Equitable Development Initiative – D.C.
In March, Capital Impact held a conversation about ways to increase opportunities for minority real estate developers in Washington, D.C. to participate in the region’s booming development landscape. Development around the Washington Metropolitan area is booming, yet with so much opportunity, the pool of real estate developers still does not reflect the region’s diversity. To increase those opportunities, we are launching our Equitable Development Initiative in the Washington Metropolitan area. EDI targets flexible capital and capacity building tools to minority developers to reduce barriers to entry and strengthen their business enterprises while promoting equitable community development, particularly affordable housing for communities of color.
We are accepting applications for the Equitable Development Initiative now through July 31st.
For more information about EDI, e-mail us at firstname.lastname@example.org.
►Apply Now for the Equitable Development Initiative
►Learn More about EDI
Entrepreneurs of Color Fund
In February, we joined JPMorgan Chase to announce the expansion of the Entrepreneurs of Color Fund in the Washington, D.C. area. The Fund will support local minority entrepreneurs from northern Virginia to Baltimore to drive business growth through access to capital and technical assistance and aims to:
- preserve and grow minority-owned businesses in commercial corridors;
- cultivate a new generation of minority housing developers (EDI); and
- streamline anchor institution procurement.
With Capital Impact working as fund manager, the Latino Economic Development Center (LEDC) and the Washington Area Community Investment Fund (Wacif) will provide low-cost capital with business advisory services, including networking support and business coaching to minority small business owners in the region. Additionally, the Harbor Bank of Maryland will lead efforts to provide low-cost loans and business support to minority businesses in Baltimore and Prince George’s County, MD.
JPMorgan Chase is seeding the loan fund with a commitment of $3.65 million, alongside a $2 million commitment from Capital Impact Partners and a $1 million investment from the A. James & Alice B. Clark Foundation, for a total of $6.65 million. This effort builds on existing Entrepreneurs of Color Funds in Detroit, Chicago, San Francisco and the South Bronx.
►Read Our EOCF Fact Sheet
►Learn More about the EOCF Initiative