Nearly $1M in new funding will support DMV small businesses and help residents transition into entrepreneurship amidst regional economic shifts
Washington, DC, September 30, 2025 – The Washington Area Community Investment Fund (WACIF) and the Latino Economic Development Center (LEDC) have been awarded nearly $1 million in funding from Capital One to launch The Pivot Project: From Necessity to Opportunity Entrepreneurship and build upon both organizations’ proven small business support services. The Pivot Project initiative is designed to help interested residents of the Washington Metropolitan Region transition into full-time entrepreneurship or scale their small businesses.
In the evolving economic landscape of the National Capital Region, entrepreneurship is emerging as a vital route to financial stability and opportunity. Recognizing the critical need for comprehensive support, WACIF and LEDC, both certified Community Development Financial Institutions (CDFIs), are stepping up as financial first responders. They offer flexible capital, technical assistance, and holistic wraparound services, ensuring that both new and established entrepreneurs receive the necessary backing to not only thrive but also achieve lasting success.
Through the support of Capital One, the Pivot Project offers a comprehensive suite of resources. These include access to capital via the DMV Catalyst Fund, personalized one-on-one advising, training workshops, customized consultant support, certification assistance, and valuable networking opportunities. Additionally, the project provides housing counseling services for those experiencing housing instability. This collaborative effort between WACIF and LEDC aims to strengthen the small business ecosystem, broaden access to opportunities, and contribute to the stabilization of the regional economy during this transitional period.
“In this moment, it’s more important than ever to ensure our local economy is uplifted by the opportunities enabled through entrepreneurship. The Pivot Project ensures that potential small business owners, especially those facing barriers to traditional financing, have access to the capital, coaching, and community they need to pivot, grow, and continue serving their communities.” – Shannan Herbert, CEO of Washington Area Community Investment Fund
“It is essential that we come together in partnership and take bold action to transform workforce disruption into opportunity. The Pivot Project responds to an urgent challenge while establishing a long-term model for economic recovery, demonstrating what CDFIs do best: rising to the moment and meeting communities where they are. With the support of social investors like Capital One, we will serve as a bridge for federal workers and entrepreneurs across the DMV to launch, grow, and sustain their businesses. By creating pathways to stability and growth today, we are also contributing to a more resilient and inclusive economy that ensures the long-term prosperity of the region.” – Emi Reyes, CEO of the Latino Economic Development Center.
“Recognizing the critical role that CDFIs play in communities as providers of flexible, patient capital, Capital One is proud to support Washington Area Community Investment Fund and Latino Economic Development Center through our commitment to the Pivot Project. This initiative will provide critical services to clients seeking to scale their entrepreneurial endeavors while also enabling and sustaining a resilient small business ecosystem throughout the DMV region.” – Kerone Vatel, Head of Community Finance, Impact & Investment at Capital One.
About Washington Area Community Investment Fund (WACIF)
Established in 1987, the Washington Area Community Investment Fund’s mission is to increase equity and economic opportunity in underserved communities in the Washington, DC area by investing knowledge, social, and financial capital in low- and moderate-income entrepreneurs. Our mission is driven by three strategic pillars: inclusive entrepreneurship, community wealth building, and equitable economic development, and is fulfilled by providing access to capital products and services, and capacity building technical assistance to low- and moderate-income entrepreneurs. WACIF has been continuously certified as a Community Development Financial Institution (CDFI) since 1996, making the organization one of the nation’s first CDFIs.
About Latino Economic Development Center
The Latino Economic Development Center (LEDC) is a nonprofit, U.S. Treasury-certified Community Development Financial Institution (CDFI) and HUD-certified housing counseling agency that catalyzes the economic advancement of Latinos and local communities by bridging the gap to capital and resources so they can achieve financial prosperity. Since 1991, LEDC has been a trusted partner serving thousands of entrepreneurs, tenants, and homeowners each year across the Washington, DC region, Baltimore, and Puerto Rico. LEDC delivers small business coaching, lending, financial education, housing counseling, and tenant services that empower families and entrepreneurs to build lasting stability. By combining financial empowerment with community investment, LEDC ensures that opportunity is both accessible and sustainable.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $468.1 billion in deposits and $659.0 billion in total assets as of June 30, 2025. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
Additional information about Capital One can be found at Capital One About at www.capitalone.com/about.