Fighting to Close the Racial Wealth Gap from the Driver’s Seat
Wealth disparities between white and Black communities don’t just impact individuals – they also show up in which organizations control the flow of dollars.
In 2020, Kresge’s Social Investment Practice made a $750,000 grant to support the African American Alliance of CDFI CEOs, a growing network of mission-minded financial institutions led by Black executives, organizing to gain control over a bigger piece of the community development funding pie. Historically, white-led CDFIs receive $6 to $1 for Black-led CDFIs.
“What channel investment dollars flow through has proven to be crucial when it comes to making a real impact in communities,” said Kresge Social Investment Practice Managing Director Aaron Seybert. “Black communities deserve more and better investments. It only makes sense to ensure that Black-led CDFIs are better resourced, so they can work hand-in-glove with their own communities to invest for impact.”
Donna Gambrell – Chair, African American Alliance of CDFI CEOs, CEO at Appalachian Community Capital
Calvin H. Holmes – Vice-Chair, African American Alliance of CDFI CEOs, President Chicago Community Loan Fund
Lenwood Long – Co-Founder and President, African American Alliance of CDFI CEOs
Erica King – President, Chicago Neighborhood Initiatives Micro Finance Group