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WACIF, Building Bridges Across the River Champion Underserved Small Businesses With ‘Resilient Futures’ Program

April 16, 2025

The Washington Area Community Investment Fund (WACIF) has received a $1 million grant from the 2024 TD Ready Challenge to launch the Resilient Futures: Small Business Financial Wellness and Wealth Building Program. This initiative, developed in partnership with Building Bridges Across the River, Onyx Therapy Group, and TD Bank, aims to provide financial literacy, technical assistance, and economic development opportunities to underserved small business owners in the DMV region. The program includes a wealth building loan program with cash collateral grants and the Ward 8 Small Business Preservation Cohort, designed to combat systemic barriers that have historically prevented entrepreneurs from accessing financial resources.

Who is affected

  • Underserved small business owners in the DMV region
  • Local entrepreneurs facing historical and systemic barriers
  • Small businesses east of the Anacostia River (particularly in Ward 8)
  • Businesses on the Southeast corridors of Martin Luther King Jr. and Marion Barry avenues
  • Specific businesses mentioned: Sapodilla's Caribbean Restaurant, Sweet Tooth Cafe & Cakes, and Dreaming Out Loud

What action is being taken

  • WACIF is implementing the Resilient Futures Program with the $1 million grant
  • The program is hosting discussions and listening sessions in Prince George's County, Maryland
  • Staff training is being conducted for a "financial freedom-focused approach" to technical assistance
  • TD Bank is sending representatives to work alongside partnered organizations to educate individuals on finances
  • The Ward 8 Small Business Preservation Cohort is supporting businesses on Southeast corridors in partnership with Anacostia BID and Booz Allen Hamilton
  • Booz Allen's internal grants team is evaluating and assisting with grant narratives, budgets, and evaluation for Ward 8 businesses

Why it matters

  • Historical and systemic barriers have prevented many entrepreneurs from succeeding
  • There is deep mistrust of financial institutions among many underserved communities
  • $1.5 billion in new investments are coming to the Southeast quadrant in the next five years
  • The initiative helps prepare small businesses for technological changes and development opportunities
  • The COVID-19 pandemic exposed realities of accessibility for underfunded communities
  • The program aims to build trust between financial institutions and underserved communities
  • The initiative supports financial literacy not just for businesses but for individuals

What's next

  • The 2025 Small Business Preservation Cohort will aim to surpass local and federal funding from previous years
  • Booz Allen's newly implemented internal grants team will continue evaluating and assisting with grant narratives, budgets, and evaluation
  • The program will continue to prepare Ward 8 businesses for the $1.5 billion in new investments coming to the Southeast quadrant
  • Organizations will maintain ongoing relationships with program participants to help them access more opportunities

Read full article from source: The Washington Informer

WACIF, Building Bridges Across the River Champion Underserved Small Businesses With ‘Resilient Futures’ Program