As the Washington Area Community Investment Fund (WACIF) moves in a firm belief to compel economic equity, the storied nonprofit welcomes any opportunity to combat systemic injustice working against local entrepreneurs.
Thus, WACIF CEO Shannan Herbert considers the $1 million grant from the 2024 TD Ready Challenge to be a “game-changer” for the DMV region, furthering a mission to drive capital, community wealth building and economic development in a call to serve overlooked small businesses.
“Historical and systemic barriers—along with a deep mistrust of financial institutions—have too often stood in the way of success for many entrepreneurs,” Herbert told The Informer. “We are looking forward to changing lives, changing small businesses, and helping them grow, and with TD’s support, we’re going to make that happen.”
The Resilient Futures: Small Business Financial Wellness and Wealth Building Program was made possible through the partnership of Building Bridges Across the River, Onyx Therapy Group, and TD Bank’s 2024 TD Ready Challenge. Headquartered in Southeast, D.C., Building Bridges Across the River is the nation’s largest social sector non-profit based in Ward 8, while the TD Ready Challenge is an annual initiative to develop measurable solutions and effective programs for communities within the bank’s footprint.
With this year’s problem statement focused on innovative solutions for underserved small business owners, Paige Carlson-Heim, U.S. head of social impact for TD Bank, underscored the importance of establishing financial literacy, not just for a business, but for an individual alone – an ideal the 2024 TD Ready Challenge strives to promote.
“At the end of the day, people need to feel comfortable and secure in their understanding and awareness of everything related to finances, to be able to then focus on their future, and to have confidence in that future,” Carlson-Heim told The Informer, “and that kind of is the underpinning of what we support.”
In addition to financial literacy, the innovative collaboration hopes to explore new, community-centered ways to “engage, listen, and respond,” said Herbert, with a leverage on communal support, technical assistance and economic prosperity.
“Together, we aim to open doors that once felt out of reach and create the kind of supportive, healing environment every entrepreneur needs to thrive,” Herbert said.
‘Resilient Futures’ Program Tackles Financial Literacy, Community Engagement
WACIF’s honorary selection as a recipient of the 2024 TD Ready Challenge (one of four in the United States) was officially announced on March 19, and according to Herbert, the nonprofit institution has already been in full swing with the inaugural models of the groundbreaking program.
Established in 1987, WACIF prides itself as a conduit of growth for entrepreneurs and small businesses in local communities, making this initiative a vital tool to build upon existing cohort models that the association utilizes within its own scale.
Herbert specifically cited networking, transparency, and community engagement as key components to ensure efficiency for all participants of the Resilient Futures program, which is open to any underserved local business owner looking to scale an enterprise, according to WACIF.
“What I’m excited about is the ability now to take this cohort model, really, to the next level,” Herbert said, “where we can take some of the feedback that we’ve gotten from participants…and add those additional elements into [this] experience.”
Offerings of the developing initiative include: a “financial freedom-focused approach” to client engagement; a wealth building loan program, which includes a cash collateral grant; and the Ward 8 Small Business Preservation Cohort, amplified through the 11th Street Bridge Park (a project of Building Bridges Across the River) in partnership with Booz Allen Hamilton and the Anacostia BID.
Beyond merely exposing entrepreneurs to the tools and knowledge to scale a small business, ‘Resilient Futures’ aims to guide leaders with a foundation for life-long learning and community engagement.
Herbert shared that some of the early stages of the project include hosting pivotal discussions and listening sessions, particularly in Prince George’s County, Maryland, on how institutions like WACIF and Building Bridges can better serve communities both operationally and economically.
“Part of the…financial freedom-focused approach to technical assistance really involves training for all of the staff that will be working with clients,” she explained. “What we wanted to do is be able to show up in a way that is engaging, that builds trust, but also respects that everyone has a different journey, and we are meeting people at different points in their journey.
Similarly, Carlson-Heim noted that, for some, that journey is navigating a relationship with a trusted financial institution.
Thus, TD Bank continues its efforts to support financial literacy by often sending out representatives alongside the partnered organizations to educate individuals on finances and “build trust in the process,” similarly to what Herbert deemed necessary for an initiative like this to survive.
“[When] people begin to connect with that [representative], and then, by extension, with the financial institution, [it] becomes much more approachable. That’s our hope,” Carlson-Heim explained.
The community development specialist touted Herbert as a “walking advertisement” for what the annual funding aims to accomplish, specifically noting the advantage of leaning in on existing models to strengthen partnerships and advocate for communities within the bank’s footprint.
“We are hoping that these resources help organizations like WACIF and Building Bridges Across the River do just what [Herbert] said,” Carlson-Heim told The Informer. “It’s very exciting. D.C. is really showing up with all of the amazing work that they’re doing.”
Building Bridges to Business Preservation East of the River, Abroad
While the Resilient Futures Program aims to drive success for business owners at any level, an emphasis is also placed on ensuring sustainability far beyond the terms of the cohort initiative.
Anna McCorvey, who serves as Senior Equitable Development Manager for the 11th Street Bridge Park project – the first elevated park in the nation’s capital – noted the abrupt shift of the business landscape during COVID-19, and how it shed light on the realities of accessibility for underfunded communities.
For this, she considers the partnership with WACIF vital to preserving the future of local enterprises, particularly given the added struggles of financial assistance, property developments, and other disparities that plague businesses particularly east of the Anacostia River.
“This fits really well within our ethical development plan, which is really to shore up and prepare for various areas development projects,” McCorvey told The Informer. “It’s a project rooted in resilience as well as an effort to better prepare. And that’s where I think this partnership with WACIF is really timely.”
In its third year, the Small Business Preservation Cohort has partnered with Anacostia BID and Booz Allen Hamilton to uplift businesses on the Southeast corridors of Martin Luther King Jr. and Marion Barry avenues, respectively.
Novelties like Sapodilla’s Caribbean Restaurant and Sweet Tooth Cafe & Cakes, as well as existing organizations such as Dreaming Out Loud, which supports east of the river entrepreneurs in the food sector, are counted among the enterprises in this year’s coalition.
Like TD Bank and WACIF, McCorvey said the 2025 cohort will drive impact through combined efforts of existing and enhanced initiatives, with hopes to surpass local and federal funding from previous years.
One route to meet this goal is through Booz Allen’s newly implemented internal grants team, which will evaluate and assist with grant narratives, budgets and evaluation to offer Ward 8 businesses a fair shot in the competitive sector of the business industry.
McCorvey explained, with $1.5 billion in new investments coming to the Southeast quadrant in the next five years, it is especially critical to “build the capacity of Ward 8 small businesses and entrepreneurs.”
Herbert furthered this notion, emphasizing the role of organizations and business owners alike to stay engaged in the community and learn how to leverage benefits out of uncontrollable situations.
“We think about technology all the time and how that impacts our small businesses. We think about some of the changes… that are coming to Anacostia in particular…and how our small businesses can take advantage of some of those opportunities and be involved,” Herbert told The Informer. “Getting them ready for what’s coming is just critically important to us.”
While the organization leaders encourage small business owners to maintain relationships with each presiding institution, McCorvey also hopes that participants of these programs take away the value of using innovative solutions to “think a few steps ahead” and ensure longevity for themselves.
“This is a program that’s happening right now, but it absolutely can lead you to more and more opportunities,” McCorvey explained.
With a mission to bolster communities, empower entrepreneurs and enhance accessibility locally and abroad, initiatives such as the 2024 TD Ready Challenge and awarded ‘Resilient Futures’ Program stand at the forefront of what’s next for equity across all businesses.
“And in an ideal world,” Carlson-Heim said, “we get to tell the story together, to everybody and anybody who will listen.”