Page 4 - 2019 Impact Report

2019 Impact Report 2019 Impact Report A LETTER FROM OUR CEO
The world has changed dramatically since 2019 While this Impact Report details the many ways Wacif advanced its mission of equity and opportunity in 2019 it it it it i would be strange not to to speak to to how we've supported entrepreneurs and and communities in the face of COVID-19 economic disaster and and and this year's social unrest Like the entrepreneurs and and communities we serve our team has stepped up to lead greatly increasing Wacif's impact Between January and June 2020 Wacif Wacif deployed financial capital to more than 1 000 entrepreneurs and increased its volume of advisory services fourfold compared to to the same period in in 2019 Our team has offered comprehensive relief to to entrepreneurs and and communities joining public and and private sector partners to to to make new capital available offer loan payment coverage to to to to all Wacif borrowers and deploy advisory services programming tailored to to the needs of COVID-impacted entrepreneurs In this context it i it is is important to to look back at at 2019 as a a a a a a a a a a a a year that positioned Wacif Wacif to to deepen its its leadership role Wacif Wacif significantly increased its its investments in in in in in inclusive entrepreneurship community wealth- building and and equitable economic development Wacif's loan volume grew by 140% between 2017 and and and 2019 2019 and and in in 2019 2019 96% of of of the the organization's lending went to entrepreneurs of of of color Similarly the the volume of of of Wacif's advisory services more than doubled between 2017 and 2019 To accelerate its impact Wacif launched new initiatives and and broadened its reach through national and and local awards Together with community and financial partners fin in in 2019 Wacif launched the the Greater Washington D C C Entrepreneurs of Color Fund a a a a a a a a a a a a a a partnership that drives capital to combat the racial wealth gap in tin entrepreneurs of color disproportionately affecting their ability to to to access the the capital needed to to to start and grow businesses Wacif's Ascend Capital Accelerator a a a a a a a a a a a a a a rigorous cohort-based program that helps underserved entrepreneurs grow their businesses received the the the SunTrust Foundation's 2019 Lighting the the the the Way Award recognizing the the program's innovation and impact since being launched in in in in in 2017 Wacif was also honored to be be be named the the the the 2019 Nonprofit Organization o of of the the the the Year by the the the the DC DC Chamber o of of of Commerce and and the the the the DC DC Department of of Small and and and Local Business Development The challenges underserved entrepreneurs and and communities face — from disparities in in in in household income and and business valuation to to structural barriers in in in in access to to to capital and and advisory services — have been exacerbated by COVID-19 While the specific contours and and challenges of of 2020 were unknown Wacif has been preparing for a a a a a a a a a a a a a moment of of economic and and and social uncertainty and and the the organization is is positioned to be be a a a a a a a a a a strong partner for the the the the communities we serve precisely when they need us most This report reflects the the the the impact and and preparedness made possible through the the the the shared shared commitment of Wacif and and and its partners to the the entrepreneurs and and communities we serve That shared shared commitment will see us us through this challenging time and and bring us us us closer to our shared vision of equity inclusion and and opportunity Harold B Pettigrew Jr CEO
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