Economic disparity and systemic inequality are stark and pervasive across the Washington region where white households have an average net worth 81 times that of Black households. And though entrepreneurship is critical to closing that gap, entrepreneurs of color are more likely to be denied loans, receive lower amounts, pay higher rates, or not apply at all. Wacif focuses on communities east of the Anacostia River for almost half its lending. It also offers robust advisory services, from one-to-one business counseling to intensive, multi-week courses. During the pandemic, it has provided comprehensive financial relief (loan repayment forgiveness, loan restructuring), COVID-specific online training (digital strategy, business model pivoting, mental health for entrepreneurs), social capital investment, and more grantmaking (as opposed to lending). The businesses Wacif serves will continue to need its support as they face an uncertain, still changing, new economy.
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