Mon, Aug 15|
RISE Demonstration Center
Ward 8 Community Investment Fund
The W8CIF grant supported loan program both catalyzes business growth for Ward 8’s brilliant and creative small businesses and increasing the capital absorption capacity of the small business economy in Ward 8.
Time & Location
Aug 15, 2022, 3:00 PM
RISE Demonstration Center, 2730 Martin Luther King Jr Ave SE, Washington, DC 20032, USA
About The Event
The W8CIF, is a black led place-based funding opportunity offering “grants-secured loans” to Ward 8 resident-entrepreneurs, and small businesses. Grant secured loans are a new generation of anti-racist financial product developed by and for black entrepreneurs in partnership with elected officials, DSLBD, and a small business focused CDFI. The grant-secured-loan product is designed to address the unmet needs for “friends and family” funding which is not available to many black founders due to the racial wealth gap in Washington, DC. A multi-year community-centered-design process, drawing on the combined insights and wisdom of activists, community members, entrepreneurs, and (later) community development finance practitioners, led to the creation of this groundbreaking financial product. Grant secured Loans channel funding to small businesses, where it’s needed most, while enhancing the credit history of clients, to improve their access to mainstream funding options.
The W8CIF grant supported loan program both catalyzes business growth for Ward 8’s brilliant and creative small businesses and increasing the capital absorption capacity of the small business economy in Ward 8, The W8CIF’s grant secured loan pilot program delivers a proof of concept and step forward in the creation of antiracist financial products that can be expanded upon to with additional capital flows to small businesses and entrepreneurs from philanthropy, CDFIs and Banks.
Through the framework of a public-private partnership, DCCDC collaborated with Ward 8 Councilmember Trayon White, and Mayor Muriel E. Bowsers’ DC Department of Small, Local, Disadvantaged Businesses (DSLBD), and Life Asset, a nonprofit Community Development Financial Institution (CDFI) micro-loan fund located in the Skyland Workforce Center to create this unique and powerful funding tool.