Washington, D.C. (June 3, 2020) – The Washington Area Community Investment Fund (Wacif) today joined Morning Consult, a global data intelligence company, for the launch of a small business resilience fund to support equitable economic development in the Washington area’s underserved communities. The partnership will support Wacif’s mission to build an equitable economy, with the goal of raising $1 million in general operating resources to support to small businesses, specifically entrepreneurs of color, in underserved neighborhoods repair, rebuild, and restart after the pandemic and protests across the city.
“From the pandemic to unrest in our cities, we must fight for equitable solutions that unlock economic opportunities that combat the systemic issues that plague our society,” said Wacif CEO Harold Pettigrew. “Recent events remind us now, more than ever, that small businesses are the cornerstone of our communities, and we stand united with our partners at Morning Consult in our shared commitment to ensure the flow of capital for inclusive economic recovery.”
Morning Consult CEO Michael Ramlet said the company will seed the fund with $30,000, the same amount the company launched with. “Morning Consult was founded in a row house in Washington,” said Ramlet. “It’s a community that has lifted us up, helped us grow, and supported us along the way. It’s our turn to give back.”
The fund, highlighted in Washingtonian magazine, will provide general operating supporting Wacif in its mission to increase equity and economic opportunity in the Washington region’s underserved communities. For 34 years, Wacif has invested financial, knowledge, and social capital in the region’s underinvested entrepreneurs. In the last two years, Wacif’s loan and advisory services volume have more than doubled. In 2019, 96% of Wacif’s lending services went to entrepreneurs of color, as did 78% of its advisory services.
About the Washington Area Community Investment Fund
The Washington Area Community Investment Fund, Inc. (Wacif) is one of the Washington, DC. metropolitan’s area’s leading Community Development Financial Institution’s (CDFI) focused on small business development. Wacif’s mission is to increase equity and economic opportunity in underserved communities in the Washington, D.C. area by investing knowledge, social, and financial capital in low-and-moderate-income entrepreneurs. In the last seven years, Wacif has invested over $9 million in underserved communities throughout the region. Learn more at https://live-wacif.pantheonsite.io.
About Morning Consult
Morning Consult is a global data intelligence company delivering insights on what people think in real time. By surveying tens of thousands across the globe every single day, Morning Consult is unmatched in scale and speed: It determines the true measure of what people think and how their decisions impact business, politics and the economy. Industry leaders rely on Morning Consult’s proprietary technology and analysis for real-time, intelligent data to transform information into a competitive advantage.