Conventional methods for paying for business and community requirements often fail to fit the needs of BIPOC businesses and communities because of barriers to access, structural racism, infeasible institutional requirements, etc. As we work to dismantle these barriers, it is also important to increase BIPOC business’s and communities’ access to more direct funding, ranging from local lending circles to new vehicles that put Diaspora and legacy resources into action.
Good Hood fosters innovation and community-led funding models such as cooperative economics and financing, micro-financing impact, and community investment funds. Tools like these direct capital toward BIPOC-owned business and community needs and empower residents to lead their own economic development efforts.
The Good Hood Foundation is working with organizations across the country to design and share alternative funding methods. Look for more initiatives leveraging these new opportunities soon.
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