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DC Community Development Consortium

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DC Community Development Consortium & Bosstank addressing racial economic disparities in the Nation's capital East of the River where the average White family has 81x the wealth of the average Black family. #dosomething DCCDC.org Today DCCDC co-founder Tendani Mpulubusi Smith joined us to talk about BOSSTANK - the small business capacity innovation that is scaling businesses based East of River. The historic problem facing our small businesses was never talent, interest or ability. The challenge is capacity. Between 2015 and 2019, Wards 7 and 8 together received under $500,000 in small business loans while Ward 1 alone received $7.8 million. The businesses have customers and demand. What they lack is the back-office capacity that gets a lender to yes. This capacity is hard to achieved without substantial access to capital. BOSSTANK closes that gap. Each of the 22 Pioneer Class businesses, now have a team of Business Advisory Support Experts that actually get the works done, instead of giving advice and moving on. So in addition to providing resources to these businesses BOSSTANK also created 20 jobs. The project year ends with owners pitching directly to lenders from minority depository institutions and community banks through our partnership with the National Bankers Association Foundation, with support from the Greater Washington Community Foundation's Health Equity Fund. We are not teaching our neighbors how to run businesses. They already know. We are building the capacity and the capital access this community has always deserved.
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