Washington Area Community Investment Fund, Inc. (Wacif)

aka Wacif   |   Washington, DC   |  www.wacif.org

Mission

The Washington Area Community Investment Fund’s (Wacif) mission is to promote equity and economic opportunity in underserved neighborhoods in the Washington, D.C. region. 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 to low- and moderate-income entrepreneurs.

Ruling year info

1988

Chief Executive Officer

Mr. Harold B. Pettigrew

Main address

2012 Rhode Island Ave. NE

Washington, DC 20018 USA

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EIN

54-1442466

NTEE code info

Management Services for Small Business/Entrepreneurs (S43)

Management & Technical Assistance (S02)

Economic Development (S30)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Certified Business Enterprise Revolving Microloan Fund

The Certified Business Enterprise Revolving Microloan Fund (CBE RMLF)is a financing tool designed to sustain and/or increase the level of business activity, job creation and retention, and provide access to capital for the sustainability and expansion of small businesses for CBEs registered with the District of Columbia Department of Small and Local Business Development (DC DSLBD).

Population(s) Served

WACIF's Small Business Technical Assistance and Access to Capital Program addresses the need for loan capital and training for small business owners in local low- to moderate-income communities. These entrepreneurs are often unable to obtain financing for their enterprises. In addition to lack of access to funding, a large number of these entrepreneurs also lack the training and support necessary to be successful.

Population(s) Served

Wacif is certified by the Small Business Administration (SBA) as small business lender and technical assistance provider for Region III, which includes the District of Columbia, Northern Virginia, and Maryland. Through the program, Wacif manages a revolving loan fund to support small business owners and micro-entrepreneurs with loans up to $50,000.

Population(s) Served
Economically disadvantaged people
Ethnic and racial groups

Comprised of over 60 socially responsible institutional and individual investors, WACIF’s Access to Capital Loan Fund (ACLF) is a flexible financing pool available for small businesses, childcare centers, affordable housing developers, and community organizations. The fund looks to maximize both economic and social returns by providing affordable financing to create jobs, retain wealth in low- to moderate-income communities, and ensure healthy neighborhoods.

Population(s) Served

The Streetscape Loan Relief Fund is a program made available through the District's Department of Small and Local Business Development (DSLBD) designed to provide interest-free loans to any individual or entity that operates a retail business inside or adjoining a streetscape construction or rehabilitation project in the District.

Population(s) Served

ENTERPRISE DC is an innovative year-long entrepreneurship training program that provides free personalized assistance to start your small business. Participants receive entrepreneurship training, computer training, financial advice, and business mentoring to support their efforts to turn a hobby or skill into a profitable business.

Population(s) Served

Where we work

Accreditations

Community Development Financial Institutions Fund of the United States Department of the Treasury 1996

Awards

Commitment to Excellence Award 2006

Maryland Department of Housing and Community Development

Quality Partner Award 2006

Executive Office of the Mayor of the District of Columbia

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

WACIF's goal is to help level the financial and economic playing field for low- to moderate-income communities in the Washington, DC, metropolitan area. WACIF is piloting a program with the goal of creating a market for locally-sourced loan capital for small businesses.

Organizational goals include becoming CARS-rated within the next 2 years. CARS (CDFI Assessment and Ratings System)-rated. CARS is an independent, third-party rating system for community development financial institutions (CDFIs). This comprehensive review assesses the capacity as well as the organization’s policies and procedures and helps simplify the due diligence process for impact investors. WACIF’s long-term goal is to become a $20 million loan fund within the next 5 years.

WACIF is employing several strategies to increase our organizational capacity to enable us to better the financial needs of local low- to moderate-income communities. WACIF strives to meet this challenge by seeking capital from a variety of sources, both public and private, including local, state, and federal government agencies, banks, corporations, foundations, and individual and institutional investors. These investments will increase loan capital available to local underserved small business owners, many who would have no access to capital at all, and at rates lower than market interest rates.

WACIF also seeks new sources of operating support. WACIF’s target market includes all low- to moderate-income individuals and communities in the District of Columbia. Although WACIF receives substantial support from local government agencies, this support is for is designated for specific target areas. The total cost of providing technical services at no cost to all of our low- to moderate-income clients is not completely covered. WACIF must make up the difference by obtaining support from foundations, corporations, and individuals. WACIF constantly seeks additional support to continue to provide quality technical assistance to all of our clients.

WACIF has recently received a Service Grant from the Taproot Foundation to update our branding and messaging. This capacity building support will enable us to do a better job of attracting investors and donors interested in investing locally. WACIF is well-respected in the economic development community and seeks to attract more local impact investors.

Currently, WACIF has $7 million in capital under management, including our own Access to Capital Loan Fund (ACLF), which has been operational for 26 years, has 57 institutional and individual investments, boasts a 95% loan performance rate—and a 100% investor repayment rate. In addition to our own loan fund, WACIF administers and manages several loan pools funded by the U.S. Small Business Administration, the Maryland Department of Housing and Community Development, and the District of Columbia Department of Small and Local Business Development.

WACIF also has a variety of stakeholders and connections, which is reflected in our extensive email list of approximately 3,000 contacts, ranging from current and previous clients, investors, donors, community organizations, financial professionals, local government agency personnel, and other individuals.

WACIF continues to leverage our relationships and past successes to increase our services to local underserved communities. WACIF has expand access to capital products and services and technical assistance and entrepreneurial training through partnerships, collaborations, and pilot programs. In addition, WACIF's loan volume and the number of clients served in the past 2 years have increased significantly as a result of an increase in our own organizational capacity.

WACIF has not yet achieved scale in terms of capital available to lend, which is the focus of our Neighborhood Notes Initiative, a pilot program currently in the development stages. With this initiative, WACIF seeks to create a market for locally-sourced investments to provide loan capital to local, underserved entrepreneurs, which will in turn result in job creation and spur community-based economic development.

Financials

Washington Area Community Investment Fund, Inc. (Wacif)
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
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  • Compare nonprofit financials to similar organizations

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Washington Area Community Investment Fund, Inc. (Wacif)

Board of directors
as of 5/4/2021
SOURCE: Self-reported by organization
Board chair

Ms. Nancy Stark

Community Strategy Solutions

Term: 2021 - 2022

Anne Morrison

Morgan Stanley

Tara Palacios

BizLaunch, Arlington (VA) Economic Development

Richard Lowery

Bowie State University

Delroy Walters

Small Business Owner

Salem Tierce

The Meridian Group

Caitlin Welsh

Department of State

Ross George

Cooperative Assistance Fund

Robb Bunnen

Bunnen Capital Management

Alejandro Golding

Stanton Development

Kristin Faust

PCG Loan Fund

Jamila Braithwaite

Capital One

Joseph Donadoni

Citi Bank

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? No
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? No
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? No
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? No
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? No

Organizational demographics

SOURCE: Self-reported; last updated 05/04/2021

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
Black/African American/African
Gender identity
Male, Not transgender (cisgender)
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

 

Sexual orientation

No data

Disability

No data