Supporting Economic Development on the Westside
At the October 15 Transform Westside Summit we announced the Westside Future Fund (WFF) PRI Program! A program-related investment (PRI) is low-cost capital that not-for-profit organizations can use to spur community development. Thanks to charitable support from Truist and PNC banks, WFF will provide low-cost loans to small, minority-owned businesses based in or serving the Historic Westside. This program builds on a pilot initially funded by AT&T and the Beloved Benefit. Our goal is to mobilize people with current, historical, or aspirational ties to the community to organically support the Westside’s economic development.
The October 15 Transform Westside Summit highlighted the importance of economic empowerment of African American entrepreneurs with three special guest panelists – Courtney Smith from PNC Bank, Paul Wilson, Jr. from the Russell Innovation Center for Entrepreneurs (RICE), and Keitra Bates of Marddy’s Shared Kitchen and Marketplace. A common theme from the panelists was the need for equity in access to capital for Black business owners. Keitra Bates noted that white startups have access to $100,000 from family, on average, while for black startups, it’s only $11,000.
In June 2020, PNC Bank announced its bold $1 billion commitment to playing a role in combatting racism and discrimination. During the Summit, Courtney elaborated on PNC’s commitment to the Westside by helping end systemic racism by donating to WFF for program-related investments.
Keitra Bates is a recipient of a WFF PRI that she used to renovate and expand her shared kitchen. Marddy’s focus is on economic inclusion, business development, and growth opportunities for local food entrepreneurs with their primary service groups of people of color, women, and other marginalized populations.
With the help of RICE, the PRI recipients will have access to resources to innovate, grow, create jobs, and build wealth. Part business generator, innovation lab, and museum, RICE invests in African American entrepreneurs, strengthens businesses, and creates community.
We have many miles to eliminate the wealth gap between white and black startups. Thanks to our panelists and the organization they represent, we are making progress and hopefully serving as models for others! Check out our newsletter to learn more about the October 15 Summit.