Black-led community development financial institutions (CDFIs) are at the forefront of channeling financial resources to Black communities across the country.
However, white-led CDFIs have six times the assets that Black-led CDFIs do, and while white-led CDFIs’ assets have increased over time, Black-led CDFIs’ assets have remained stagnant.
Lenwood Long, the President and CEO of the African American Alliance of CDFI CEOs (The Alliance) is on a mission to change that.
The Alliance supports and empowers CDFI CEOs to lead and grow their institutional operations, teams, and social impact.
In this episode, we discuss:
- The difference between CDFIs and other financial institutions.
- Helping Black-owned businesses become more bankable.
- Black-led CDFI’s role in increasing wealth in Black communities.
- How racism leads to the underfunding of Black-led CDFI’s
- The $125 million Black Renaissance Fund.
- His thoughts on the future of Black-led CDFI’s.