ImpactAlpha, May 11 — Washington D.C. Mayor Muriel Bowser is tapping Arlington, Va.-based community development financial institution Capital Impact Partners to receive $1 million for the Nourish DC Fund, which will provide loans, grants and technical support for food businesses owned by local entrepreneurs, especially Black, Indigenous and people of color founders.
Catalytic capital
The CDFI plans to leverage the funds to attract another $2 million to deploy at least $3 million “to foster an inclusive food system that provides economic opportunities and access to healthy, affordable, and culturally appropriate food, particularly in communities impacted by historic disinvestment and structural racism” (see, “Capital Impact Partners and CDC Small Business Finance creates community investing powerhouse”).
The new vehicle is part of the $5.2 million DC Local Equity, Access and Preservation Funds, or DC LEAF, which aims to improve food access, create jobs and promote economic growth in the district.
