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Remaking the Economy: Who controls the capital?

Remaking the Economy: Who controls the capital?. image courtesy of artist Heather Goodwind. February 14 th , 2019 Steve Dubb , Nonprofit Quarterly Shiranthi Goonathilaka , Village Financial Cooperative Ignacio Esteban , Florida Community Loan Fund Rodney Foxworth , BALLE

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Remaking the Economy: Who controls the capital?

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  1. Remaking the Economy:Who controls the capital? image courtesy of artist Heather Goodwind February 14th, 2019 Steve Dubb, Nonprofit Quarterly ShiranthiGoonathilaka, Village Financial Cooperative Ignacio Esteban, Florida Community Loan Fund Rodney Foxworth, BALLE Clifford Rosenthal, Archer+Rosenthal Join the conversation with our special hashtag, #RebuildTheEconomy

  2. Banking Assets, US Top 4 bank share (in blue) 1990 2016 Federal Reserve, Dec. 21, 2018, https://www.federalreserve.gov/econres/notes/feds-notes/how-the-largest-bank-holding-companies-grew-organic-growth-or-acquisitions-accessible-20181221.htm#fig1

  3. Community DevelopmentFinancial Institutions (CDFI)Industry growth (assets, billions) Source: Forum for Sustainable and Responsible Investment

  4. Community Finance Strategies • Community development credit unions • Community development loan funds • Impact investing • Public ownership (e.g., public banks)

  5. Series Overview Community-Owned Business Remaking the Economy Community Land Ownership Leveraging “Eds & Meds” Community Capital & Finance Building Policy Agendas How to Succeed at Changing the System 11-8-2018 12-13-2018 1-10-2019 3-14-2019 2-14-2019 4-11-2019 5-9-2019

  6. Series Learning Objectives • Clarify core principles • Develop a toolkit • Understand ecosystems • Identify ways to decolonize wealth and foster racial equity • Highlight points of leverage • Foster shifts in practice and thinking • Balance short-term goals with long-term vision

  7. Photo by Eduardo Munoz BLEXIT was established in July 2016 by North Minneapolis community members with the goal of addressing inequity in Minnesota. BLEXIT organizers’ vision is to divest from systems that benefit from the pain of Black people and create a self-sustaining solution that offers support and resources to uplift Black folks. BLEXIT established movements such as the #BlackTransferChallenge.

  8. Via www.abepmn.org/about BLEXIT members prioritized a campaign of establishing a Black financial institution in North Minneapolis. Left to right (Felicia Perry, Elaine Rasmussen, Brett Grant, Me’Lea Connelly, Danielle Mkali, Amber Jones, Ron Harris In late 2016, BLEXIT formed theAssociation for Black Economic Power (ABEP) to fulfill this campaign. ABEP acts as a firewall between the financial institution and the community activist organization. ABEP is now establishing a Black-led credit union, projected to open in 2019.

  9. MISSION: Transform local communities by equipping Black people with powerful economic tools and resources. VISION: Our vision is to see prosperous Black people changing the world for better.

  10. MULTIPRONGED APPROACH Grassroots Organizing Strategies • Education • Base Building Cooperative Principles and Practices Financial Products and Servicesthat meet people where they’re at • Alternative Credit Scoring • Approved or a Plan • Credit-Building Loans • Savings Circles

  11. VILLAGE FINANCIAL COOPERATIVE www.villagefinancial.org

  12. SINCE1994 founded by community leaders to provide flexible financing for development in Florida’s low-income communities STATEWIDE CDFI federally certified Community Development Financial Institution Serving Florida from 6 OFFICES www.FCLF.org

  13. FCLF LENDS FOR… Must have a community development or social services purpose HOUSING ECONOMIC DEVELOPMENT Must be in low-income communities or for low-income residents COMMUNITY FACILITIES Loans are to organizations and businesses (not individuals) www.FCLF.org

  14. CREATING HIGH SOCIAL IMPACT: TOTAL FINANCING 5,300 housing units 141Facilities, 2.1 million sqft 13,000jobscreated or retained 340,000FLORIDIANSreceive social services every year IN LOW-INCOME COMMUNITIES Cumulative through 12.31.2018 www.FCLF.org

  15. OUR ROLE MISSION DRIVEN FINANCIAL INSTITUTION AS a CDFI our DRIVERS ARE DIFFERENT THAN THOSE OF CONVENTIONAL FINANCIAL INSITUTIONS COMMITMENT TO PERFORMANCE (Both Mission and Financial) www.FCLF.org

  16. FUTURE OF COMMUNITY CAPITAL? SCALE AND COVERAGE CONTINUED ADVOCACY TOWARD INCLUSION HYBRID CDFIs PAVE THE WAY FOR GREATER CAPITAL FLOWS www.FCLF.org

  17. BALLE CONNECT LEADERS SPREAD SOLUTIONS DRIVE NEW INVESTMENT

  18. The role of nonprofits in community wealth building

  19. RISING TIDE CAPITAL

  20. MORTAR

  21. BALTIMORE COMMUNITY FOUNDATION

  22. Thank you for joining us! Nonprofit Quarterly relies on your generous support. If you enjoyed this webinar, please consider donating today! https://nonprofitquarterly.networkforgood.com/ Tell us what you thought! Use our special hashtag, #RebuildTheEconomy image courtesy of artist Heather Goodwind

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