Last week, the Expanding Black Business Credit (EBBC) announced the launch of its Black Vision Fund, with a goal of reducing the nation’s racial wealth gap.
The Black Vision Fund will direct long-term funds to seven Black-led and focused Community Development Financial Institutions (CDFIs), including Minneapolis-based Metropolitan Economic Development Association. The fund’s other CDFI partners include Community First Fund, City First Bank, Hope Credit Union, Texas Mezzanine Fund and National Community Investment Fund.
These institutions will then make loans to Black-owned businesses, which are then able to invest in new jobs and revenue opportunities. Ultimately, this will bring more wealth to their families and communities.
Inez Long is president and CEO of the Florida-based Black Business Investment Fund, one of the fund’s CDFI partners, as well as a board member of the EBBC. She discussed the Black Vision Fund and its goal of raising a minimum of $100 million for community reinvestment with reporter Kelly Busche.
“We believe that if you can grow the gross national product through these businesses’ work,” says Long, “then of course, everyone benefits within our country.”
