next generation of women leaders to drive meaningful change. 

BBIC has been a pillar of support for Black-owned businesses in Palm Beach County and the Treasure Coast for over 36 years. Originally established to help Black businesses become creditworthy borrowers through a loan guarantee program, BBIC has evolved into a Community Development Financial Institution (CDFI) providing direct loans, management assistance, and entrepreneurial training. The organization has offered loan guarantees ranging from 10% to 90%, serving as a crucial credit mitigation tool to improve access to capital for Black-owned businesses. With a steadfast commitment to fostering sustainable economic growth, BBIC creates pathways for Black entrepreneurs to access the capital and resources they need to scale and succeed. 

Prior to joining BBIC in 2021, Pamela’s leadership philosophy was shaped by a defining moment in her career when she had to sunset an emerging CDFI after a decade of operations due to insufficient operational support. “I realized then that no matter how great our loan products were, if we didn’t understand how to scale and grow the operation, success would be out of reach,” she reflects. This experience shaped her into the transformational leader she is today—one who fosters an open, transparent, and mission-driven culture where her team is empowered to make an impact—after stepping into the role of President in April 2023. 

Women-led CDFIs often face similar challenges as women entrepreneurs with accessing the same level of capital and resources as their male-led counterparts. Pamela tackles these challenges by enhancing BBIC’s profile through strategic partnerships and a relentless pursuit of industry best practices, all while leveraging her membership with the African American Alliance of CDFI CEOs by participating in capacity-building programs like the Women-Led Initiative, Total Community Lending, and CDFI Certification Readiness Accelerator to further strengthen BBIC’s mission. 

Under her leadership, 50% of loans disbursed and 78% of development services are provided to women-owned businesses. In 2024, BBIC launched the Phoenix Co-Lab, a dynamic initiative specifically designed to support women business owners. This program fosters networking, provides educational resources and mentorship, encourages collaboration, and promotes holistic well-being to empower women to thrive in their businesses. “The Phoenix Co-Lab is a space where women can rise, just like a phoenix, and achieve their highest potential,” Pamela says. 

Pamela Stewart standing with Phoenix Co-Lab participants 

Michelle Obama, out of many women, stands out as a guiding influence for Pamela. She often returns to one of Michelle’s quotes as a source of motivation: “The only limit to the height of your achievements is the reach of your dreams and your willingness to work hard for them.” 

Pamela hopes to leave a lasting legacy of opportunity for women in the CDFI space. She offers guidance to the next generation of women leaders, drawing inspiration from the words of The Alliance’s leadership: “Remain steadfast and focus on empowerment, resilience, and impact.” 

For Pamela, Women’s History Month serves as an opportunity to honor the contributions and achievements of women throughout history, particularly Black women whose stories often go untold. Through her work at BBIC and her unwavering dedication to economic justice, Pamela Stewart is ensuring that Black women entrepreneurs not only have a seat at the table but are also equipped to lead and transform their communities. 

For Dr. Alvertis Brooks Jr., the mission of the Rainier Valley Community Development Fund (RVCDF, the Fund) is deeply personal. As the Executive Director of this Community Development Financial Institution (CDFI), Brooks is continuing a legacy of financial and economic resilience that has shaped his own family’s history for generations. 

RVCDF was founded in 2002 to ensure that small businesses in the Rainier Valley region located in Seattle, Washington, would not be left behind due to regional transit expansion. The result was a $50 million fund (half designated for mitigation efforts and the other half for a loan fund) aimed at supporting businesses impacted by light rail development. Since then, RVCDF has invested more than $100 million in the community, providing critical financing to small businesses and affordable housing projects.  

Brooks brings a unique perspective to his role. He has an undergraduate degree in Accounting with an emphasis in finance, a Master in Intercollegiate Athletic Leadership, and for his Doctorate in Educational Leadership, he focused on developing cultural and racial safe spaces for underrepresented leaders, expertise that aligns closely with his work at the Fund. Brooks’ journey into the CDFI industry was an unexpected but natural transition. He was serving as an independent school leader when he was approached to join the board for the Fund but his acumen in accounting and finance coupled with experience in community organizing provide a depth of experience that benefits RVCDF.  

Brooks standing with his children: Peyton (17), Braylen (14), Jaxon (10)

“What I truly appreciate about this role is that success is defined qualitatively,” said Brooks. “It’s about how much of our community’s culture can thrive and endure during economic hardships. It’s about how our businesses grow and succeed while staying true to their identity and the communities they serve.” 

During light rail construction in the region, RVCDF provided $15 million in funding to 181 businesses, resulting in more than 89% of businesses remaining open through the disruption. The Fund’s team is positioning itself as a key partner in transit-related development set to take place in the region over the next 10 years, working to ensure that mom-and-pop shops aren’t displaced by uncontrollable economic forces. 

Brooks shared that his perspective on economic empowerment is shaped by his own family history. His grandfather was one of seven men who established the first Black VFW (Veterans of Foreign Wars) Post in Alabama. Recognizing opportunities, his grandfather started a peanut roasting business, then opened a café, and later established a mortuary to ensure Black families in his community were treated with dignity in death. 

First Black VFW Post in Alabama 

A key initiative of the Fund focuses on preserving legacy Black homeownership by supporting cooperative housing models. Another recent project involved financing a community bookstore housed within an affordable housing development, ensuring that both economic and cultural spaces remain accessible in the region. 

From personal and professional knowledge, Brooks believes financial literacy is key to sustaining underserved businesses. Black-led CDFIs provide a unique prospective to equip entrepreneurs with sustainable tools to manage budgets, finances, and asset appreciation. Through programs that provide small business loans, lines of credit, and financial education, RVCDF is empowering underrepresented and underserved entrepreneurs with the resources and knowledge needed to build long-term financial stability, fostering a thriving ecosystem of businesses that can grow, sustain, and contribute to the community. 

Brooks shared that he recently gained membership into the African American Alliance of CDFI CEOs in February 2025, is already benefiting from the wisdom of fellow members, and eagerly anticipates deeper engagement. 

“As a young executive director—both in age and experience—I have deeply appreciated the time I’ve spent engaging with Alliance members,” said Brooks. “The multigenerational diversity of experiences within the Alliance has been invaluable, and I look forward to the opportunity to connect with other African American leaders across the country. The abundance of resources available through the Alliance will be instrumental in strengthening our small operation, ensuring that my staff remains informed and connected to current events. Additional access to capital is another critical opportunity that will support our organization’s growth and impact.” 

When asked how others can support financial equity and inclusion, Brooks emphasizes the need to invest in organizations and CDFIs already making an impact. He encourages newcomers to the CDFI industry to focus on strengthening established institutions, ensuring resources are directed where they can create the greatest and most meaningful change.

Under Brooks’ leadership, RVCDF remains a powerful force for economic justice, ensuring that as Rainier Valley and in other regions in Martin Luther King Jr. County evolve, development benefits the current community members rather than displacing it. For Brooks, this work is a personal mission to uphold the financial foundations laid by those before him and to build a future where economic opportunity is truly inclusive. 

Throughout history, Black communities have demonstrated extraordinary resilience and innovation in the face of systemic economic oppression. From the entrepreneurial brilliance of Madam C.J. Walker to the thriving hubs of commerce like Atlanta’s’ diverse and dynamic economy, the legacy of Black economic power is undeniable.  

Over the last decade, progress has been made. Black representation in the U.S. Congress has increased, the percentage of Black university graduates has risen, and according to the U.S. Small Business Administration Office of Advocacy, there are now over 3 million Black-owned businesses contributing more than $200 billion annually to the economy. 

Yet, even as we celebrate these triumphs, the racial income gap remains stark. These disparities highlight the need for comprehensive economic reforms and targeted investments to ensure equitable financial opportunity across all races and ethnicities.  

The African American Alliance of CDFIs CEOs believe in the transformative power of supportive economic development as a driver of lasting change. Community Development Financial Institutions (CDFIs) break down economic barriers by providing capital and resources to persistently underfunded entrepreneurs.  

Through strategic advocacy, research, and direct action, The Alliance champions policies that promote sustainable economic growth and equitable financial opportunities; like our initiatives with the U.S. Small Business Administration to increase access to capital and technical assistance for underserved entrepreneurs. Our work with the U.S. Department of Treasury and other agencies further ensures equitable investment opportunities.  

Our actions don’t stop here. The Alliance Housing Initiative addresses inequitable housing practices, homebuyer education, and affordable housing access so that everyone has the opportunity to live in safe and affordable housing. 

When Black communities have equitable access to wealth-building opportunities, the impact is profound—not just for individual families but for the broader economy. That is why The Alliance remains steadfast in its mission to strengthen Black-led CDFIs who are empathetic to the needs of the underserved and can drive capital and training into communities seeking to have equitable access to wealth building opportunities.  

But achieving this vision requires action. By supporting The Alliance and its initiatives, we can dismantle systemic barriers and create pathways for success and make a tangible difference in the lives of millions across the country.  

Join us in this vital work. Together, we can create lasting change that positively impacts everyone. 

Calling all housing justice advocacy experts!  

The African American Alliance of CDFI CEOs is piloting a new program aimed at strengthening the ability of members to advocate for policy reforms in their communities that accelerate housing justice.  

We are seeking an expert with experience navigating state and local politics as well as cultivating advocates and organizers to empower our network of 100+ Black-led CDFIs across the country.  

Key consultant activities will include curriculum design and delivery, research into local housing and political ecosystems, coaching on member advocacy strategy, toolkit development, and advising the Alliance on program sustainability. 

The selected consultant will be responsible for achieving the following objectives: 

• Deliver a structured, facilitated training that empowers members to influence local housing advocacy ecosystems through bipartisan coalition-building and anti-racist policy change. 

• Deepen The Alliance and its members’ understanding of state and local policy ecosystems and how CDFIs can influence these ecosystems to achieve anti-racist policy change in housing. 

• Prepare members to practice their advocacy skills during advocacy days, public hearings, advisory councils and other policy-making venues. 

• Create the infrastructure for The Alliance to sustain and improve upon this program in the future. 

This program will fulfill one of three goals included in the Alliance Housing Initiative’s Roadmap, the Alliance’s plan to support its members to increase their impact on housing justice initiatives and build a more equitable housing landscape in the communities they serve. The Roadmap is available for download here. 

If you are interested and want to learn more, read our Request for Proposal here.  Send a letter of intent to apply by February 21, 2025, and submit a full proposal by March 3, 2025.  

Contact Somala Diby ([email protected]) with any questions. 

Under the leadership of President and CEO James H. Bason, TruFund Financial Services, Inc., the organization continues its mission of fostering economic and social justice. Headquartered in New York City, TruFund operates in New Jersey, Alabama, Louisiana, Texas, and Georgia. As a Community Development Financial Institution (CDFI), TruFund has been serving underserved small businesses, nonprofits, and individuals since 2005. By providing affordable capital, business advisory services, and capacity-building programs, TruFund addresses systemic financial inequities while building stronger, more resilient communities. 

Since joining the African American Alliance of CDFI CEOs in June 2019, TruFund has found a natural synergy with its mission to advance financial equity and inclusion. As one of the original members engaged in the formation of The Alliance, James H. Bason has been deeply committed to its vision from the start. Through participation in The Alliance’s Investment Committee, Bason and his team have connected with like-minded organizations, sharing strategies and solutions for addressing systemic inequities. He values the opportunity to collaborate with other professionals who share a passion for creating economic opportunities, noting that The Alliance fosters a collective sense of purpose that drives systemic change. 

Defining Black Financial Leadership and Success 
With 14 years at the helm of TruFund and over 30 years in community and economic development, Bason measures success by the tangible impact of TruFund’s work.  By bridging financial gaps, enabling small businesses to thrive, creating sustainable jobs, and advocating for policies that promote financial inclusion, he is driving change at every level. His leadership is driven by fostering innovation, building high-performing teams, and creating partnerships that amplify impact. 

One of TruFund’s most transformative initiatives is the Real Estate Acquisition Program (RAP). This program offers up to 90% financing and technical assistance to help small business owners acquire real estate, thereby stabilizing costs, avoiding displacement, and creating opportunities for wealth building. Real estate ownership, as Bason explains, is transformative. It secures a business’s future while fostering stability and equity in communities. 

 Owner Cassandre Davilmar poses outside of Lakou Cafe with Juan Carlos Cabaza, Portfolio Asset Associate at TruFund Financial Services, Inc.  

One prime example of TruFund’s impact is its support of Lakou Cafe, located in Weeksville—a historic neighborhood founded by free African Americans and now part of Crown Heights in Brooklyn, New York. With TruFund’s RAP loan, entrepreneur Cassandre Davilmar purchased a 2,000-square-foot building housing her Haitian fusion café and two apartments leased to local residents. The café employs 12 individuals and has become a hub for community engagement, featuring a bulletin board for local artists and events. TruFund’s support has helped ensure the café’s long-term success while contributing to the economic vibrancy of the neighborhood. 

Building on the Legacy of Black Pioneers 
Advancing financial equity comes with significant hurdles, particularly the deep-rooted mistrust in financial institutions due to historical exclusion. TruFund is actively working to rebuild trust through investment, advocacy, transparency, and education. By tailoring financial services to Black entrepreneurs, the organization has expanded capital access in marginalized communities. 

When we asked Bason to share his thoughts on The Alliance’s Black History Month theme, he shared that “Black History is Financial History” is a powerful reminder of the vital role that Black individuals and institutions have played in shaping America’s economic landscape.  

“Personally, it’s a source of pride and inspiration, recognizing the resilience and ingenuity of Black pioneers who overcame systemic barriers. Professionally, it is a call to action, reminding us of the importance of continuing their legacy by dismantling financial inequities and creating pathways to economic empowerment for Black communities,” said Bason.  

Individuals and organizations can be a part of the change by supporting CDFIs and other mission-driven financial institutions. Additionally, those who support the mission can advocate for equitable economic policies, spread awareness about the importance of financial inclusion, and invest in underserved communities. 

Through innovative programs and a steadfast commitment to justice, TruFund Financial Services is honoring the legacy of Black financial pioneers while creating transformative opportunities for communities nationwide. 

To learn more about James H. Bason and TruFund, visit their website at www.trufund.org. 

As we embark on a new year filled with promise and opportunities, we’re delighted to announce the election of our new members to The Alliance’s Board of Directors. Please join us in welcoming Hilda Kennedy, Ron Brooks, and Gene Gelgelu to our leadership team. Their exceptional expertise, unwavering passion, and shared commitment to our mission will be instrumental in advancing our efforts to empower Black-led CDFIs and closing the racial wealth gap. 

• Hilda Kennedy is the Founder and President of AmPac Business Capital and has been a dedicated Alliance member since 2019. As a key contributor to the Advocacy & Partnerships Committee, Hilda will continue fostering strategic collaborations and amplifying our collective voice to drive impactful change. 

• Ron Brooks, President of River City Capital, joined The Alliance in 2021. With a strong track record of leadership in community development, Ron’s insights will greatly enhance our mission to support Black-led CDFIs. 

• Dr. Gene Gelgelu, Founder and President & CEO at African Economic Development Solutions, joined the Alliance in 2020. Under his leadership, Dr. Gelgelu has incubated numerous culturally specific businesses and launched Little Africa, a creative placemaking effort in the heart of Saint Paul.  

The 2025 Board of Directors is composed of a distinguished group of leaders: 

• Donna Gambrell – Chair 

• Watchen Bruce – Vice Chair 

• Van Hampton – Secretary 

• Marshall Crawford – Treasurer 

• Hilda Kennedy – Newly Elected 

• Ron Brooks – Newly Elected 

• Gene Gelgelu – Newly Elected 

A strong, unified board has been essential to driving meaningful change and ensuring the success of our mission.  

The Alliance extends its heartfelt gratitude to Calvin Holmes and Victor Elmore, who are retiring after their distinguished service as inaugural board members. Both leaders have been appointed as non-voting (emeritus) members, in recognition of their invaluable contributions to the foundation and growth of The Alliance. Their leadership and dedication have left an indelible mark on our organization. 

We look forward to working alongside our newly elected members and the entire board as we continue advancing the vital work of The Alliance. 

The year 2024 is recorded to be the hottest year in history. By 2030, major economies will have to cut carbon emissions by half to slow the accelerating effects of global warming. This challenge is especially critical in climate-vulnerable communities, which are disproportionately impacted by environmental degradation and populated by Black and Brown people. However, threats to programs that seek to address those in dire need of help put our national and the global environment at significant risk.  

Environmental Inequities: A barrier to Justice and Mobility 

Black and Brown populations are reported to bear the brunt of climate change due to their proximity to polluting industries, lack of green spaces, and heightened vulnerability to extreme weather, flooding, and poor air quality. These environmental inequities exacerbate existing disparities in health, economic opportunity, and social mobility. Despite these challenges, these are also the communities that are historically excluded from green energy initiatives, even though they need it the most – 80% of clean energy investments are concentrated in red states, perpetuating the damaging cycle of political polarization and its echo. By Prioritizing environmental justice, we can ensure all people, regardless of race, income, or geography, have equal access to a clean and a healthy environment in which to live. 

CDFIs: Catalysts for Change in the Green Economy 

For the African American Alliance of CDFI CEOs (Alliance), green investments are not just an environmental imperative; they represent an opportunity to build healthier, more resilient, and economically vibrant futures for all, including underserved populations. Since its inception, the Alliance has actively pursued social and economic funding opportunities, like the Greenhouse Gas Reduction Fund (GGRF), that position CDFIs and the communities they serve to benefit from the evolving green economy. In 2023, the Alliance launched its Environment and Climate initiative (E&C), with the goal of equipping members with the education, technical assistance, and resources necessary to expand their expertise in providing green products and services. An important part of our E&C efforts is to provide access to capital for lending in the green space. The Alliance is committed to closing the gap between existing environmental disparities and the realization of environmental justice.    

A Path Forward: The Role of Donors in Advancing Justice 

The Inflation Reduction Act presented an opportunity for BIPOC-led financial institutions to acquire the green investment and technical assistance capital necessary to help underserved communities become active participants in the green economy. To seize these opportunities, the Alliance co-led the Community Builders of Color Coalition (CBCC), a national network of 18 organizations who advocated to ensure BIPOC communities would actively receive and benefit from the capital with a stated purpose to assist them. Through CBCC’s nonprofit arm, the Justice Climate Fund (JCF), the organization successfully secured $940 million in GGRF funding.

This funding will help CDFIs and MDIs prepare and offer green capital and technical assistance in their primarily low-to-moderate income and underserved BIPOC markets, while supporting community efforts that can lead to the creation of green jobs in undercapitalized communities. This initiative and others like it exemplify how the Alliance empowers Black-led CDFIs to build their capacity, secure resources, and drive meaningful change that benefits everyone. However, there are some limitations to the program and sustained progress requires robust donor support. 

How Donors Can Support the Movement 

With your help, the Alliance can continue its E&C and other programs that strengthen the capacity of our members. Your contributions can also assist us in helping our members access the capital they need to deploy in underserved communities throughout the nation. As a donor, your support will help us do the following specific things: 

• Support Black-led CDFIs who provide competitive capital, training, affordable housing, and community facilities to marginalized entrepreneurs and consumers. 

• Provide programs that address the racial disparities Black-led CDFIs face when working to support low-to-moderate income and other underserved communities. 

• Invest in research that quantifies the impact of CDFIs on dismantling racial wealth disparities. 

• Facilitate the continuing partnerships between CDFIs, MDIs, other community development organizations, and advocacy groups to advance collaborations and policies that can remove systemic barriers to economic opportunity for the underserved. 

• Equip CDFIs with the strategies needed to collaborate and advocate for impactful policy change at local, state, and federal levels. 

• Drive public awareness of the role CDFIs, especially Black-led CDFIs, play in advancing racial economic equity. 

CDFIs stand at the intersection of justice, innovation, and impact. Investing in their capacity is not only a step toward achieving environmental equity but also a commitment to creating a more inclusive and just economy. 

With your support, the Alliance can continue to advance its mission of empowering Black-led CDFIs to drive environmental justice and economic mobility in underserved communities. Together, we can create lasting, and meaningful change, ensuring a brighter, more equitable future for all the generations to come. Donate to The Alliance today and Help Us Help ALL of Us! 

On November 21, 2024, the CDFI Fund announced FY 2024 CDFI Program Technical Assistance (TA) and Financial Assistance (FA) Awards. Among the selected organizations, The African American Alliance of CDFI CEOs and 31 Alliance Members received over $30 million in FA and TA grants. 

The purpose of the awards is to build each organization’s capacity to provide financial products and services to low-income and underserved people and communities across America.  

Congratulations to all Alliance Members on receiving CDFI Program awards!  

Below is a breakdown of the Alliance Members awarded FA and TA awards. 

Financial Assistance (FA) Awardees: 

1. African Development Center 

2. African Economic Development Solutions 

3. Albany Community Together, Inc. 

4. Appalachian Community Capital Corporation 

5. Black Business Investment Fund, Inc. 

6. Capital for Change 

7. Capital Impact Partners 

8. Chicago Community Loan Fund 

9. CommunityWorks 

10. Enterprise Community Loan Fund, Inc. 

11. Growth Partners Arizona 

12. Harlem Entrepreneurial Fund, LLC 

13. Hope Federal Credit Union 

14. Housing Partnership Fund, Inc. 

15. Institute Capital, Inc. 

16. Lowell Community Loan Fund 

17. Neighborhood Development Center 

18. Nonprofit Finance Fund 

19. Northwest Side Community Development Corporation 

20. ProsperUs Detroit Micro Lending 

21. River City Capital Investment Corporation 

22. Southern Bancorp, Inc. 

23. True Access Capital Corporation 

24. TruFund Financial Services, Inc. 

Technical Assistance (TA) Awardees: 

1. African American Alliance of CDFI CEOs 

2. African Chamber of Commerce of Colorado, USA (ACCCUSA) 

3. ASPIRE Community Capital 

4. First Community Capital, Inc. 

5. HUSTLE USA 

6. Rochdale Capital Corporation, Inc. 

7. Stepping Stones Federal Credit Union 

8. The Urban Empowerment Fund 

Grant to Fuel Environmental Justice Training for Black-led Community Lenders 

ORLANDO, Fla. – The African American Alliance of CDFI CEOs (The Alliance) announced a $250,000 grant awarded from the Mastercard Impact Fund through the Mastercard Strive USA program , aimed at advancing inclusive economic growth and supporting small businesses nationwide. Mastercard Strive USA’s support boosts The Alliance’s mission to drive economic justice and close the racial wealth gap in underserved communities, by focusing on wealth-building for Black communities. 

Through this significant partnership, The Alliance’s Environment and Climate Technical Assistance Program will provide Alliance members with valuable resources, training, and tools to enhance their provision of green lending and development services. Members will gain access to specialized training sessions, webinars, and preparatory tools to help them secure Greenhouse Gas Reduction Fund (GGRF) capital and comply with its requirements. 

“Persistent inequities in funding and access have hindered Black-led Community Development Financial Institutions [CDFls] from accessing the capital and resources needed to be prepared to assist underserved communities and entrepreneurs to address environmental and climate issues to reduce carbon emission,” said Lenwood V. Long, Sr., CEO of The Alliance. “This partnership with Mastercard Strive USA underscores The Alliance’s commitment to providing our members with innovative financial tools and resources, ensuring that small businesses and entrepreneurs have the support they need to thrive in a sustainable and inclusive economy.” 

Mastercard Strive USA is recognized for its commitment to inclusive economic empowerment and strengthening communities through strategic investments in community-focused organizations.  

“Small businesses, and particularly underserved small businesses, need to not only benefit from the country’s transition to renewable energy but be part of that process,” said Sandy Fernandez, vice president for social impact for North America at the Mastercard Center for Inclusive Growth. “This grant will help Alliance members and their communities to access and participate in opportunities and funding related to renewable energy projects. We are thrilled to welcome them to Mastercard Strive USA.” 

Together, The Alliance and Mastercard Strive USA are excited to advance a shared mission of equipping communities and small business owners to thrive in today’s evolving economic and environmental landscape. 

To learn more about The Alliance’s mission and initiatives, visit https://aaacdfi.org/. 

About the African American Alliance of CDFI CEOs 
The African American Alliance of CDFI CEOs (The Alliance) is a coalition of nearly 108 CEOs of Black-led Community Development Financial Institutions (CDFIs) and mission-driven organizations, comprising loan funds, credit unions, venture capital firms, and non-profit developers. Since 2018, The Alliance’s network collectively services 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 its programs at https://aaacdfi.org/.  

About Mastercard Strive USA 
Mastercard Strive is a portfolio of philanthropic programs supported by the Mastercard Center for Inclusive Growth and funded by the Mastercard Impact Fund. Since it was launched in 2021, Mastercard Strive has supported over 10 million small businesses globally build resilience in the digital economy by helping them go digital, get capital, and access networks and know-how. Follow Mastercard Strive on LinkedIn and subscribe to the newsletter. 

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