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Revolve Fund Has Generated $10.9M in Additional Capital Access for People of Color-Led Businesses and Nonprofits

For Immediate Release

Feb. 29, 2024

BALTIMORE – With over $2 million in philanthropic dollars raised since 2020, Revolve Fund has helped entrepreneurs of color secure $10.9 million in additional capital for their businesses and nonprofits through direct leverage, co-investment, referrals, and strategic guidance. Founded and managed by James Wahls, Revolve assists entrepreneurs of color and other organizations committed to supporting entrepreneurs of color that have been historically underfunded by traditional financial systems.

Initially piloting strategies in Baltimore, Maryland and Detroit, Michigan, Revolve Fund has provided grant funding to entrepreneurs nationally. Moreover, with a grant from the Surdna Foundation, Revolve is further expanding by developing and implementing an U.S. Southern pilot strategy in partnership with other similarly committed organizations, funders, and investors.

“For entrepreneurs and nonprofit leaders of color, systemic barriers and racial and ethnic wealth gaps continue to disproportionately prevent their businesses and nonprofits from obtaining equitable capital access,” Wahls said. “Revolve intentionally deploys catalytic ‘friends and family-like’ or institutional funding, which are critical factors for entrepreneurial success.”

Research indicates Black families and other families of color often have less disposable income for funding businesses and nonprofits. In 2019, the median net worth of white families was 7.8 times that of Black families. Additionally, Latino-owned businesses are more likely to experience funding shortfalls than white-owned businesses.

Revolve Fund offers recoverable grants and strategic business support directly to organizations or collaborates with community development financial institutions, nonprofits, venture funds and business incubators and accelerators. This approach is designed to foster capital access without creating financial harm while maximizing Revolve’s industry expertise and grantees’ sourcing, underwriting and portfolio-monitoring capabilities.

Revolve Fund will continue its capital fundraising over the next 18-36 months. Revolve’s past and current funders include the Annie E. Casey Foundation, JPMorgan Chase, Open Society Institute – Baltimore, PNC Bank, and the Rockefeller Foundation.

As Revolve Fund’s managing director, Wahls brings over 15 years of experience in the philanthropic, impact investing and legal sectors. With stints at the Annie E. Casey Foundation in Baltimore and the W.K. Kellogg Foundation in Battle Creek, Michigan, Wahls has managed or co-managed $250 million-plus in impact investing allocations comprised of grant, equity, debt and direct investments. In addition to Revolve, notable strategies he has designed or led include the Baltimore Small Business Support Fund and the Detroit Entrepreneurs of Color Fund. Wahls also executed investments nationally in affordable housing, financial inclusion, quality job creation and community development.

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Fourteen Leaders You Should Get to Know This Black History Month

Heroes don’t always wear capes. And the most amazing leaders don’t always receive the recognition and applause that they deserve.

This Black History Month we honor the leaders who paved the way for future generations while also recognizing contemporary advocates who are doing the same. Below is a list of several leaders in communities across the country who are making a difference one day at a time. 

California

Glenn Harris is the president of Race Forward and has over 25 years of experience working on racial and social justice issues with community groups, foundations and government agencies. Prior to joining Race Forward, Glenn served as President of the Center for Social Inclusion, which merged with Race Forward in 2017. He also supported the start of projects similar to the Race and Social Justice Initiative across the country and helped found the Government Alliance on Race and Equity (GARE).

Florida

Rev. Rhonda Thomas. Thomas is the executive director of Faith in Florida and a member of the Black Southern Women’s Collaborative. She who created a toolkit and asked churches to teach Black history after Gov. Ron DeSantis restricted the teaching of African American history. She recruited 500 churches from Florida and 20 other states to teach the curriculum. In addition to this latest project, Thomas has been a long time advocate on gun violence prevention. She lost a nephew to gun violence and was also present in the aftermath of the 2018 mass shooting at Marjory Stoneman Douglas High School in Parkland, Florida to offer pastoral care to young people and their families. Learn more here.

Georgia

Kendra Cotton. Kendra is the chief executive officer of New Georgia Project Action Fund and its affiliated organization, New Georgia Project. She is a member of the Black Southern Women’s Collaborative. She is a lifelong Southerner and has spent her professional career promoting civic engagement and advocating for underrepresented communities to become more involved in our democracy.

Phyllis Hill. Hill is the national organizing director for Faith in Action. She also founded and runs the Black Southern Women’s Collaborative, which is designed to support the leadership and ingenuity of Black women executive directors in the South. She believes that Black women are often sought out for their talents without recognition of their struggles. In founding the Black Southern Women’s Collaborative, Hill sought to create a safe, supportive space where Black women could be seen and known. The group includes the executive directors of the New Georgia Project, Memphis Artists for Change, the Power Coalition for Equity and Justice, One Voice, Faith in Florida and fellows in Alabama. Learn more here and here.

Maryland

Dr. Sabrina N’Daiye. Dr. Sabrina is an author, psychotherapist and trauma expert. She is the founder of the Heart Nest Center in Baltimore, MD. She works with communities that have experienced a natural disaster or mass shooting, helping them process their experience and move towards healing. N’Diaye also works with persons who are living with HIV/AIDS to help them process their diagnosis, live fruitful lives. She is most proud of her work inside prisons where she works with men and women to process the trauma of incarceration and find healing and hope.

Arion Long. After developing a uterine tumor, Arion went into septic shock and eventually lapsed into a coma. Pregnant at the time, her daughter was stillborn. Arion entered her first pitch competition for Femly two weeks after being released from the hospital. While physically and emotionally depleted, she was on a mission to ensure women and girls had access to safe feminine care products. Her sister attended some of Arion’s early pitch competitions to hold her hand and help her stand up. To date, Arion Long has raised more than $2.8 million for her company, Femly, from more than 50 pitch competitions. Femly offers organic period care via dispensers in public restrooms, schools and other establishments. She also patented dispensers that can see and recognize pigmented skin. Learn more here. 

James Wahls. Wahls is an impact investor with Mission Investor Exchange. He also founded and runs the Revolve Fund, a philanthropic initiative dedicated to catalyzing businesses led by people of color. Since many people of color have less disposal income, launching and sustaining a business can be a challenge. Revolve seeks to help businesses with capital but also the network access that would propel their long-term success. He founded the Revolve Fund in March 2022 as a pilot project. He received funding  in March 2022 with funding from institutions such as JPMorgan ChaseOpen Society Institute – Baltimore, PNC Bank, and the Rockefeller Foundation. With the Maryland Philanthropy Network as fiscal sponsor, the fund offers recoverable grants to businesses with a social purpose and nonprofits. The hope is that the funding and associated support can help businesses led by people of color get on firm footing before having to repay or return investments. To date, the fund has raised more than $1.9 million and deployed more than $560,000 in capital and technical assistance. Learn more here.

John Holdsclaw IV. Following George Floyd’s tragic murder in 2020, scores of organizations, corporations, financial institutions, and retailers pledged to give their time, money, and resources to close the racial wealth gap. However, the further we move from that summer of racial reckoning, we see less commitment to diversity, equity, and inclusion. Companies have cut their DEI programs, and many people have stopped talking about investing in Black businesses and communities. But Holdsclaw is working hard at community uplift through the entity he founded, Rochdale Capital, an emerging community development financial institution (CDFI). Rochdale works with key stakeholders – such as the Revolve Fund – to increase opportunities for co-op and community ownership in under resourced communities. Rochdale funded Iowa’s first Black-owned grocery store, All In, with a $400,000 loan. Learn more here.

Danielle Torain. Torain is an attorney and leader in the philanthropic space. She previously led the Open Society Foundations’ Baltimore office, OSI-Baltimore. Prior to that, she worked to get resources into the hands of Black and people of color-led organizations in Baltimore with stints at the Baltimore Children and Youth Fund, The Annie E. Casey Foundation and Frontline Solutions. Upon learning that OSI-Baltimore would wind down its funds, Torain raised $20 million in combined contributions to ensure the grantees she long supported at OSI-Baltimore would not be left in a compromised position. She single-handedly ensured that these organizations – which often struggle to find support – had a longer runway to identify other philanthropic partners. Learn more here.

 

Mississippi

Nsombi Lambright-Haynes is an experienced executive director with a demonstrated history of working in the non-profit organization management industry. She is the executive director of One Voice, and a member of the Black Southern Women’s Collaborative. She’s done significant work to expand access to the ballot, and promote civic engagement. 

Ellen Reddy is the executive director of the Nollie Jenkins Family Center in Lexington, Mississippi. She is on a mission to educate parents, policymakers and community members on the dangers of corporal punishment. She has noted, “We need a different vision for our children and schools. That vision must include safe spaces for young people.” Reddy has passionately outlined the fear that children experience when they are beaten at schools or at home. She has advocated other models for positive parenting and has broadened the debate around discipline. Learn more here.

New York

Sally Vonner. Sally Vonner is the General Secretary and CEO of United Women in Faith. United Women in Faith is the largest denominational organization for women. In her capacity as General Secretary, Vonner supports programs that center the needs of women, children and youth. Her organization is active in the fight to end the school to prison pipeline. They also work to advance climate justice and ensure a just transition to renewable energy. 

Dr. Omolara Uwemedimo. Dr. Omolara is a pediatrician and co-founder of Strong Children Wellness. She is founder of Melanin and Medicine where she coaches physicians on how to do their work more sustainably. After being hospitalized and diagnosed with an autoimmune disease, she realized that she needed to approach medicine differently. She co-founded Strong Children Wellness to bring practitioners to patients. Rather than asking families to go from appointment to appointment to have their and their child’s needs met, Strong Children’s Wellness brings practitioners to the community. In their model, children can see a pediatrician, a therapist or psychiatrist if they need one and families can receive social services, all in one building. This cuts down on time, travel costs, requests for paid time off. It centers the patient and ensures better service for children and families. Learn more here.

Oregon

Eric K. Ward. Eric is a Senior Vice President at Race Forward. He is a nationally-recognized expert on the relationship between authoritarian movements, hate violence and preserving an inclusive democracy. He has over three decades of leadership experience in community organizing and philanthropy. He is an in-demand speaker, media source and commentator.  

Revolve Fund Raises $1.9 Million to Help Businesses Led by People of Color

For Immediate Release

BALTIMORE – Since it launched in 2020 as a pilot, the Revolve Fund has raised $1.9 million to help Black, Latinx, Indigenous and other people of color increase access to capital. Founded and managed by James Wahls, the Revolve Fund is a philanthropic initiative that assists persons of color seeking to open, grow or scale their business or nonprofit. Wahls brings 15 years of experience in the philanthropic, impact investing and legal sectors.

“For entrepreneurs and nonprofit leaders of color, systemic barriers disproportionately prevent their businesses and nonprofits from equitable capital access,” said James Wahls, founder and managing director for Revolve Fund, and senior vice president of programs and initiatives at Mission Investors Exchange. “Revolve intentionally deploys ‘friends and family-like’ funding to increase capital access, a critical factor for success.”

Revolve offers interest-free, recoverable capital to support Black/African American, Latinx, Indigenous and other people of color-led businesses, nonprofits, and financial intermediaries. To date, the fund has deployed more than $560,000.

READ MORE: https://www.citybiz.co/article/469467/revolve-fund-raises-1-9-million-to-help-businesses-led-by-people-of-color/