News and Events Type: News

The African American Alliance of CDFI CEOs is closely reviewing the CDFI Fund’s proposed changes to the CDFI Certification Application, including the proposed elimination of race/ethnicity-based Other Targeted Populations as eligible Target Markets. 

For CDFIs currently relying on African American OTP, this change could require institutions to establish that their existing lending qualifies through another Target Market, including Low-Income Targeted Populations or Investment Areas. The Fund is contemplating a one-year transition period for affected CDFIs. 

The Alliance is working with its member institutions to understand the full impact of the proposal, including what the elimination of race/ethnicity-based OTPs would mean for Black-led CDFIs and, if the Fund proceeds with the change, what affected institutions would need to maintain certification. What we learn from members will shape the Alliance’s formal comments to the CDFI Fund, due November 30. 

Certification readiness is core Alliance work. Through our CDFI Certification Readiness Accelerator, the Alliance has guided Black-led CDFIs through certification and recertification. It will continue to support members through whatever changes lie ahead. 

The Alliance will remain actively engaged throughout the comment period. Its goal is a certification framework that continues to recognize the institutions reaching the communities the CDFI program was created to serve. 

A $600,000 investment from the Black Renaissance Fund helps close the capital gap for African immigrant entrepreneurs 

For First Community Capital Inc. (FCC), expanding access to affordable capital is at the heart of its mission. Serving Black and Brown communities, including the African diaspora across Southern California, the community lender works to provide economically disadvantaged small businesses and individuals with the financing and technical assistance needed to build sustainable futures. 

As demand for capital grows, FCC faces challenges familiar to many community lenders: insufficient capital and operating resources to meet the needs of the communities it serves. Without additional resources, the organization risked pausing new lending altogether, limiting a critical source of affordable, mission-driven capital for individuals who face barriers within the traditional financial system.  

When CDFIs are forced to scale back lending, the impact extends beyond the institutions themselves, disrupting pathways to wealth building and long-term financial stability. 

Flexible Capital as a Catalyst for Greater Impact 

Through its membership with the African American Alliance of CDFI CEOs (The Alliance), FCC received $600,000 from the Black Renaissance Fund (BRF), a catalytic fund that provides flexible capital to strengthen the lending power of Black-led CDFIs. The investment included a $400,000 loan to provide direct loan capital and a $200,000 grant to provide further support to the organization’s lending and operations.  

“This funding stood out due to its lower cost of capital, less restrictive structure, and flexible terms, including an interest-only payment period that significantly improved our cash flow,” said Jay Diallo, President & CEO of First Community Capital. “In addition, the grant support strengthened our loan loss reserve, allowing us to take on measured risk and offer more affordable loans.” 

Since receiving support, FCC has increased its maximum loan size from $25,000 to $150,000 and grown its lending over fifty percent, allowing the organization to reach more small businesses with larger amounts of capital. 

Jay Diallo standing next to Dr. Johnson at Mission Grove Urgent Care

That expanded lending is translating into tangible growth for the entrepreneurs FCC serves like Dr. Bonisiwe “Boni” Johnson, an immigrant from Zimbabwe and owner of Mission Grove Urgent Care in Riverside, California. Financing from FCC, made possible through BRF, helped the clinic purchase an energy-efficient imaging machine and scanner, allowing it to provide imaging services in-house instead of referring patients elsewhere. The new equipment is helping Mission Grove retain revenue, serve more patients, and provide urgent care to low-income families and the surrounding community. 

Stories like Dr. Johnson’s reflect the depth of FCC’s community commitment and the power in building the credibility needed to attract aligned private capital. The BRF investment helped FCC qualify for a $1 million low-interest drawdown line of credit from a private foundation, strengthening the organization’s capacity to support African immigrant entrepreneurs without being subject to the limitations associated with federal funding.  

“The Black Renaissance Fund was created to help close the capital capacity gap for Black-led CDFIs, and we are seeing how that investment can also create bridges to mission-aligned investors,” said Amber Banks, President and CEO of The Alliance. “Our mission is fulfilled when our members are positioned to attract the opportunities that will carry their organizations forward.” 

Strengthening the Ecosystem Behind Local Economic Growth  

For Diallo, serving as an Alliance member has provided valuable training opportunities that advance the systems, skills, and infrastructure behind Black-led CDFIs. 

“Being part of The Alliance network means a lot to us. It’s more than just a network, it’s a trusted community of Black-led CDFIs doing this work together,” said Diallo. “It brings credibility to our organization, opens the door to shared learning and real partnerships, and gives us a stronger collective voice.” 

With a growing foundation for impact, FCC is focused on building strategic municipal and philanthropic partnerships, laying the groundwork for future expansion into Arizona.That vision extends to creating a physical hub for Black-led innovation, including a green technology incubator serving entrepreneurs across the Inland Empire and Los Angeles. 

FCC’s next chapter reflects the broader promise of the Black Renaissance Fund: investing in Black-led CDFIs at every stage of growth to ensure communities have inclusive access to capital, wealth-building opportunities, and a stronger path toward economic mobility. 

Learn more about First Community Capital’s impact across Southern California at https://firstcommunitycapital.org/. 

Regional convening brings together Black-led CDFI leaders, capital partners, and civic leaders to confront growth, displacement, and capital access across the Southeast  

FOR IMMEDIATE RELEASE 

August 19, 2026 

CHARLOTTE, N.C. – The African American Alliance of CDFI CEOs (The Alliance) will host its Southeast Huddle & Exchange on September 29, 2026, at the Goodwill Opportunity Campus in Charlotte, NC. The convening brings Black-led Community Development Financial Institutions with funders, bankers, policymakers, and civic leaders to strengthen Black-led community finance and expand economic opportunity across the region. 

The day centers on a moderated panel discussion, “Boom for Whom? Growth, Displacement, and the Fight for Black Wealth in the New South.” Panelists will examine how rapid economic growth is reshaping communities across the Southeast and what it will take for that growth to build wealth for Black residents and businesses rather than displace them.  

Beyond the main stage, the format is built for candid peer exchange. CDFI leaders will work through the market pressures they share; expanding the supply of affordable housing, financing high-opportunity businesses and competing for capital in fast-appreciating markets. 

Programming will include: 

• A keynote luncheon with insights on the economic shifts shaping Black communities across the region. 

• Facilitated discussion using Charlotte as a case study on displacement, capital access, federal policy, and the future of the CDFI industry. 

• A funder dinner cultivating direct relationships between Black CDFI leaders and capital partners for future collaborations. 

“The Alliance Huddles are intimate, high-touch convenings designed to create durable outcomes, strategic partnerships, aligned investment, and a stronger, more visible network of Black-led CDFIs in every region,” said Amber Banks, President & CEO of The Alliance. “The work of building wealth happens close to home, which is why we believe it’s important to be where the impact is happening, listen to those closest to the work, and gain a deeper understanding of what communities need to thrive.” 

The Southeast Huddle & Exchange is made possible by U.S. Bank, whose generous support reflects a shared commitment to ensuring Black-led CDFIs are positioned to access and help shape the economic opportunities emerging across the Southeast. 

The Southeast Huddle & Exchange runs from 12pm until 5:30pm at the Goodwill Opportunity Campus, 5301 Wilkinson Blvd., Charlotte, NC 28208. Registration and the full agenda are available here. 

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About The African American Alliance of CDFI CEOs   

The African American Alliance of CDFI CEOs (The Alliance) is a national coalition of 100+ 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 communities.  

Learn more about The Alliance and its programs at http://www.aaacdfi.org. 

Media Contact 

Iyanna Peoples
Associate, Marketing & Development
African American Alliance of CDFI CEOs
[email protected], (910) 518-9201

Turtle Island Community Capital and the Black Renaissance Fund earn national recognition for reshaping how capital reaches communities that have long been overlooked. 

When the Transformative 25 (T25) list announced its newest class of organizations reshaping the economy for social, environmental, and economic justice, our member Turtle Island Community Capital (TICC) and The Alliance’s Black Renaissance Fund made the list. Both were recognized for the same underlying work: building the capital systems that our communities have been shut out of for generations. 

Turtle Island Community Capital: Native-Led Finance at Regional Scale 

TICC is the only Native-led community development financial institution (CDFI) operating at a regional scale across the Northeast and Mid-Atlantic. Since founding the organization in 2024, Co-Founder and CEO Alexander Sterling has built its policies, lending products, investor materials, compliance systems, and reporting processes from the ground up, all while meeting rising demand for financing from Indigenous entrepreneurs and communities. 

One of the businesses TICC supports is Relative Arts, an Indigenous-led creative enterprise that produced the first-ever Indigenous New York Fashion Week in 2025, creating opportunities for more than 70 Indigenous artists and cultural workers. Despite that success, barriers within traditional financing had forced the organization onto a high-interest line of credit that left it financially strained. TICC stepped in to refinance that debt with more patient, flexible capital. 

“I talk often about reshaping how capital flows, but in practice that can look like these business owners no longer being trapped by predatory terms,” said Sterling. “That is what TICC is building toward: capital that strengthens long-term viability, preserves community assets, and treats enterprise and collective futuring as infrastructure.” 

To date, TICC has deployed nearly $130,000 through multiple forms of capital, and it is now working to launch a $10 million Watershed Capital Bioregional Fund to grow its lending portfolio and continue building financial infrastructure for Indigenous communities. 

The Black Renaissance Fund: Closing the Capital Gap for Black-Led CDFIs 

The Black Renaissance Fund is the only fund focused specifically on closing the capital capacity gap for Black-led CDFIs. It is raising capital to provide members of the African American Alliance of CDFI CEOs with capacity building grants and below-market, patient debt giving Black-led CDFIs the tools to strengthen their balance sheets, build loan capacity, and grow revenue through interest income. 

That gap is well documented. According to the Hope Policy Institute, Black-led CDFIs carry smaller and slower-growing balance sheets than their white-led counterparts, even though our network of 75+ certified CDFIs is led by CEOs with an average of 20-plus years of community development experience and a proven record of building wealth in Black communities through culturally aligned, proximate service. 

The Fund is now building toward its goal of raising our goal of $125MM for capital deployment and operations. Members interested in learning more about investing in or accessing the Fund can reach out to Erica King, SVP of Lending and Operations at [email protected]. 

One Movement, Two Milestones 

TICC and the Black Renaissance Fund are proof of what the Alliance was built to do: turn individual momentum into collective opportunity. Whether it is a Native-led CDFI refinancing predatory debt for an Indigenous fashion enterprise, or a Fund built to close the balance sheet gap for Black-led CDFIs, the throughline is the same. Capital should recognize the value, governance, and future of the communities it is meant to serve. 

Learn more about TICC at turtleislandcommunitycapital.org. Learn more about the Black Renaissance Fund at aaacdfi.org/black-renaissance-fund. 

A $500,000 investment from the Black Renaissance Fund launched NDC’s Clean Energy Loan Initiative

Since 1993, Neighborhood Development Center (NDC) has operated on a single premise: underinvested neighborhoods are transformed from within, by the entrepreneurs who live in them. That mission now extends to clean energy. 

With $500,000 in loan capital from The Alliance’s Black Renaissance Fund (BRF), NDC launched the Clean Energy Loan Program, pairing financing with technical assistance so small business owners across the Twin Cities metro can pursue energy efficiency, electrification, and decarbonization projects. 

Access to affordable lending capital became one of the biggest barriers to developing the organization’s Clean Energy Initiative. During the NDC Green Team’s search for resources, BRF’s investment carried a 2% interest rate and interest-only payments for the first 24 months, terms that have become increasingly difficult for CDFIs to secure. 

“Flexible and accessible funding, like the Black Renaissance Fund, is vital for CDFIs,” said Renay Dossman, President & CEO of NDC. “Without this kind of investment, our communities could face serious challenges.” 

SmartFresh Laundry team standing outside business in Minneapolis, MN. 

For the family behind SmartFresh Laundry, the program opened a door. As its first financing recipient, they used the loan to transform their space: high-efficiency washers, modern equipment, new vending machines, and upgraded heating systems that enhance both operational efficiency and improved customer experience. 

Recognizing that access to capital is only part of the solution, NDC hosts workshops and partners with Energy Smart to provide free energy assessments that help entrepreneurs better understand available incentives and make informed investment decisions. 

A Membership That Extends Beyond Funding 

As an Alliance member, NDC has accessed a network of expert consultants that have strengthened its organizational infrastructure. The AERIS team conducted a thorough analysis of NDC’s operational and financial framework, delivering recommendations that are informing the organization’s growth strategy and action plan. The Alliance also facilitated a technology assessment that has proven equally valuable, which identified opportunities to streamline operations, strengthen its technology infrastructure, and enhance the experience it provides to entrepreneurs and community partners. 

“Being part of The Alliance network means a lot to our organization,” said Dossman. “It offers invaluable guidance and resources that empower us to enhance our capacity to continue serving underinvested communities in the Twin Cities.” 

As an intermediary, The Alliance is helping to build a financial ecosystem where prosperity and generational wealth are within reach for everyone.  

“Climate finance represents one of the greatest economic opportunities of our time, and Black entrepreneurs deserve to be part of that future,” said Amber Banks, President & CEO of The Alliance. “By investing in Black-led CDFIs like Neighborhood Development Center, the Black Renaissance Fund is helping ensure that access to clean energy financing creates stronger businesses, healthier neighborhoods, and more equitable economic growth.” 

NDC’s next chapter deepens its commitment to entrepreneurs and developers through expanded lending programs and new financial products. The organization is also creating infrastructure for emerging lenders who need support with underwriting and loan servicing.  

Anchoring that work is The Ruckus, a new community-driven innovation center in development where entrepreneurs will be able to access capital, technical assistance, and business support for the tech and creative industries. 

To learn more about Neighborhood Development Center’s impact and programs, visit https://www.ndc-mn.org/. 

For African immigrants across Minnesota and Oregon, access to affordable capital remains one of the greatest barriers to economic opportunity. With support from the African American Alliance of CDFI CEOs (The Alliance) and its Black Renaissance Fund (BRF), African Economic Development Solutions (AEDS) has been able to expand its lending capacity, giving more entrepreneurs in African immigrant communities the resources to build thriving businesses and stronger communities. 

An estimated 85,000 East Africans live in Minnesota, including about 3,000 who are self-employed or own businesses. Yet, many still struggle to access financing, a reflection of a broader systemic reality in which inequitable access to capital has limited entrepreneurship and economic growth nationwide. 

To help close that gap, BRF made a $1 million investment in AEDS, strengthening its ability to serve underserved borrowers. 

“The Black Renaissance Fund provided the first and largest PRI [Program-Related Investment] our loan fund has received to date, and we are deeply grateful,” said Dr. Gene Gelgelu, Founder and President & CEO of AEDS. “Prior to this investment, our lending capacity was constrained, and we were unable to respond to opportunities with the speed or volume required.” 

The investment has expanded AEDS’s lending capacity, streamlined its lending processes, grown its loan portfolio, and financed more small businesses that would otherwise have struggled to secure capital through traditional financial institutions. Gelgelu described the fund as transformative, deepening the organization’s ability to better meet community needs. 

(Left to Right): Members of the African Economic Development Solutions (AEDS) team, borrower Asnat Ghebremedhin alongside her mother, Two AEDS loan officer, and the Ramsey County Project Officer celebrate the successful loan closing

When real estate agent Asnat Ghebremedhin set out to bring an affordable housing project to life, she had already secured government funding but still faced a financing gap. Through AEDS’ use of Black Renaissance Fund capital, she received the financing needed to unlock the remaining funds. Today, the property has been fully rehabilitated and is home to a low-income family, illustrating the lasting impact of flexible, mission-driven capital. 

AEDS attributes much of its growth to The Alliance’s support in strengthening its infrastructure through technology upgrades, AERIS rating preparation, grant support, and operations. This assistance has helped position the organization for long-term sustainability and greater community impact. 

Building on this momentum, AEDS is focused on scaling its lending portfolio with hopes of reaching more small businesses who have historically faced barriers to traditional lending. 

“The Black Renaissance Fund is the only fund focused specifically on closing the capital capacity of Black-led CDFIs,” said Amber Banks, President & CEO of The Alliance. “AEDS is a powerful example of the critical need for inclusive resources. When community lenders are supported, entire communities gain greater access to capital and opportunity.”  

Through the Black Renaissance Fund, The Alliance is helping Black-led CDFIs turn unmet demand into economic opportunity by providing flexible, accessible capital that strengthens businesses, supports families, and creates pathways to generational wealth. 

To learn more about this innovative investment fund, visit https://aaacdfi.org/black-renaissance-fund/.  

From June 16–18, 2026, The Alliance welcomed members, funders, policymakers, industry leaders, and community partners to New Orleans for ONWARD: Our Legacy. Our Leadership. Our Charge. The three-day convening celebrated the legacy of Black-led CDFIs, elevated the leadership driving transformative change today, and challenged attendees to embrace the collective responsibility of advancing economic opportunity. 

This year’s conference marked an important milestone as the first annual conference led by President & CEO Amber Banks, ushering in a new chapter for The Alliance. Under her leadership, ONWARD centered on cultivating the next generation of leaders and transforming collaboration into coordinated action to strengthen Black-led CDFIs nationwide. 

The conference opened with a Member CEO Day, an exclusive experience designed for Alliance members to connect, collaborate, and chart the path forward together. The evening concluded with a memorable Welcome Reception aboard the Riverboat City of New Orleans, where attendees enjoyed live music, line dancing, New Orleans cuisine, and networking along the Mississippi River. 

Attendees participated in engaging breakout sessions and keynote conversations exploring critical topics including Artificial Intelligence (AI), collective advocacy, innovative partnership strategies, and climate resilience.The Ascension Ladies’ Lounge and the first-ever Ascent Men’s Lounge created intentional spaces for meaningful connection and relaxation. 

A highlight was the launch of Capital Connect, The Alliance’s signature matchmaking experience that connected members directly with capital partners to build relationships, explore funding opportunities, and strengthen future investment in Black communities. 

The celebration continued during the Luminary Awards Masquerade Ball, honoring outstanding leaders advancing community development. The evening ended with a surprise performance by the Mardi Gras Indians, whose vibrant dances and cultural traditions brought an unforgettable New Orleans flair. 

Conference programming was enriched by compelling speakers including: 

• Cederic L. Richmond, Former Congressman 

• Renee Lapeyrolerie, Deputy Mayor, City of New Orleans 

• Harold Pettigrew, CEO, Opportunity Finance Network 

• Xavier Ramey, Founder/CEO, Justice Informed 

• Bill Bynum, CEO, Hope Enterprise Corporation 

• Heidi Schoonover, Sr. Managing Director of CRA, Truist Bank 

• Sabrina Stratton, SVP & Northeast Regional Director, Amalgamated Bank 

• Alexis Dishman, Executive VP & Chief Lending Officer, CRF USA 

• Monica Burch, SVP of Community Development Segment, PNC Bank 

• Sayiddah McCree, Sr. Impact Investment Officer, MacArthur Foundation 

• Jimmie Howlett, VP of Emerging CDFIs, U.S. Bancorp Impact Finance 

• Johvanna Sampson, First VP, Director of Community Impact, Amalgamated Bank 

The final day featured Money & Mimosas: Securing the Bag, an engaging discussion with funding partners on today’s capital landscape, before concluding with the Juneteenth Brunchella Celebration, where attendees came together to honor freedom, culture, and community. 

Congratulations to the Luminary Award recipients: 

• Financial Empowerment Award: Della Clark, President of The Enterprise Center

• Climate Justice Award: Hope Cupit, President & CEO of Southeastern Rural Community Assistance Project

• Lenwood V. Long, Sr., “Good Trouble” Award: Della Clark, President of The Enterprise Center

• Donna Gambrell “Community Impact” Award: Aisha Benson, President & CEO of Nonprofit Finance Fund

• Lifetime Achievement Award: Watchen Harris Bruce, President & CEO of Baltimore Community Lending

The Alliance proudly recognized Van Hampton, our longest-serving Board member, for his extraordinary years of service, unwavering leadership, and enduring commitment to advancing the mission of the organization. 

Thank you to every Alliance member, speaker, funder, and ally who joined us. We are also deeply grateful to our sponsors whose generous support made ONWARD 2026 possible: First Citizens Bank, McKinsey & Company, PNC Bank, Truist Bank, U.S. Bancorp Impact Finance, Amalgamated Bank, The Housing Fund, Charles Schwab, MacArthur Foundation, AmPac Business Capital, Baltimore Community Lending, Butler Snow LLP, Capital One, CRF USA, Fifth Third Bank, Fund Consulting, Goldman Sachs OMBW, Goldman Sachs UIG, Kresege Foundation, LoanWell, and Fund MI. 

We celebrated our legacy, strengthened our leadership, and embraced our collective charge to move ONWARD. 

The African American Alliance of CDFI CEOs is proud to announce its 2026 Board of Directors, a distinguished group of leaders whose expertise, vision, and commitment to advancing economic opportunity will help guide The Alliance’s mission in the year ahead. Each is also a member of The Alliance, leading a CDFI in their own community. That dual role keeps our mission grounded in the realities in the field.  

We are honored to welcome the following leaders to our 2026 Board: 

• Chair: Ron Brooks, Jr., President, River City Capital Investment Corporation 

• Vice Chair: Hilda Kennedy, Founder & President, AmPac Business Capital 

• Treasurer: Paul Jones, Chief Executive Officer, ProsperUs Detroit 

• Secretary: Tate Hill, President & CEO, Access Plus Capital 

• Dr. Gene Gelgelu, Founder, President & CEO, African Economic Development Solutions 

• Alvertis Brooks, Jr., Executive Director, Rainier Valley Community Development Fund 

• Sharon Joseph, President & CEO, Harlem Commonwealth Council & Harlem Entrepreneurial Fund  

These leaders bring deep experience in community development finance, entrepreneurship, organizational leadership, and economic empowerment. Their collective knowledge and dedication will help strengthen The Alliance’s work to support Black-led CDFIs and the communities they serve nationwide.  

Please join us in congratulating our 2026 Board of Directors. We look forward to the leadership, collaboration, and impact they will bring as we continue advancing our mission together. 

Congress has passed the 21st Century ROAD to Housing Act, a bipartisan housing bill aimed at addressing housing affordability and supply challenges across the country. The bill passed the Senate and House with overwhelming support and now awaits final action by the President. 

As of this update, the bill has not been signed into law. President Trump canceled a planned signing event on June 24 and stated that he would delay action until Congress advances the SAVE America Act, an unrelated elections bill. That decision has created uncertainty around the timing of final action. 

If signed into law, the bill would make changes across several areas of federal housing policy. It includes provisions related to housing supply, manufactured and modular housing, mortgage finance, disaster recovery, federal housing programs, and the role of large institutional investors in the single-family housing market. 

Once the bill is formally presented to the President, the Constitution gives him 10 days, excluding Sundays, to sign it or return it to Congress with objections. If he takes no action and Congress remains able to receive a veto message, the bill becomes law without his signature. If he takes no action and Congress adjourns in a way that prevents the bill from being returned, the bill does not become law. That outcome is commonly known as a pocket veto. 

The Alliance is tracking this legislation because housing affordability is directly tied to the work of Black-led CDFIs. Our members operate in communities where aging housing stock, appraisal gaps, rising construction and insurance costs, limited subsidy, and too little flexible capital can make housing projects difficult to finance. If enacted, the bill could affect some of the tools local governments, lenders, developers, and community partners use to build, repair, preserve, and finance affordable housing. 

The Alliance will continue monitoring developments and will provide additional analysis if the bill is signed, vetoed, becomes law without the President’s signature, or is delayed further. 

The African American Alliance of CDFI CEOs is releasing a new Request for Proposals to support Housing Justice Champions 2.0 (HJC 2.0), an implementation-focused initiative designed to advance active state and local housing policy campaigns led by Black-led CDFIs. 

Following the success of Housing Justice Champions 1.0, which equipped members with foundational advocacy knowledge and campaign plans, HJC 2.0 moves from planning to execution. This next phase will provide intensive, high-touch support to a small cohort of Alliance members prepared to achieve measurable policy progress on housing justice policy campaigns within defined political windows. For more details, see attached RFP.

Letter of Intent Due: May 26, 2026
Proposal Due: June 1, 2026
For questions or concerns related to the attached RFP, please contact: Nucdalie Cherident, Policy & Research Director at [email protected].