WASHINGTON (March 19, 2024) – Today, the Washington Area Community Investment Fund (Wacif) announced Shannan Herbert as its new CEO. An accomplished finance executive with deep expertise in commercial banking, community development banking, fintech, and the nonprofit sector, Herbert has dedicated her career to providing capital and capacity building support to communities that have been historically under-resourced.
Previously, Herbert held the role of Executive Vice President of Inclusive Credit at Stratyfy, a woman-owned, mission-focused fintech company, and was the Executive Vice President and Chief Credit Officer for City First Bank in DC, a CDFI and one of the country’s largest Black-led banks. She has a track record of developing and deploying innovative strategies and effecting positive change.
“Shannan’s passion for financial inclusion and removing barriers that prevent the flow of resources in communities of color aligns with Wacif’s mission to promote equity and economic opportunity across the DC region,” said Nancy Stark, Board Chair. “With her creative approach to leadership, we’re confident Shannan is the right person to expand on Wacif’s success and introduce new strategies to increase access to capital and opportunities for even more entrepreneurs in the region.”
Herbert’s commitment to the community includes board service at Beacon House, a youth development nonprofit in Ward 5; The Arc of Prince George’s County, which provides services for people with disabilities; and Rochdale Capital, an emerging CDFI nonprofit loan fund located in Arlington. She received her Bachelors in Business Administration from Howard University and an MBA from Loyola University Maryland.
“I’ve always admired Wacif’s unwavering commitment to community building – not just in providing loans to create greater opportunity throughout the District, but in deeply investing in the critical supports needed to foster a vibrant community, such as food security and affordable childcare,” said Herbert. “Wacif has made a measurable impact on the lives of many and has never been stronger. I am excited to steward it into this new chapter in partnership with the community, our team, our board, and our partners.”
Herbert’s appointment is the culmination of a national search led by Koya Partners that reached nearly 400 national and regional leaders in the fields of CDFIs/small business lending, community development, entrepreneurship, government, and urban development. Herbert was the board’s unanimous selection from a pool of highly talented, experienced, and diverse finalists.
To learn more about Wacif, visit wacif.org.
About the 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. Wacif has been continuously certified as a Community Development Financial Institution (CDFI) since 1996, making the organization one of the nation’s first.