This week, Revolve Fund, a new philanthropic initiative backed by OSI-Baltimore, the Rockefeller Foundation, and JP Morgan Chase, launched its pilot to increase investment in businesses and nonprofits owned and led by people of color. As part of the pilot, the fund plans to provide more than $2 million in interest-free, recoverable capital to 20 Black/African-American, Latinx, Native American, and other people of color-led businesses, nonprofits, and financial intermediaries.
“For entrepreneurs and nonprofit leaders of color, systemic barriers disproportionately prevent their businesses and nonprofits from equitable capital access,” Revolve Fund managing director and founder James Wahls said in a press release. “Revolve Fund intentionally deploys ‘friends and family-like’ funding to increase capital access, a critical factor for success.”
OSI’s investment in the Revolve Fund is part of its emerging Economic Justice work, which aims to increase access to capital for historically under-resourced people and groups in Baltimore and beyond.