News and Events Type: News

As communities across the country face an unprecedented economic landscape, the need for community centered leadership has never been greater. The impact of historical divestment in communities of color has only been exacerbated by the COVID-19 pandemic, increasing the financial burden on families, while limiting their financial security and access to financial assets. To truly address historical inequities and increase financial and business development in Black and Brown neighborhoods, it’s important to remember that “a community is only as strong as those who are willing to serve it.” That is the resounding message we learned from our conversation with James H. Bason, President and CEO of TruFund Financial Services.

A lifelong New York resident, James Bason graduated from SUNY Oswego University with a degree in business administration before attending the American Institute of Banking, where he received a degree in banking and financial services after which he earned a master’s degree in Nonprofit Management and Leadership from Fordham University. Pursuant   to his education, James spent 30 years in the private lending field, first with Barclays Bank International and then with the Bank of New York’s divisional credit team on Wall Street, James transitioned to community development lending, putting him at the forefront of conversations and protest regarding the failure of banks to invest in low-income communities. During this time, he became passionate about equal access to capital and through hands on experience, learned more about the day-to-day realities of communities that had been excluded from the financial sector and were starving for greater investment and business opportunities. He later joined Carver Federal Savings Bank, in Harlem, NY the nation’s largest black owned financial institution in the nation. where he led the bank’s lending, credit, and loan servicing operations. Working in Harlem, Queens, Brooklyn, and the Bronx with a majority Black and Brown client base, it became readily apparent that the perception that Black and Brown communities were “riskier investments” couldn’t be further from the truth. These experiences provided James with a clearer understanding of what it takes to serve Black and Brown people, and eventually guided him to his current position as President and CEO of TruFund Financial Services.

James became President and CEO of TruFund in 2011 and had an immediate impact in the CDFI space. TruFund provided James with a new platform to look “beyond perceived credit risk and profitability and consider the quality of financial assets.” Over time TruFund developed a reputation as an effective bridge between capital lending, grants, philanthropy and Black and Brown Communities. The economic impact of the COVID-19 pandemic and the greater attention placed on racial disparities, exemplified the need for TruFund’s leadership and guidance, as more institutions and organizations shifted their focus to investing in Black and Brown communities. Trufund has a long track record of providing emergency relief to small businesses, assisting with the economic recovery from the 9/11 World Trade Center Attacks, Hurricanes Katrina and Rita the 2010 BP Oil spill, and Hurricane Sandy. In 2020, the organization activated their disaster response unit, and began providing small business owners with financing through loans and grants as well as virtual business trainings. As of Feb. 28, 2022, TruFund had approved “approximately $232 million in small business loans to over 3,500 small businesses”. Approximately 84% of these loans were granted to minority-owned and women-owned businesses, or to borrowers located in low- or moderate-income communities.

TruFund, in July 2020, in partnership with Morgan Stanley and the Ford Foundation, launched a $26 million dollar Impact Developer Fund (“IDF”), IDF was established to provide equity capital and technical support to   established BIPOC real estate developers actively pursuing affordable housing development opportunities. In October 18, 2021, TruFund  in partnership with the Community Perseveration Corporation a New York State affordable housing lender, launched the  Developers Equity Fund,  This $6 million dollar fund “ which will similarly  provide equity capital and technical assistance to smaller emerging  BIPOC housing developers who  lack access to affordable capital and support from conventional sources”.    

For James, evolution and adaptability is key. “The current social moment and the racial awakening that took place during the summer of 2020 has provided us with an opportunity to bring our voices,” he said. “We can offer our years of experience and take this opportunity to structure a strategy for capital deployment to Black and Brown people and low-income communities.”

Additionally, advocating for policies that prioritize capital investment outside of the traditional debt structure, such as patient capital and equity-based structures can provide greater opportunities to people who “can’t afford to add any additional debt to their balance sheets.” By focusing on community and addressing uneven economic development, capital can be transformed from a historical barrier to a tool for investment and building long term wealth. As a member of the African American Alliance of CDFI CEO’s, James’s efforts with TruFund are amplified and the organization provides a collective voice, allowing African American CEOs to form a unified front when speaking on issues of racial equity, affordable housing, and economic justice. With the African American Alliance “Black CEOS have moved from the power of one to the power of the collective.,” said James. “It has given us greater recognition for our work, empowered us to be agents of change in our communities, and helped us engage in the national conversation around economic and social inequities and the need for change.”

As our country looks towards economic recovery from the COVID-19 pandemic, the need for organization, advocacy, and leadership regarding economic justice and racial disparities has never been clearer. Executives like James Bason, not only offer a wealth of experience but also a commitment to service that goes beyond personal accolades and touches the roots of financial insecurity and historical exclusion from the financial marketplace. The path towards economic prosperity for all requires individuals and organizations to make equitable access to capital a priority, while bringing Black and Brown communities to the forefront of economic development.

e-centering Civil Rights and Increasing Accountability to BIPOC Communities in the CDFI Industry

March 8, 2022 – The African American Alliance of CDFI CEOs (“The Alliance”), and Pacific Community Ventures (“PCV”) announced today they entered a partnership to recenter Civil Rights within the CDFI industry and elevate industry practice, through policy changes, to ensure CDFIs work toward racial equity and economic justice with greater intentionality, transparency, and accountability to their communities, meeting the mission for which our industry was born to address out of the Civil Rights movement. 

 At large, the CDFI industry has fallen short of serving their founding purpose of closing systemic gaps in capital access for Black and Brown communities because their lending strategies are too closely tied to SBA guidelines or the financial incentives of their investors and traditional bank funders – for example, most Black entrepreneurs have credit scores, or collateral, below SBA and bank minimum requirements. These entrepreneurs often turn to CDFIs to serve their capital needs: Nearly two-thirds of borrowers of CDFIs that serve small businesses are people of color.  But with just over 70% of CDFIs reporting serving people of color, we still have a long way to go. 

“We see an urgent need within the CDFI industry, where CDFIs are uniquely positioned to break down barriers and capital access for BIPOC communities. Our partnership with PCV will help us to change the odds and outcomes for these communities by building greater accountability and greater impact where it is needed,” said Lenwood V. Long, Sr, President / CEO of The Alliance. 

With the support of a grant from the Tipping Point Fund, PCV formalized a year-long partnership with the Alliance to develop an agenda centering Civil Rights within the CDFI industry. Both organizations will collaborate by building a coalition of community investing stakeholders committed to advancing policies that recenter racial justice within the CDFI industry, as well as advance a set of policy priorities that reform the CDFI Fund and rethink industry practices.  

PCV and the Alliance will hold a series of roundtables this year that bring together government officials, CDFI leaders, and industry thought leaders to discuss how we can better center racial justice within the mission of the CDFI industry, and to draft research and policy proposals out of those conversations. The first roundtable will be held on April 5, 2022 and will focus on updating the Community Reinvestment Act to better serve BIPOC communities. The 1977 Community Reinvestment Act (CRA) is the landmark law designed to encourage lending to lower-income borrowers and to end redlining. 

“We need to take this opportunity to break with the past and create systems that meet business owners of color where they are – and that’s exactly what Pacific Community Ventures is committed to working with The Alliance as we move toward restorative capital that empowers small businesses and creates good jobs with dignity across America, with missions firmly rooted in the Civil Rights movement that gave birth to CDFIs in the first place,” said Bulbul Gupta, President & CEO of Pacific Community Ventures. 

About The African American Alliance of CDFI CEOs

The African American Alliance of CDFI CEOs (The Alliance) is a coalition of 58 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 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 http://www.aaacdfi.org.

About Pacific Community Ventures

Pacific Community Ventures supports small business owners and their communities in the fight for economic, racial, and gender justice. We work side-by-side with growing small business leaders and solopreneurs through our integrated model: combining impact-first Restorative Capital and Pro Bono Business Advising with our Good Jobs Innovation Lab that propels thriving communities with equitable jobs. Pacific Community Ventures is a 501c3 nonprofit impact investor and community development financial institution (CDFI).

I’m excited to announce the launch of our strategic plan, designed to mobilize and amplify advocacy, prosperity, and wealth for Black communities and leaders of Black-led Community Development Financial Institutions (CDFIs). 

Our goal is to build a future where Black-led CDFIs are resource-rich and unrestricted in their ability to be catalysts for economic mobility, prosperity, and wealth building for Black families and communities. To help us design an actionable path forward, our board, members, staff, and other invested stakeholders, underwent a 14-month intensive process to develop our three-year strategic plan.

Rooted in an analysis of the nature and impact of economic exclusion of Black-led CDFIs, Black families and Black communities, and the multitude of interventions required to close the racial wealth gap, we are guided by three pillars:

Building Capacity

• Expand Financial Capacity of Members through Collective and Cooperative Strategies
• Strengthen Technological and Operational Capabilities of Member Institutions
• Build a More Robust Human Capital Pipeline for Black-Led CDFIs
• Develop a Culture of Learning and Support for Black-Led CDFIs

Building Bridges

• Amplify the financial preferences and needs of Black communities to inform product development, marketing, research, and policy action
• Expand AAA members’ ability to offer a slate of financial products and services that prevent wealth-stripping and lead to full financial inclusion for African Americans.
• Increase the number of regions and market segments served by Black-led CDFIs.

Building Power

• Amplify the narrative of Black CDFI leaders as key actors and power brokers within the racial economic-justice ecosystem becoming a Racial Economic-Justice Ecosystem Influencers.
• Hold Community Development Finance Sector Investors Accountable to Proportionate Investment in Black CDFIs.
• Support and Advance Public Policies and Advocacy Efforts That Benefit the Stabilization and Growth of Black-led CDFIs

The three pillars resulted in the revision of our mission statement to the following:

AAA is a membership-driven intermediary organization that aims to: build the capacity of member organizations; build bridges to economic stability, well-being, and wealth for Black individuals, families, and communities; and build power in Black communities by challenging and influencing financial sectors to operate more equitably.

In addition, we’ve added six passionate and talented individuals to our team, in various positions. You can meet them here.

In the next few months, we’ll continue to implement our strategic plan with a brand refresh and a focus on growing our ecosystem for Black communities. I am excited to join you in bringing this plan to life by releasing the work that we’re doing for Black communities.

Be Steadfast!

Sincerely,

Lenwood V. Long, Sr. President & CEO, The Alliance

The African American Alliance of CDFI CEOs (The Alliance) has been working towards amplifying the priorities and voices of Black-led CDFIs, Black families, businesses, institutions, and communities since its founding in 2018. With over 56+ members across the nation, we believe that advocacy will drive a shift in both the financial sector and national policy that result in Black stability, prosperity, and wealth.

Our goal is to build a community of support and uplift Black CDFI CEOs by providing them access to learning opportunities designed to develop more impactful and sustained CDFIs.

 As part of growing our impact across the nation in this New Year, The Alliance is excited to announce the addition of 6 passionate and talented individuals as new members of our team. Please join us in welcoming them and get to know them below:

Angela Milton serves as Membership Director. In her role, Angela is responsible for building member capacity, collecting and sharing best practices and membership engagement. She works closely with the President/CEO to plan, coordinate, and manage the creation of high-quality training activities for the members. Formerly an enlisted member of the U.S. Air Force, Angela has been an entrepreneur for more than 20 years, experienced in leadership, relationship-building, organizational development, project management, and implementation. She has numerous certifications and licenses and produced measurable results for her clients and in this role.

Charmaine Grafton serves as Executive Assistant and Office Manager. In her role, she ensures the smooth operation of the organization with her robust knowledge of office management and efficient handling of administrative tasks as well as her role as “The Gatekeeper” for the President/CEO. With over a decade of experience in professional office executive assistant positions, Charmaine skillfully manages administrative duties. Outside of work, Charmaine is active in the community and volunteers her time with several nonprofits that focus on youth, single moms, and housing insecurities. She’s also founded Sacred Beautè, where her vision is a world where single moms are fully empowered and self-sufficient.

Chavelle Sangokoya serves as Project Director. Driven by her passion for economic development and racial equity, Chavelle is responsible for leading The Alliance’s Women-led Initiative as well as the African American Equity Scorecard. Over the past seven years, she has effectively facilitated focus groups and working sessions with community stakeholders and entrepreneur support organizations (ESOs) to collaboratively build solutions to advance diversity, equity, and inclusion in entrepreneurship. Leveraging her business operations and management background, Chavelle has designed and evaluated curriculum for early-stage entrepreneurs and launched a flagship rewards program that incentivizes Black entrepreneurs to work on their business and engage in local entrepreneur ecosystems.

Eleanor Reid serves as Development Director. In her role, Eleanor leads the fundraising efforts for AAA including grant writing, relationship building, and reporting. She has extensive grant writing experience among her more than 20 years of C-level consulting work including the successful raise of more than $30 million for a CDFI from a variety of public and private sources. She also served as COO for a NY-based blockchain company and partner for a boutique investment advisory firm. Eleanor holds a B.S. in Metallurgical Engineering from Carnegie Mellon and MBA from Stanford University.

Janice Rojas serves as Marketing & Communications Director. Bringing over 8+ years in marketing, Janice is passionate about storytelling, Janice takes on The Alliance’s marketing strategy efforts, content development, social media management, and elevating the organization’s impact. Prior to The Alliance, she led marketing efforts at several organizations, including Girl Scouts – N.C. Coastal Pines, Carolina Small Business Development Fund, and worked in internal communications at Blue Cross Blue Shield NC. Janice attended the University of North Carolina at Chapel Hill, where she obtained a Bachelor of Arts in Journalism and Mass Communication with a concentration in Public Relations. When she’s not working, Janice enjoys reading contemporary fiction and nonfiction, journaling, and writing her own novels.

Ryan Gremillion serves as Policy & Research Director. In his role, he drives strategic initiatives and coalition building aimed at enhancing community and economic development, business growth, wealth creation, and financial protections in African American communities, particularly through the organization’s public policy activity. A native of Louisiana, he previously served as the Chief of Staff for the Office of Legislative Affairs, Policy and Workforce Support at the Louisiana Department of Education (LDE). Gremillion was a key figure in developing and implementing the regulatory and legislative strategies for both the LDE and its governing board, the Louisiana Board of Elementary and Secondary Education (BESE). Prior to his LDE tenure, he served as Policy and Research Project Manager at the Baton Rouge Area Chamber where he managed policy issues related to entrepreneurship and small business, regional transportation, healthcare, and criminal justice.

The African American Alliance of CDFI CEOs (The “Alliance”) announced today that it has received a two-year $500,000 grant from Capital One to support Community Development Financial Institutions (CDFIs) within its membership that are led by women of color. The funds will support the Alliance’s capacity building and mentorship training programs for its women-led initiative that works to address the racial capital gap that continues to plague the balance sheets of Black-Led CDFIs and the communities they serve.

The Alliance’s women-led initiative addresses the unique capacity building needs of Black women-led CDFIs including synergized technology infrastructure, access to operating capital, executive-level professional development, and strategy exchange. The initiative seeks to strengthen those CDFIs by increasing their capacity to provide technical assistance to clients, hire and train staff to expand outreach and services, have sufficient loan loss reserves, and improve technology to facilitate all processes.

“We’re grateful for the generous support of Capital One for our women-led initiative,” said Lenwood V. Long, Sr., President & CEO of the Alliance. “We want to empower women-led CDFIs within our membership to build the capacity of their organizations and increase capitalization and wealth within their communities. By expanding the women-led initiative with this grant, we’re creating an ecosystem for women-led CDFIs to access support that will lay the groundwork for their success.”

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.

“I am excited by our new partnership with The Alliance,” said head of Community Impact and Investment, Kerone Vatel.  “Black women-led CDFIs have the trust and knowledge of the community to create transformational change.”

The Alliance 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  

To learn more about the Alliance, please visit https://aaacdfi.org. 

About African American Alliance of CDFI CEOs 

 The African American Alliance of CDFI CEOs (The Alliance) is a coalition of 56 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. 

 

About Capital One 

Capital One Financial Corporation is headquartered in McLean, Virginia. Its subsidiaries, Capital One, N.A. and Capital One Bank (USA), N. A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. We apply the same principles of innovation, collaboration and empowerment in our commitment to our communities across the country that we do in our business. We recognize that helping to build strong and healthy communities – good places to work, good places to do business and good places to raise families – benefits us all and we are proud to support this and other community initiatives.

Visit the Capital One newsroom for more Capital One news.Guest User

Orlando, Florida, October 19, 2021—JPMorgan Chase has awarded a $363,000 grant to the African American Alliance of CDFI CEOs (The “Alliance”), a coalition of 56 CEOS of Black-led CDFI loan funds, credit unions, and venture capital funds committed to social and economic justice for African American communities. This grant will allow The Alliance to develop administrative capacity, member centered programs, and create economic resources for Black-led CDFIs to continue their work addressing the racial wealth gap that persists in black-owned businesses and communities of color across the nation.

“We’re thankful to the JPMorgan Chase Foundation for their commitment to our work and mission,” said Lenwood V. Long, Sr., President & CEO of The African American Alliance of CDFI CEOs. “These funds allow us to continue working towards providing economic opportunities for our members and increasing sustainability and capacity for disinvested Black-owned businesses nationwide.

The Alliance is a newly formed 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 the collective intellectual capital relationships, and expertise of African American CDFI CEOs, accumulated over decades of experience, in order to change the odds and the outcomes for African Americans in underserved communities.

“CDFIs are critical in creating localized economic opportunities and JPMorgan Chase is proud to support the Alliance in its mission to bring together best-in-class knowledge and resources to help ensure Black CDFI CEOs can continue to lead efforts to help address the racial wealth gap through the deployment of needed capital to Black-owned businesses,” said Cate Costa, Vice President, Global Philanthropy, JPMorgan Chase. “

This grant also allows the Alliance to 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. The Alliance is committed to increasing sustainability and capacity for disinvested Black-owned businesses and communities across the country. This includes a focus on providing access to capital and creating pathways to affordable housing for underserved populations.

About The African American Alliance of CDFI CEOs

The African American Alliance of CDFI CEOs (The Alliance) is a coalition of 56 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 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 http://www.aaacdfi.org.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.8 trillion in assets and $290.0 billion in stockholders’ equity as of September 30, 2021. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Multi-year grant aims to develop innovative programs and support Black-led CDFI CEOs

The California Endowment has awarded $900,000 grant funding over three years to the African American Alliance of CDFI CEOs (The “Alliance”), the only Black-led membership organization for Community Development Financial Institution (CDFI) CEOs in the nation. This multi-year grant will allow The Alliance to develop innovative programs and provide critical resources that empowers Black CDFI CEOs to increase their capacity as well as support the development of the African American Equity Impact Scorecard and mentorship training program for Women-Led CDFIs within its membership.

“We are deeply grateful to the California Endowment for this show of confidence in our work and mission at such a pivotal time,” said Lenwood V. Long, Sr., President and CEO of The African American Alliance CDFI CEOs. “The Alliance is committed to economic growth and improved quality of life for Black communities across the nation.”

The Alliance is a newly formed 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 African American CDFI CEOs’ decades of expertise, relationships, and intellectual capital to change the odds and the outcomes for African Americans in underserved communities.

This grant also allows The Alliance to 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. The Alliance is committed to increasing sustainability and capacity for disinvested Black-owned businesses and communities across the country. This includes a focus on affordable housing and creating pathways to homeownership for underserved populations. 

The Alliance is pleased to receive this grant award to create meaningful impact for Black-led CDFI’s and the communities they serve,” said Donna Gambrell, Board Chair and President & CEO of Appalachian Community Capital. We’ve seen firsthand the urgent need to support these institutions and are confident our initiatives will address and provide long-term systemic solutions.”

“We are deeply grateful to the California Endowment for allowing us to pursue this important work at such a critical time,” said Calvin Holmes, Board Vice President, Board Vice Chair and President/CEO of the Chicago Loan Fund. “The Alliance is uniquely positioned to address economic growth and improved quality of life for African Americans in underserved communities across America.”

About The 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  

About The California Endowment

The California Endowment, a private, statewide health foundation, was established in 1996 to expand access to affordable, quality health care for underserved individuals and communities and promote fundamental improvements in the health status of all Californians. Headquartered in downtown Los Angeles, The Endowment has regional offices in San Francisco, Sacramento, Fresno, and San Diego, with program staff working throughout the state. From 2010-2020, The Endowment will focus the majority of its resources on its 10-year strategic plan Building Healthy Communities.

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