The African American Alliance of CDFI CEOs recognizes the significance of last night’s election results and the unique challenges and opportunities they bring for Black communities and the institutions dedicated to their progress. While the outcome may not mirror the hopes and aspirations of many we serve, we are steadfast in our mission to work with the new administration in advancing a more inclusive and equitable economy. Our commitment remains: to ensure every American, particularly those who have been historically underserved, has full access to the resources and opportunities necessary to thrive.
In his victory speech, President-elect Trump expressed a desire to be a unifying force and a president for all Americans. This is a significant commitment, one that speaks directly of the deep divides we face as a nation. It is our hope that this promise extends beyond words to concrete action—policies that bring meaningful change to Black entrepreneurs, small businesses, and communities across the country.
That said, we know that change requires accountability, and we are prepared to hold the new administration to its word. We are eager to engage in a dialogue about real solutions, to ensure that the promises of unity and opportunity become realities for all Americans. We also invite the incoming administration to support CDFIs as critical vehicles for economic justice, financial inclusion, and sustainable growth for Black-owned businesses. By doing so, we can stand by our mission to bridge economic gaps and work toward a future where economic justice is not just a hope but a guarantee.
Now, more than ever, we are called to come together, heal, and build. The path forward will not be easy, but our resolve to make a lasting impact for Black communities remains as strong as ever. In the words of Dr. Martin Luther King Jr., ‘We must accept finite disappointment, but never lose infinite hope.'”
We are heartbroken by the devastation and loss of life caused by Hurricane Helene, which has ravaged Southeast North Carolina and other parts of the Southeast. With more than 190 lives lost—over half of them in North Carolina—this disaster has left a trail of destruction that will forever change our communities. Entire neighborhoods have been wiped out by the fast-moving floodwaters, and hundreds of individuals remain missing. The pain is immense as families struggle to cope with this overwhelming tragedy, while authorities work to identify the dead.
Our thoughts are with the families who have lost loved ones and those still anxiously awaiting news of missing relatives. The small businesses and communities served by Alliance members have been especially hard-hit. Many of these businesses, which have long been the backbone of their local economies, now face unimaginable challenges.
The floodwaters have not only destroyed physical storefronts but also shattered the livelihoods of countless entrepreneurs who provide essential goods, services, and jobs across Southeast North Carolina. As extreme weather events like Hurricane Helene become more frequent and severe, they further stress already inadequate housing, infrastructure, and health resources in our most vulnerable communities. This devastation underscores the urgent need to address climate change and its disproportionate effects on disadvantaged populations, while also highlighting the importance of access to capital, financial literacy, and resources that can help businesses build resilience in times of crisis.
Alliance members have long been committed to serving the most vulnerable communities, and now, more than ever, we are standing with them. As the full extent of Hurricane Helene’s impact continues to unfold, we call on all sectors to unite in supporting the people and businesses of Southeast North Carolina.
We remain resolute in our commitment to uplifting these communities. If you have been affected by the storm and need shelter or assistance, here’s a list of shelters. If you were impacted and reside in one of the impacted counties, you can now apply for assistance with FEMA by visiting disasterassistance.gov.
If I were to offer you an opportunity, which would you prefer: one that will provide you with $256,000 or $31,250 for the same effort? If I gave you the freedom to pursue the $256,000 opportunity, would you try to prevent me from giving that same level of opportunity to everyone else? Seriously, think about your answer to this question because this is the situation we have faced in this nation for more than a century; Certain people who want to take advantage of opportunities are inhibited by others that have already been given the opportunity. Why is this the case when there are more than enough opportunities for those that want them? The issue is and has always been prevention. We invite you to imagine.
First, U.S. wealth by race is not in balance. Let’s take a look at some of the data from trusted sources. According to the U.S. Census Bureau’s 2022 data, the average net worth of a White household is $256,000 while that of a Black household is just $31,250, the lowest of any racial or mixed-race group. In 2021, 80% of the wealth in this country was owned by White people who make up just 65% of the population and Black people held just 4.7% of the wealth although they were 13.6% of the population.[1] More than 73% of White Americans own their home while just 42% of Black Americans do. The recent jump in home values thus provided an even greater increase in equity or access to capital for White Americans while Black Americans were further cash strapped by higher rents.
Now, let’s look at the reports from the U.S. Department of the Treasury and others on race and the economy.
“The racial gaps in economic security in the United States are stark and have been exacerbated by policies that hinder people of color from building wealth. Moreover, inequitable policies and practices that prevent wealth-building by some groups have been shown to negatively impact economic security for all.”[1]
The, “…large disparities in wealth by race [is] a serious concern for the economic health of families and the U.S. economy as a whole.” Furthermore, The Treasury under Secretary Yellen wrote in their 2024 report, “Treasury has designed and implemented an ambitious racial equity agenda to address longstanding disparities in investment and opportunities that keep some communities from fully benefiting from and contributing to the nation’s economic growth and prosperity. This agenda is integral to the Treasury’s overall mission, which is to maintain a strong economy by promoting conditions that enable equitable and sustainable economic growth at home and abroad, combat threats to and protect the integrity of the financial system and manage the US government’s finances and resources effectively.” [2]
Racial economic equity is therefore critical to our success and even survival as a nation. Therefore, energy and capital should not be wasted working to prevent the most economically depressed population from accessing capital that will allow them to contribute to the building of this, our shared economy.
One way the Treasury works to provide access to capital is by supporting CDFIs (Community Development Financial Institutions) which are entities they certify and oversee, ensuring they provide capital and technical assistance to underserved small businesses, developers, and consumers. These underserved borrowers are largely low-to-moderate income (LMI) and BIPOC (Black, Indigenous and People of Color). However, there is racial disparity even among CDFIs. A Hope Policy Institute study showed that White-led CDFIs grew their assets nearly 32 times greater than the growth of BIPOC-led CDFIs during a three-year period.[3] That is where the African American Alliance of CDFI CEOS stepped in.
The Alliance is a national, membership-driven, intermediary organization that as its mission 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. We are committed to closing the racial wealth gap through our work with Black-led CDFIs.
Why Black-led CDFIs? Because they are at the forefront of supporting underserved LMI, BIPOC and particularly Black communities that are trying to overcome racial inequities in lending and other types of finance. In her 2021 comments regarding the government’s support for CDFIs, Secretary Yellen mentioned that in 2020, 71 percent of all venture funding was concentrated in just four metropolitan areas.[1]
“This is a very unjust aspect of our economy…But I would also add: It’s a very unhealthy aspect of our economy. If you were designing a well-functioning American economy, you wouldn’t have 70 percent of capital (in any form) flowing to just four cities. Because that’s not where 70 percent of the opportunity is. We – as a country- are missing out on so many avenues for growth because our capital is bottlenecked by race and region.”
In 2021, the Fed’s small business survey indicated that over the prior year, 40% of all White-owned businesses received all the non-emergency funding they applied for while just 13% of Black-owned firms did even when credit and other factors were similar. Greater access to capital is needed to help Black-owned businesses implement and build generational wealth through their business plans as their White counterparts have had the privilege to do for more than a century.
Through our programs, initiatives and policy and research work, the Alliance helps African American CDFI leaders get the support and capital they need to in turn help underserved entrepreneurs build wealth and contribute to a thriving economy. Members serve all 50 states and U.S. territories, and they provide capital, training, and technical assistance to underserved entrepreneurs engaged in small business, affordable housing, community development, health, and education, helping them to grow sustainably toward closing the racial wealth gap.
What the Alliance does matters, and it works! Over the last three years, our surveys show that more than 80% of those served by our members are LMI and BIPOC, and our members have significantly increased their lending and technical assistance capacity by more than 25%. But much more needs to be done to meet the needs of underserved BIPOC entrepreneurs.
“The racial gaps in economic security in the United States are stark and have been exacerbated by policies that hinder people of color from building wealth. Moreover, inequitable policies and practices that prevent wealth-building by some groups have been shown to negatively impact economic security for all…Policies that address racial wealth disparities, therefore, have the potential to benefit all Americans not only by spurring economic growth but also through public investments that benefit everyone.”[1]
The Alliance is doing its part, and we ask you to join us! By supporting the Alliance, you will help our more than 100 members expand their offerings and increase their capacity to provide capital to entrepreneurs who have been largely excluded from traditional sources of finance. You will also support the Alliance in continuing its national efforts to make access to capital more equitable for everyone. Donate to the Alliance today andHelp Us Help ALL of Us!
For more information, please visit our website aaacdfi.org
As we continue to support the vitality of Diversity, Equity, and Inclusion (DEI), it is imperative that we remain aware of changes and address the retreat to DEI across America’s legal system and corporate landscape.
Long before “DEI” was coined, the roots of this movement were planted in the 1960s Civil Rights era. Policies like Affirmative Action and equal employment laws, championed by a bipartisan push for fairness, sought to dismantle barriers for marginalized communities emerged from the Civil Rights Movement. Under President Richard Nixon, the creation of the Equal Employment Opportunity Act (1972) gave the EEOC the power to hold companies accountable for discrimination. And in 1990, President George H.W. Bush expanded those principles further with the Americans with Disabilities Act (ADA), ensuring that people with disabilities have equal access and opportunity in both public and work life. These were victories achieved through relentless advocacy, bipartisan cooperation, and moral courage.
But today, many of these hard-won protections are being chipped away, driven by narrow interpretations of the Constitution that erode the progress we fought so hard to achieve. After the horrific murder of George Floyd in 2020, the national reckoning around race, equity and justice sparked a wave of new DEI initiatives across industries. Companies took steps to implement programs and hire Chief Diversity Officers, signaling that DEI was finally becoming a priority.
Yet now, just a few years later, that progress is faltering. Momentum has slowed, and in some cases, reversed. The U.S. Supreme Court’s ruling against affirmative action in college admissions is only the beginning of a broader assault on justice and equity. States are passing anti-DEI legislation, silencing the voices of those who have been marginalized for far too long. The very programs designed to level the playing field are being gutted in the name of “neutrality.” But make no mistake: neutrality in the face of injustice is complicity. When legislators and corporations retreat from equity, they send a clear message – that systemic inequality is acceptable, that the barriers we’ve struggled to tear down are somehow too complex, too inconvenient, or too insignificant to address.
Silence is not an answer, and this is not the moment to retreat. If we allow this backslide to continue, we will have betrayed not only ourselves but the generations who follow us. DEI is more than a buzzword. It’s a promise to create a society where every person, regardless of race, gender, sexual orientation, age, or ability, can thrive. To abandon these principles is to accept a future where the old, oppressive structures of exclusion are allowed to persist.
We must fight – not with anger, but with the fierce urgency of now. As Dr. Martin Luther King once reminded us, “The ultimate tragedy is not the oppression and cruelty by the bad people but the silence over that by the good people.” In moments like this, we cannot afford to have our voices silenced by those who wish to turn back the clock. We must speak up, demand funding, and secure resources necessary to advance the work of equity and inclusion.
I would borrow his words again and remind all of us that “we are now faced with the fact that tomorrow is today.” The decisions we make now – whether to stand and fight for equity or to quietly retreat – will shape the future for all of us. Let us not fail this moment.
At the African American Alliance of CDFI CEOs, we’re proud to shine a spotlight on Willie Harrell II, our dedicated Senior Accountant. Willie brings over 20 years of experience in corporate finance, tax, and accounting, with a career spanning various industries, including his work with The Seminole Tribe of Florida. His passion for empowering Black and Brown communities through financial literacy and business consulting has made him a vital part of our team.
Willie’s expertise extends beyond numbers—he is an advocate for Black-owned businesses and an educator in business acquisitions, specializing in scaling and growth. His commitment to helping others and driving community advancement is evident in everything he does at The Alliance. When asked about his passion, Willie is quick to respond: “People—helping, leading, and educating our community in all things financial and advancement.”
Get to know Willie better through this Q&A:
How long have you been with the Alliance? I have had the pleasure of being with The Alliance since early June 2024.
What is your educational background? I hold a bachelor’s degree with a concentration in Accounting and an MBA with a concentration in Accounting.
What’s your go-to karaoke song? Can you stand the rain – New Edition. That is a loaded question for a lover of music, as it is hard to narrow it down. There are so many songs to choose from.
If you could have dinner with any historical figure, who would it be and why? – Jesus. Having learned so much over the years through biblical and historical studies, I believe that it would be the most rewarding experience breaking bread with Him, physically. I would take in all that there is to know and learn about this life and the life to come.
What’s the most unusual job you’ve ever had? I worked in the death care industry, with a company that acquired funeral homes and cemeteries. Though unusual, this was a learning experience in understanding what it takes, behind the scenes in preparing a homegoing service. I learned that Funeral Home Directors and those that work in the industry are a special group of people. The ability to stand with a grieving family during the most difficult time in their lives, requires a specific skill set. It has giving me a new perspective on life and family.
We’re grateful to have Willie on our team, bringing his wealth of knowledge and genuine passion for people to The Alliance’s mission.
At the heart of our organization’s operations is Hilen Flores, an accomplished Executive Assistant with over 20 years of experience. Hilen serves as the Executive Assistant to our President and CEO, bringing her strategic leadership and dedication to Diversity, Equity, and Inclusion to every project she touches. Her career includes impressive roles such as Executive Assistant to the Vice Provost of Continuing and Lifelong Education at North Carolina State University and Director of Operations at Polite Properties. She’s also held key positions at organizations like Damovo Group, KPMG, AIG, and Heidrick & Struggles. Hilen holds a Bachelor of Arts in Business-Economics with a minor in French and International Affairs from Skidmore College.
In this Q&A, we get to know her a little better:
How long have you been with the Alliance?Five months.
What is your educational background?BA in Business-Economics and Minor in French-International Affairs from Skidmore College.
If you could travel anywhere in the world right now, where would you go?Greece. Two of my favorite colors are Blue and White, both symbol serenity and peace for me. When I see pictures of Mykonos, Greece that is what I envision, total bliss, peace and serenity surrounded by the calming sounds of the ocean.
What’s one surprising skill or hobby you have that most people don’t know about?I discovered that I could sing when I was about 11 years old. In my earlier elementary school years, I remember we had to sign “Man in the Mirror” by Michael Jackson, and I would think to myself, why do I sound better than my friends? I never put much thought to it. Then I was introduced to Mariah Carey at 11 years old. Surprisingly, I was able to “imitate her” until I went to the Dominican Republic and one night my aunt said, I heard you can imitate a singer, let me hear you. She was blown away! That day I discovered that I did not imitate but I actually had a gift of singing.
What’s your favorite part of working with this team? Everyone is so positive, kind and helpful.
We’re grateful to have Hilen as part of our team, where her skills, energy, and warmth shine through every day!
At The Alliance, we pride ourselves on the incredible talent and dedication of our team members, each of whom plays a crucial role in driving our mission forward. We’re putting a spotlight Marcus Long, our Senior IT Network Specialist, who has been the silent force behind our organization’s technological success since 2020.
Marcus’s journey into the tech world began in 2014 when he started as a video tech for NBC Sports. His passion for technology was evident early on as he transitioned into video and computer repair, working as a Quality Control specialist for companies like Rentex and Evolve Media. In 2018, he took his expertise to new heights by joining the Walt Disney Company as a video and networking tech. Through these experiences, Marcus honed his skills, combining his creative background in film (a degree he earned from the University of Central Florida) with technical acumen, bolstered by an AS in computer programming from Valencia College.
We talked to Marcus and here’s what he had to say:
How long have you been with The Alliance? I started with The Alliance around 2020 I was one of the first contractors. I established the entire IT network and infrastructure for the organization.
What is your educational background? I graduated from the University of Central Florida with the degree in film. I have an AS in computer programming from Valencia college. I started my career as a video engineer for NBC Sports and Disney before transitioning into IT.
What’s your favorite way to spend a weekend or day off? I enjoy learning new things so on my time off, I’m either taking coursework reading about new things in the tech world or going to art shows and museums.
What’s the best piece of advice you’ve ever received? The best advice that I have ever received would probably be from my late mother who told me “prepare yourself now for the opportunities that will come, in the future.”
If you could switch jobs with anyone in the company with anyone for day, who would it be or why? I would not switch jobs with anyone. I love the work that I do, and I care and respect the deep knowledge of my coworkers in what they do. I craved to be the best at what I do so that it shines bright in my work every day.
As students across the country return to school, we are reminded of the rich legacy and vital role that Historically Black Colleges and Universities (HBCUs) play in empowering future Black leaders.
Last year, the African American Alliance of CDFI CEOs partnered with Local Initiatives Support Corporation (LISC) to support the next generation of leaders in the economic development space. Through this partnership, we provided valuable experience and mentorship to students from HBCUs by placing them with our member CDFIs. The Alliance itself has greatly benefited from this program; an example is through the work of Tobias Brown now serving as our Marketing & Communications intern since April 2024.
Tobias Brown is a shining example of the talent and drive that HBCUs cultivate. His internship at The Alliance has not only supported our mission but also helped him grow personally and professionally.
As part of our celebration of HBCUs, we sat down with Tobias for a Q&A to learn more about his experience and the impact his HBCU education had on his journey.
Q: Can you share what you’re studying and tell us a bit about your HBCU?
Tobias: I’m a senior at Morehouse College, majoring in Political Science with a Pre-Law focus and minoring in Business. Morehouse is a historically Black college that has played a significant role in shaping African American leaders for generations. Being at Morehouse is like being part of a rich legacy that pushes me to strive for excellence, both academically and personally.
Q: What motivated you to choose an HBCU for your education? How has attending an HBCU shaped your personal and professional development?
Tobias: I chose to attend an HBCU because I believe that every African American should have the opportunity to be molded in an environment that is specifically designed for them. Growing up in a rural, poverty-stricken area as a first-generation college student, I knew that an HBCU would provide the support and community I needed to excel. Morehouse has given me the chance to forge meaningful relationships and access opportunities that I might not have had elsewhere.
Attending an HBCU has been transformative for me. It has not only provided a nurturing environment but also a platform to engage with like-minded individuals who are passionate about social justice and leadership. Morehouse has empowered me to pursue my goal of becoming a Federal Prosecutor, working to reform the legal system and fight against mass incarceration, particularly the biases against Black men.
Q:Can you tell us about your experience interning for a CDFI and for The Alliance? How did you become involved in interning at a CDFI, and what drew you to this opportunity?
Tobias: My experience interning for a Community Development Financial Institution (CDFI) and for The Alliance has been incredibly rewarding. I became involved in the CDFI internship through my desire to contribute to the economic empowerment of marginalized communities. The opportunity to work with a CDFI allowed me to combine my passion for social justice with practical financial tools to help underserved populations. The Alliance internship, on the other hand, aligned perfectly with my career aspirations by providing exposure to African American CEOs and professionals.
Q: How has serving as an intern for a CDFI and for The Alliance influenced your academic and career goals?
Tobias: These internships have solidified my commitment to using my legal education to advocate for systemic change. Working with a CDFI has shown me the importance of economic development in creating long-term, sustainable communities, which is a perspective I will carry into my legal career. My first time interning for a CDFI, Albany Community Together, INC. my understanding of the intersection between law, policy, and community advocacy. Interning with the Alliance has helped me connect with African Americans in the financial sector that can provide me with mentorship and guidance.
Q: What specific skills or knowledge have you gained from your internship with a CDFI?
Tobias: Through my internship with a CDFI, I gained valuable skills in financial analysis, community outreach, and understanding the regulatory environment for financial institutions. I also learned about the critical role that CDFIs play in providing access to capital in communities that are often overlooked by traditional financial institutions.
Q: How do you see the mission and values of CDFIs aligning with those of HBCUs?
Tobias: The mission of CDFIs to support economic development in underserved communities aligns closely with the values of HBCUs, which focus on educating and empowering African American students to be leaders in their communities. Both are committed to creating opportunities and reducing disparities, making them natural partners in fostering community growth and development.
Q: How can internships like yours help foster a stronger connection between CDFIs and HBCU students and graduates?
Tobias: Internships like mine can serve as a bridge between CDFIs and HBCUs by providing students with hands-on experience in community development finance. These internships can also highlight the importance of economic empowerment in social justice, encouraging more HBCU students to consider careers in this field. Strengthening this connection can lead to more collaborative efforts to support underserved communities.
Q: What advice would you give to prospective students considering attending an HBCU and interning for a CDFI?
Tobias: I would advise prospective students to embrace the unique experience that an HBCU offers. It’s a place where you can grow both personally and professionally while being surrounded by a supportive community. If you’re passionate about social justice and economic empowerment, interning at a CDFI can provide you with the skills and knowledge needed to make a real impact. Don’t hesitate to seek out these opportunities—they can be life-changing.
It is our pleasure to introduce Germaine McIver-Cherry, Senior Program Director at the African American Alliance of CDFI CEOs. Germaine brings a wealth of experience and expertise to her role, having spent years managing a diverse portfolio of programs with a strong focus on capital access for organizations within the economic development ecosystem. Before joining the Alliance, Germaine served as the Innovation Portfolio Manager with the Association for Enterprise Opportunity (AEO), where she honed her skills in driving impactful initiatives.
Germaine is a proud alumna of North Carolina Central University, where she earned both her bachelor’s and master’s degrees in social work. Her dedication to social justice and community development is evident not only in her professional work but also in her personal values and commitments.
We talked to Germaine and here’s what she had to say:
How long have you been with the Alliance? My journey with the Alliance family began November 15, 2022. I had previously worked for over 5 years under the leadership with Mr. Long and several colleagues so it was like I was returning “home.”
What is your educational background?I am a servant and a helper so naturally I chose to pursue a degree, actually TWO degrees, in Social Work. I obtained my Bachelor’s degree in 2013 and in 2016, I returned to the wonderful and BEST HBCU in the land, North Carolina Central University (#EaglePrideAMPLIFIED), and graduated the inaugural Master’s Advanced Standing MSW Program which is an intensive one-year option for students with an undergraduate degree in social work from an accredited institution.
What is your dance song?If I am honest, I cannot dance. A seated two step is the best that I can do at this age, lol, BUT my dance song currently is “They Not Like Us” and I have been practicing my “G-Walk” for about a month now.
Who is your celebrity inspiration?My celebrity inspiration is and has been for decades is the late Tupac Amaru Shakur. What I admire most about Tupac was his authenticity and realness…gotta love it. His lyrical content oftentimes addressed social injustice and inequities, violence, and the marginalization of African-Americans. IMO, he is the GOAT in hip-hop.
What car would describe your personality?Although I am team #Lexus for life, I am would say the Jaguar best describes my personality as its brand and leaping emblem boasts grace, power, and agility.
We are lucky to have you, Germaine! Your energy and realness is contagious!
