Six local organizations, including OFN members Baltimore Community Lending and Latino Economic Develpment Center (LEDC), have received grants totaling $775,000 in a collaborative effort to help entrepreneurs of color overcome obstacles to starting and growing businesses in Baltimore City and the surrounding region.
The investments from the Baltimore Small Business Support Fund are aimed at increasing small business lending to and fostering greater business support for these entrepreneurs. This represents the first stage of engagement between the grantees and the growing fund, which now totals more than $1.8 million.
The Support Fund has been seeded with funding from the Aaron and Lillie Straus Foundation, Abell Foundation, the Annie E. Casey Foundation, Baltimore Community Foundation, Goldman Sachs Foundation, JPMorgan Chase, Opportunity Finance Network, PNC Bank, and the Surdna Foundation. Established in 2018, the Support Fund aims to address barriers in community lending that disproportionately affect entrepreneurs of color—and to work alongside related investment efforts.
Learn more on Annie E. Casey Foundation's blog.