{"id":3077,"date":"2023-06-29T15:02:20","date_gmt":"2023-06-29T22:02:20","guid":{"rendered":"https:\/\/peopleseconomylab.org\/?p=3077"},"modified":"2023-06-29T15:03:10","modified_gmt":"2023-06-29T22:03:10","slug":"2023-community-wealth-building-pilots-a-community-controlled-fund-for-bipoc-owned-businesses-in-the-central-district","status":"publish","type":"post","link":"https:\/\/peopleseconomylab.org\/2023-community-wealth-building-pilots-a-community-controlled-fund-for-bipoc-owned-businesses-in-the-central-district\/","title":{"rendered":"2023 Community Wealth Building Pilots: A Community-controlled Fund for BIPOC-owned Businesses in the Central District"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Dennis Comer, executive director of Central Area Collaborative (CAC), wants elected leaders and policymakers to know three things: What you\u2019re doing to help small BIPOC-owned businesses isn\u2019t working. There are people out here who are creating and leading programs that work. Support us.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Central Area Collaborative is one of those groups. They are creating a program\u2013a community-controlled fund\u2013to help small BIPOC business owners get through emergencies.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CAC\u2019s community-controlled fund for BIPOC-owned businesses in the Central District is part of the Building Generational Wealth Initiative funded by the City of Seattle\u2019s Department of Neighborhoods (DON). In 2023, DON is supporting BIPOC entrepreneurs and community-based organizations to pilot community wealth building strategies as part of a long-term effort to close the racial wealth gap in Seattle. The community wealth building strategies include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Broad-based Worker Ownership\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Community-controlled Capital\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Community Ownership of Real Estate\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Progressive Procurement<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Equitable Small Business Ecosystems\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Wealth Retention and Asset Protection Programs\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">CAC\u2019s community-controlled fund represents the community-controlled capital strategy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Imagine you\u2019re a BIPOC business owner, and the power goes out, one of your windows gets broken, an important piece of equipment breaks down, or an employee calls in sick, you\u2019re shorthanded, and you can\u2019t open your business for a few days. You need emergency funding quickly to keep your business afloat. You go to a Community Development Financial Institution to try to get an emergency loan, but you don\u2019t qualify. It turns out CDFIs have pretty much the same structural barriers and restrictions as traditional financial institutions. What do you do now?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If CAC\u2019s pilot project succeeds, you\u2019d be able to go to a community-controlled fund, administered by an advisory body made up of your peers\u2013a group of BIPOC business owners in the Central District\u2013and make your case to them. They could quickly grant you a loan with the ability to pay it back in goods, services, volunteer hours, or other goodwill options, if you can\u2019t pay it back in cash.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the pilot project period, CAC will use the pilot project funding as seed money for this community-controlled fund. They\u2019ll work with the advisory group of business owners to develop guidelines and procedures for accessing the funds. And they\u2019ll research funding sources to sustain the fund past the pilot project period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CAC is also partnering with <\/span><a href=\"https:\/\/denkyemcoop.com\/\"><span style=\"font-weight: 400;\">Denkyem Co-op<\/span><\/a><span style=\"font-weight: 400;\"> on this pilot project. Denkyem Co-op will administer loan and grant funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We at People\u2019s Economy Lab look forward to consulting with Dennis and Central Area Collaborative through this process. This will be an incredible resource to have in the Central District!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dennis Comer, executive director of Central Area Collaborative (CAC), wants elected leaders and policymakers to know three things: What you\u2019re doing to help small BIPOC-owned businesses isn\u2019t working. There are people out here who are creating and leading programs that work. Support us. Central Area Collaborative is one of those groups. They are creating a 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Nash","author_link":"https:\/\/peopleseconomylab.org\/author\/lnash\/"},"featured_img":"https:\/\/peopleseconomylab.org\/wp-content\/uploads\/2023\/06\/027A1207-300x200.jpg","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/peopleseconomylab.org\/category\/community-wealth-building\/\" class=\"advgb-post-tax-term\">Community Wealth Building<\/a>","<a href=\"https:\/\/peopleseconomylab.org\/category\/generational-wealth-building\/\" class=\"advgb-post-tax-term\">Generational Wealth Building<\/a>","<a href=\"https:\/\/peopleseconomylab.org\/category\/leader-spotlight\/\" class=\"advgb-post-tax-term\">Leader Spotlight<\/a>","<a href=\"https:\/\/peopleseconomylab.org\/category\/news\/\" class=\"advgb-post-tax-term\">News<\/a>","<a href=\"https:\/\/peopleseconomylab.org\/category\/organization-spotlight\/\" class=\"advgb-post-tax-term\">Organization Spotlight<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Community Wealth Building<\/span>","<span class=\"advgb-post-tax-term\">Generational Wealth Building<\/span>","<span class=\"advgb-post-tax-term\">Leader Spotlight<\/span>","<span class=\"advgb-post-tax-term\">News<\/span>","<span class=\"advgb-post-tax-term\">Organization Spotlight<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 10 months ago","modified":"Updated 10 months ago"},"absolute_dates":{"created":"Posted on June 29, 2023","modified":"Updated on June 29, 2023"},"absolute_dates_time":{"created":"Posted on June 29, 2023 3:02 pm","modified":"Updated on June 29, 2023 3:03 pm"},"featured_img_caption":"Central Area Collaborative visits Central Cafe and Juice Bar.","series_order":"","_links":{"self":[{"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/posts\/3077"}],"collection":[{"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/comments?post=3077"}],"version-history":[{"count":1,"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/posts\/3077\/revisions"}],"predecessor-version":[{"id":3079,"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/posts\/3077\/revisions\/3079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/media\/3078"}],"wp:attachment":[{"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/media?parent=3077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/categories?post=3077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peopleseconomylab.org\/wp-json\/wp\/v2\/tags?post=3077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}