Community Development Financial Institutions (CDFIs) play a critical role by bringing investment and resources to historically underserved communities through capital and other supports to help entrepreneurs start and grow businesses, develop affordable housing, establish community facilities, and build wealth and expand economic opportunity. The pandemic further underscored the important role CDFIs play in supporting local communities, including providing access to capital for small businesses left out of traditional financial markets, many of which are owned by women and people of color. In fact, businesses owned by people of color have been the hardest hit by COVID-19. Historically, these businesses have less access to credit, and less able to withstand the loss of income. They are not only providers of critical services in underserved communities; they also serve as primary sources of jobs and income in communities of color. Yet, while many advocates rightly called on the federal government to include specific funding for CDFIs in its second pandemic response package, others are asking how well existing CDFIs are really serving communities of color.
Join us to explore:
Where are the gaps in products and services for entrepreneurs of color
How are CDFIs of color filling this need
What more can be done to support CDFIs lead by people of color
What are the opportunities for funders to support innovative approaches to support greater access to products and services small business owners of color
Ms. Klein also has worked as a consultant in the microenterprise field, providing assistance to clients including the Community Development Financial Institutions Fund of the US Department of the Treasury, and CFED (formerly the Corporation for Enterprise Development). Prior to her work with BOI, Ms. Klein led CFED’s work in microenterprise development. She holds a master’s in public policy from the University of California at Berkeley and a B.A. in economics from Boston College.
Olivia M. Rebanal is Director of Inclusive Food Systems at Capital Impact Partners (CIP), a CDFI that has deployed over $2.5 billion to serve 5 million people in our communities’ critical sectors: health care, education, elder communities, healthy food, cooperatives, and affordable housing. Olivia manages the strategy, initiatives, and partnerships related to CIP’s work in building equitable food systems. Through programs like the California FreshWorks Fund, Michigan Good Food Fund, and the National Cooperative Grocer Fund, CIP increases access to affordable healthy food, creates opportunities within the food economy, supports neighborhood retailers, and expands food distribution, processing, and production, with a focus on racial and social equity. Olivia has nearly 20 years of experience in the CDFI industry and over a decade of underwriting experience, with emphasis on working with entrepreneurs of color. Olivia holds an AB in Bio-Medical Ethics from Brown University and an MPA in Public Finance from New York University’s Wagner School of Public Service.
This program is open to NCG members and nonmember funders.