News and Events Type: News

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

 

Community development financial institutions will get nearly $1.25 billion in federal COVID relief funding to help small businesses, Vice President Kamala Harris and Treasury Secretary Janet Yellen announced Tuesday.

The United States Treasury Department has awarded $1.25 billion to 863 community development financial institutions (CDFIs), of which 45 are members of the African American Alliance of CDFI CEOs (Alliance). Through the Treasury’s Rapid Recovery Program, CDFIs will be able to help their customers and communities cope with the economic hardship brought on by the Coronavirus pandemic. 

The allocation is from the new Rapid Recovery Program, passed as part of the December 2020 COVID relief legislation and based on a bill by then-Senator Harris along with Senators Mark Warner of Virginia, Cory Booker of New Jersey, and Senate Majority Leader Chuck Schumer, as well as Representative Maxine Waters of California. 

“In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy. We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that today’s announcement might lead to an additional $10 billion in investment,” said Treasury Secretary Janet Yellen. “The President and the Vice President ran on a very ambitious agenda – ‘Build Back Better,’ unwinding systemic racism, creating an economy that works for everyone. I believe this is what that looks like in practice. By channeling more capital into CDFIs, we are translating those ideas into reality.” 

In addition to supporting eligible CDFI activities such as developing financial products, financial services, loan loss reserves, and development services, grant funds will also enable CDFIs to build capital reserves. 

“In a time of economic revitalization for communities across the country, this allocation comes at a pivotal moment for our members,” said Lenwood V. Long, Sr. President/CEO of the African American Alliance of CDFI CEOs. “Alliance member organizations, as they have in the past, will use this funding as a way to continue investing in projects that provide jobs, housing, and critical supportive services to those most in need, furthering our mission to address disparities in the communities we serve.”

Alliance member organization awardees include:

• Access Plus Capital
• African Development Center of Minnesota
• African Economic Development Solutions
• Albany Community Together, Inc.
• Ampac Tri-State CDC
• Appalachian Community Capital
• Baltimore Community Lending, Inc.
• Beaufort County Black Chamber of Commerce
• Beech Companies
• Black Business Investment Fund Florida
• Bronze Valley Corp
• Capital Impact Partners
• Carolina Small Business Development Fund
• Central County Community Development Corporation
• Chicago Community Loan Fund
• Chicago Neighborhood Initiatives Microfinance Group
• Enterprise Community Loan Fund, Inc.
• FSC First – Prince George County Community
• Greater Cincinnati Microenterprise Initiative
• Greater Jamaica Development Corporation
• Harlem Entrepreneurial Fund
• Hope Enterprise Corporation
• Houston Business Development
• Lendistry
• Local Government Federal Credit Union
• Legacy Redevelopment Corporation
• Mill Cities Community Investments 
• Neighborhood Development Center 
• Neighborhood Housing Services of South Florida
• NewCorp Inc
• Northwest Side Community Development Corporation
• Opa Locka CDC-Community Fund
• People Trust Community Loan Fund
• Piedmont Business Capital
• ProsperUs Detroit
• River City Capital
• Southern Bancorp Community Partners
• Texas Mezzanine Fund
• The Enterprise Center
• The Housing Fund
• True Access Capital
• TruFund Financial Services, Inc.
• Upper Manhattan Empowerment Zone Development Corporation 
• Village Capital Corporation 
• Washington Area Community Investment Fund

The African American Alliance of CDFI CEOs (AAACDFI) announced it received a $75,000 grant from Truist Financial Corporation to provide program and operational support.

“We’re so grateful for the generous support of Truist,” said Lenwood V. Long, Sr., CEO of AAACDFI. “The grant will help fund part of a larger effort to implement our strategic plan, which will lay out an ambitious endeavor of the Alliance over the next several years to address the racial wealth gap.”

The AAACDFI is the only organization leveraging African American CDFI CEOs’ decades of expertise, relationships, and intellectual capital to change the odds and outcomes for African Americans in underserved communities across America.

“We’re pleased to partner with the African American Alliance of CDFI CEOs to increase the capacity and sustainability of Black-owned businesses through community development financial institutions,” said Anthony Weekly, Chief Community Reinvestment Act and Community Development Officer at Truist. “At Truist, we believe all people should have equitable opportunities to thrive, and we specifically invest in communities that have been historically overlooked to help bridge the wealth gap.”

About African American Alliance

The African American Alliance of CDFI CEOs is a coalition of 52 CEOS of Black-led CDFI loan funds, credit unions, and venture capital funds. Since 2018, AAACDFI represents all 50 states and the District of Columbia. We are the only organization leveraging African American CDFI CEOs’ wealth of expertise, relationships, and intellectual capital to change the outcomes for African Americans in under-served communities across America. Our members are uniquely positioned to address issues related to housing and access to capital for African American populations and communities.

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has a leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business, and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $518 billion as of March 31, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.