Access to loan capital isn’t equitable. The traditional financial sector plays a role in creating and sustaining systemic racial inequality by restricting credit access – curtailing the ability of entrepreneurs of color to to build assets and net worth.
Carl Phinney, Principal/Owner of Opportunity Construction, a current REDF Impact Investing Fund (RIIF) borrower and grantee, has overcome these hurdles to accessing credit to grow his social enterprise that hires people striving to build a better life and overcome barriers to employment, including those who have experienced incarceration. He brings a unique perspective and invaluable lens that, together with input from other borrowers, has informed RIIF’s practices. Carl will join Emilie Linick, Director of Impact Lending, in a candid conversation about pain points uncovered in our underwriting process and the hard-won lessons learned on our journey to become a more equitable, transparent lending partner.
We’ll also share how RIIF is working to expand outreach and lending to under-resourced entrepreneurs of color by taking a deep look at our application and underwriting processes, checking ourselves for bias, and exploring non-traditional assessment criteria that takes into account lived experience when making a credit decision.
