3. When I joined Wacif in 2016, I was honored
to carry forward 32 years of impact and
investment in the Washington, D.C.
region’s underserved communities. That
honor, however, was accompanied by the
realization that today we face new and
more complex economic challenges –
growing household income disparity, the
racial wealth divide, and gentrification – in
our communities. Standing in opposition
to those challenges, and changing the
economic trajectory of our communities,
requires being bold and intentional.
So, Wacif pivoted and embarked on a
bold new pathway forward. To deepen
our impact, we sharpened our direction
with the adoption of three new strategic
investment pillars: inclusive entrepre-
neurship, community wealth-building,
and equitable economic development.
These pillars are centered in our belief
that income helps families get by, but
assets help families get ahead.
As a result, 2018 was an unqualified
success. We doubled the number of
clients served with technical assistance,
increased loan volume by 60%, and
launched new partnerships and initiatives
to deepen the impact of our mission. We
intentionally aligned our actions with our
three strategic pillars and our mission
of equity and opportunity: 100% of our
2018 loans were to entrepreneurs of color,
50% to women, 40% to communities east
of the Anacostia River in Washington,
D.C., 11% in Prince George’s County, and
6% in Baltimore. Wacif’s award-winning
Ascend Capital Accelerator graduated
its second cohort, ushering in the next
group of entrepreneurs empowered with
new growth strategies to expand their
businesses, create more local jobs, and
seize opportunities to deepen their roots
as community anchors.
Our work to create an equitable and
just society where communities can
prosper, and people can thrive through
entrepreneurship, has never felt more
urgent. This report reflects impact possible
through the shared commitment of
our team, our partners, and the clients
we serve. We are truly thankful for your
support in delivering our mission, and look
forward to deepening our impact together.
-Harold B. Pettigrew, Jr.
Executive Director
STANDING IN
OPPOSITION
Executive Director Harold Pettigrew
2018 IMPACT REPORT PAGE 3
4. 2018 IMPACT REPORT PAGE 4
BOARD OF DIRECTORS
USAID
Stanton
Development
Greater Washington
Community Foundation
Manufactured
Housing Institute
Evergreen
Associates
National Gallery of Art
Erin
Crossett
Alejandro
Golding
Dawnn Leary
Devin Leary-
Hanebrink
Richard
Bottomley*
Nora Diamond-
Jones
(Chair)
(Secretary)
Abacus Impact
George Mason
University
Citibank
CMIT Solutions
Community
Strategy Solutions
Capital One
Brian
Nagendra
Rob
Riordan
Brian
Lewald
Anne
Morrison
Nancy
Stark
Jamila
Phifer*
(Treasurer)
*2018 Board member, service expired in 2019
5. 2018 IMPACT REPORT PAGE 5
Steven Anthony
Autumn Bailey
LaShaune Blackmon
Jennifer Bryant
Katherine Donovan
Charlene Franke
Kevin Fryatt
Amanda Gant
Forrest Givens
Ian Lawrence
Brendon Miller
Harold Pettigrew
Stephanie Thomas
Small Business Advisor
Small Business Advisor
Administration and Operations Advisor
Program Manager, Community Wealth Building
Research and Communications VISTA
Finance & Operations Analyst
Director of Finance and Administration
Small Business Loan Officer
Multimedia Production Specialist
Director of Lending
Director of Development and Communications
Executive Director
Director of Programs and Small Business Services
STAFF
*Staff present as of June 2019
6. OVERVIEW
MISSION VISION VALUES
Increase equity and
economic opportunity in
underserved communities in
the Washington, DC area.
Flexible and safe
capital to help small
businesses grow.
Experienced business
advisors help entrepreneurs
launch and grow their
businesses.
Signature initiatives provide
growth resources and
relationships to underserved
entrepreneurs.
An equitable and just society
where communities can
prosper and thrive through
entrepreneurship.
Every facet of Wacif’s work
is directed toward to Equity,
Inclusion, Stewardship, and
Accountability.
STRATEGIC PILLARS
SERVICES
INCLUSIVE
ENTREPRENEURSHIP
SMALL BUSINESS
LENDING
BUSINESS ADVISORY
SERVICES
COMMUNITY
WEALTH BUILDING
SIGNATURE
PROGRAMS
EQUITABLE ECONOMIC
DEVELOPMENT
2018 IMPACT REPORT PAGE 6
7. Growth Trajectory
With impact at the center of our work, in 2018 Wacif set an exciting growth trajectory.
Growth means we can do more to help entrepreneurs like Kevon King, Mahammad
Mangum, and Ryan Williams, native Washingtonians and founders who launched The
Village Cafe in 2018 with a $50,000 loan from Wacif. Through the Cafe, located in the Union
Market District, Kevon, Mahammad, and Ryan provide locally sourced food and drinks
from underserved and budding entrepreneurs and creatives, serving as a platform for
those business owners to showcase their talents and connect with other communities.
60% $3M 2X+
INCREASE IN
LOAN VOLUME
IN 2018
REVENUE
INCREASE IN
CLIENTS SERVED
2018 IMPACT REPORT PAGE 7
8. 2018 IMPACT REPORT PAGE 8
FINANCIAL PERFORMANCE
Wacif continued to strengthen its balance sheet by making quality small business
loans while attracting catalytic funding from financial partners. Investor confidence
remained high as Wacif closed 2018 with 0% PAR90, a 24.6% increase in its Net Asset
Ratio, and a 100% investor repayment rate. Wacif’s financial strength and growth
trajectory will allow the organization to deepen its investments in underserved
Washington, DC area communities.
STRENGTH & GROWTH
INVESTOR
ACTIVITY
LIQUIDITY
Wacif was one of the country’s first loan funds to be certified as a Community Development
Financial Institution (CDFI) by the U.S. Treasury Department through the CDFI Fund, a
certification Wacif has held continuously since its first designation in 1996. Wacif is also a SBA
Microloan Intermediary for Region 3, holding the designation since 2005.
ASSETS
16.7% $804K $5.16M
NET ASSET
RATIO
TOTAL
NET ASSETS
$1.12M
TOTAL
NET INCOME
ASSETS UNDER
MANAGEMENT
296% 1068% 525% $1.04M
OPERATING
LIQUIDITY
CURRENT
RATIO
NET INCOME
GROWTH
QUICK
RATIO
100% 53 107% $1.23M
INVESTOR
REPAYMENT
TOTAL
INVESTORS
VALUE OF EQ2
INVESTMENTS
SELF
SUFFICIENCY
9. In 2018, Wacif was featured in 941 national and international media placements,
including prominent local and national outlets like the Washington Business Journal,
The AFRO, Politico, The Washington Informer, Next City, and Non-Profit Quarterly.
Highlighting equity and opportunity helps us bring new resources, partners, and
attention to support inspiring entrepreneurs we serve.
Our Mission in the Media
Telling the story of equity and opportunity
288% 798 30%2018 INCREASE IN
TOTAL MEDIA COVERAGE
ARTICLE INTERACTIONS
VIA SOCIAL MEDIA
INCREASE IN DIGITAL
AUDIENCE GROWTH
2018 PRESS HIGHLIGHTS
2018 IMPACT REPORT PAGE 9
The Washington Area Community Investment Fund
(WACIF), which celebrates its 31st annual celebration
on Oct. 4, has been awarded funding from the U.S.
Treasury Department’s Community Development
Financial Institutions Fund to increase lending to
under-served entrepreneurs in the D.C. region.
Last week, a nonprofit community development
financial institution (CDFI), the Washington Area
Community Investment Fund (WACIF), which has
operated in the nation’s capital since 1987, launched
its DC Employee Ownership Initiative to help existing
worker-owned businesses and to support the
conversion of existing firms to worker ownership.
“I wouldn’t be where I am today as a small business
without Wacif. I sat down and talked with them
about my vision, where I was trying to go, and what
I was trying to do to enhance the business… they
granted me my wish.” - Jauan Clark, Owner, New
Creation Hair Studio
“WACIF Awarded $400K Community
Development Grant”
“Worker Ownership Initiative Launched
by Nonprofit Lender in Nation’s Capital”
“Growing More Than Just Business”
10. ADVISORY SERVICES
We believe that when investments are made with intentionality in the social
and knowledge capital of entrepreneurs, then financial capital will be more
catalytic. Through one-on-one advisement, workshops, and cohort-based
programs, Wacif helps business owners acquire the knowledge capital and
tools they need to expand, create jobs, and build community wealth. Wacif
provides access to trusted advisors with expertise in financing, law, marketing,
and more – all at little or no cost to entrepreneurs.
2018 IMPACT REPORT PAGE 10
11. GROUP-BASED TRAININGS
ONE-ON-ONE ADVISING
PARTICIPANTS HOURS EVENTS
CLIENTS HOURS CORRIDORS
847 451,946
262 14663
Group trainings and
workshops provide
opportunities for peer learning
and community building.
Wacif provided individualized
business advisory services
including strategy development,
operational and financial
management, and marketing.
More than 1,900 hours in
group-based trainings
in support of emerging
entrepreneurs.
Wacif spent over 600 hours
advising entrepreneurs on
how to successfully operate
and scale their businesses.
Hosting or co-hosting
advisory services events
builds capacity and draws
attention to key small
business issues.
Reaching entrepreneurs
where they are helps
identify new underserved
clients and ensure services
align with their needs.
2018 IMPACT REPORT PAGE 11
ADVISORY SERVICES
2018 IMPACT
12. In 2017, Wacif launched the Ascend Capital Accelerator, an intensive program that
provides an ecosystem of support to catalyze growth and strengthen business
models for entrepreneurs of color and women entrepreneurs. Ascend’s intentional
knowledge and social capital investments improve business strategy and operations,
prepare entrepreneurs to access capital, create significant revenue growth, and
ultimately build community wealth. New Ascend cohorts are planned for 2019.
Ascend Capital Accelerator
9 $250K 392GRADUATING
ENTREPRENEURS
AVERAGE REVENUE
INCREASE
HOURS OF
ADVISING
2018 IMPACT REPORT PAGE 12
Signature Advisory Services Program
13. Bill Reddick, Ascend Cohort 2 entrepreneur, spoke at Mayor Bowser’s press conference for
the 2019 Green Book, which outlined the District’s commitment to small business spending.
Bill, the CEO of Plenary Enterprises, a DC-based general contractor, graduated from Ascend
with a new growth strategy and capitalization plan that positioned his business for success.
With $160,000 in growth capital from Wacif, Plenary was able to secure and successfully
access larger strategic government and construction contracting opportunities.
Plenary Enterprises
Ascend Success Story
$160K 5 $1.7M
IN TOTAL CAPITAL
FROM WACIF
GOVERNMENT
CONTRACTS IN 2018
IN GROSS REVENUE
FROM CONTRACTING
2018 IMPACT REPORT PAGE 13
14. Wacif is mobilizing corporate partners to build the knowledge capital of regional
entrepreneurs. In 2018, Wacif partnered with Streetsense, an experience-focused
real estate strategy and design collective, to create the Goods & Service initiative.
This initiative provided pro bono wraparound services to six retail and food industry
establishments. Building on this commitment to corporate partnerships, in 2018 Wacif
was pleased to add the Yelp! Foundation as a new partner.
Corporate Partnerships
31 7 6SEASONED BUSINESS
CONSULTANTS
DAYS OF INTENSIVE
PRO BONO SESSIONS
GRADUATING
SMALL BUSINESSES
2018 IMPACT REPORT PAGE 14
Advisory Services Program
15. Anika Hobbs founded Nubian Hueman as a catalyst for culture, community, and the creative
economy, partnering with hundreds of artists from 25+ countries to bring fresh style and art
from the diaspora to DC communities. In 2017, Anika graduated from the first cohort of Wacif’s
Ascend Capital Accelerator. In 2018, through the Goods & Services partnership, Anika met with
the Streetsense team, and the Streetsense CEO Brian Taff, to develop a growth plan, including
an analysis of opportunities to grow into Chicago and Baltimore.
Nubian Hueman
300+ ASCEND 32%
COLLABORATING
ARTISTS / PARTNERS
GRADUATE:
COHORT 1
INCREASE IN
2018 REVENUE
2018 IMPACT REPORT PAGE 15
Ascend Success Story
16. Lending Cover Page
From 2016 to 2018, Wacif partnered with the AARP Foundation on Work for
Yourself@50+, a national initiative to make it easier for older adults with limited
income to explore options for self-employment and increase their financial stability.
Wacif served as the regional partner for Work for Yourself@50+, and assisted 110 older
adults with exploring entrepreneurship through workshops, one-on-one advisory
sessions, and access to interactive online toolkits.
Work For Yourself at 50+
110 4 5SENIOR ADULT
PARTICIPANTS
INTENSIVE
WORKSHOPS
PUBLIC & PRIVATE
SECTOR PARTNERS
2018 IMPACT REPORT PAGE 16
Advisory Services Program
17. Lending
Entrepreneurs need affordable, safe capital in order to launch and grow
the businesses that anchor communities. For that financial capital to
be truly catalytic, Wacif believes in pairing it with knowledge capital.
That’s why we work closely with entrepreneurs to ensure that they’re
transaction-ready and well-positioned to take advantage of tailored
financial products ranging from $5,000-$250,000. Since 2011, Wacif
has lent more than $9,300,000 to underserved DC area entrepreneurs,
helping their businesses create or retain more than 1,500 local jobs.
2018 IMPACT REPORT PAGE 17
18. LENDING
LENDING BY THE NUMBERS
LENDING BY DEMOGRAPHIC
LENDING
GROWTH
AVERAGE
LOAN SIZE
INTEREST
RATE
ENTREPRENEURS
OF COLOR
WOMEN OF
COLOR
TOTAL
PORTFOLIO
60% 8.75%$40K
100% 80%50%
Deployed $1.2M to under
invested entrepreneurs in 2018
and on track to grow lending
to $3M annually by 2020.
100% of lending went to
entrepreneurs of color.
Average loan size of
$40,000 with 22% of
borrowers receiving
add-on capital.
50% of Wacif’s 2018
lending went to female
entrepreneurs of color.
Closed 28 loans with an
average interest rate of 8.75%,
with the highest at 10%.
Entrepreneurs of color
make up 80% of Wacif’s
total loan portfolio.
2018 IMPACT REPORT PAGE 18
2018 IMPACT
19. In response to community need, Wacif continues to expand its geographic reach and
strategically invest in underserved communities. In 2018, 40% of Wacif’s lending was
directed to entrepreneurs east of the Anacostia River, in DC’s Wards 7 and 8. Wacif
also deepened its activity in Prince George’s County and Baltimore City, making 11%
and 6% of its lending in those communities respectively.
Lending by Geography
30% 10% 11%
WARD 8
WASHINGTON, DC
WARD 7
WASHINGTON, DC
PRINCE GEORGE’S
COUNTY, MD
2018 IMPACT REPORT PAGE 19
20. From 2017 to 2018, the Washington, DC Department of Small and Local Business
Development (DSLBD) partnered with Wacif to launch District Capitalized, a new
initiative designed to help DC businesses and residents exploring entrepreneurship.
Wacif is the fund manager and has deployed over $500,000 to 14 small businesses and
resident-owners, like Jauan Clark’s New Creation Hair Studio, located on the Martin
Luther King, Jr. Avenue commercial corridor east of the Anacostia River.
District Capitalized
14 $500K $36KSMALL
BUSINESSES
CAPITAL
DEPLOYED
AVERAGE
LOAN
2018 IMPACT REPORT PAGE 20
21. Fred and Vanessa Savage, owners of Savage Technical Services (SavaTech),
an Anacostia-based veteran-owned electrical company, approached Wacif for
assistance when their business experienced cash flow issues. Wacif was able to
provide them with a line of credit and loan for working capital, stabilizing their cash
flow and enabling them to invest in the next generation of skilled technicians by
expanding an apprenticeship and certification program for employees.
Savage Technical Services
12 11$150K
JOBS CREATED
OR RETAINED
CAPITAL
RECEIVED
EMPLOYEES IN
APPRENTICESHIP
2018 IMPACT REPORT PAGE 21
22. After Bikram Yoga helped Kendra Dibinga-Blackett heal her chronic pain, she
wanted to promote health and wellness throughout the community with the launch
of her own practice. When Kendra was denied a bank loan, she was referred to
Wacif by a former borrower. After consulting with Wacif in 2012, in 2013 Kendra
successfully secured a loan from Wacif and opened her first yoga studio in Riverdale.
Since the acquisition of her first studio in 2013, Kendra has rebranded the company
as Bikram Yoga Works and, with growth capital from Wacif, opened 4 new yoga
studios located in DC, Baltimore, MD, and Boston.
Bikram Yoga Works
$75K 5 $1.1M
LOAN
IN 2018
LOCATIONS IN DC,
MD, AND BOSTON
2018 TOTAL
REVENUE
2018 IMPACT REPORT PAGE 22
23. In 2018 Wacif made its first loans in Baltimore City, which comprised 6% of Wacif’s lending
activity, with growth projected in the coming years in response to increased requests for
Wacif to expand services into the city. In addition, in 2018 Wacif joined local partners to launch
Baltimore Business Lending, an effort to address the two identified primary barriers to credit
for Baltimore entrepreneurs: (1) lack of collateral, required for almost all small business loans,
and (2) lack of experience with business planning and financials. Baltimore Business Lending
provides loans between $5,000 and $50,000 to Baltimore entrepreneurs and, while borrowers
must have a reasonable credit record, business planning and technical assistance are program
requirements, rather than collateral which is not required.
Deepening Our Work in Baltimore
Responding to Communities in Need
22.4% 2X 33%
POVERTY
RATE
DECREASE IN SMALL
BUSINESS LENDING
RACIAL INCOME GAP
(BY HOUSEHOLD)
2018 IMPACT REPORT PAGE 23
24. SIGNATURE INITIATIVES
Wacif is advancing equity and opportunity beyond its staple lending and
advisory services programs. Signature initiatives are another platform for
ecosystem building, issue-specific engagement, and profile-raising for key
issues that shape the local economy and entrepreneur experience. In 2018,
Wacif launched and advanced signature initiatives together with strategic
partners in the public and private sectors. For Juan Reid, a worker-owner
from the Tightshift Laboring Collaborative, the October 2018 launch of the DC
Employee Ownership Initiative was an opportunity to share the story of his
journey from adversity to entrepreneurship.
2018 IMPACT REPORT PAGE 24
25. In 2017, Washington, DC Mayor Muriel Bowser designated Wacif to operate the Minnesota
Avenue Main Street (MAMS), one of the city’s newest main street programs designed to
revitalize business districts, retain and recruit small businesses, and improve commercial
properties and streetscapes. Home to over 70 storefront businesses, Minnesota Avenue NE
is the District’s 2nd largest commercial district located east of the Anacostia River, which
includes Washington, DC’s most underserved and underinvested neighborhoods. The one
mile commercial corridor is projected for over $100 million of investment through 2021, with
nearly 350,000 square feet in new mixed-use construction and development.
Minnesota Ave Main Street
70 $100M 350KSTOREFRONT
BUSINESSES
PROJECTED INVESTMENTS
THROUGH 2021
SQUARE FEET IN NEW
DEVELOPMENT
2018 IMPACT REPORT PAGE 25
26. In 2018, the Minnesota Avenue Main Street hosted the corridor’s first Art All Night
festival, joining the citywide celebration and welcoming hundreds of neighbors and
guests to celebrate the community’s rich artistic culture and heritage, including music
icon Marvin Gaye who lived in a number of neighborhoods across the city, and in Ward 7.
Washington, DC’s Art All Night is recognized as one of the top arts festivals in the world,
featuring installations that celebrate the work of artists and innovators who shape DC’s
culture and keep the creative economy thriving.
Art All Night
1stYEAR ON
MINNESOTA AVENUE
900PARTICIPATING
ATTENDEES
5VENUES
ACTIVATED
2018 IMPACT REPORT PAGE 26
Minnesota Avenue Success Story
27. In 2017, Wacif launched the 11th Street Bridge Park, a $60 million, 132K square foot
project set to become DC’s first elevated park, connecting the historic Anacostia and
Capitol Hill neighborhoods. Wacif leads the 11th Street Bridge Park’s small business
development efforts, which include providing small business technical assistance and
capital access to businesses participating in the construction of the bridge park and
located along commercial corridors within the bridge park’s one-mile impact area.
11th Street Bridge Park
43K $60M 132KHOUSEHOLDS WITHIN
1 MILE RADIUS
PROJECTED
INVESTMENTS
SQUARE FEET IN
NEW DEVELOPMENT
2018 IMPACT REPORT PAGE 27
Equitable Development Partnership
28. Nearly 40% of African American businesses owners in Washington, DC are nearing
retirement age. Employee ownership is a powerful tool both for succession planning
and for preserving community assets. In 2018, Wacif launched the DC Employee
Ownership initiative in collaboration with Citi Community Development to further
legacy business preservation, and small business ownership by providing capital, and
advisory services for business owners nearing retirement.
DC Employee Ownership Initiative
1,289 38K 92%RETIRING DC BUSINESS
OWNERS OF COLOR
EMPLOYED AT BLACK-
OWNED DC BUSINESSES
HIGHER MEDIAN INCOME
FOR EO COMPANIES
2018 IMPACT REPORT PAGE 28
29. Built in 1849, the H Street Northeast neighborhood has long been one of the District’s
most vibrant commercial areas. The 1968 riots that followed Dr. Martin Luther King, Jr.’s
assassination devastated the neighborhood and its commerce. Through its lending and
advisory services, and by managing specialized funds like the Streetscape Loan Relief
Fund, Wacif has invested knowledge and financial capital to help new and legacy small
businesses prosper in place along H Street NE and other commercial corridors.
H Street NE
558 $1.3M 20
BUSINESSES ALONG
CORRIDOR
IN LENDING
THROUGH 2018
WACIF
BORROWERS
WASHINGTON, DC
2018 IMPACT REPORT PAGE 29
30. When Ian Reid, Jeff Miskiri, and Rebecca Antoine needed capital to finish construction
and open their family-owned Louisiana-style restuarant, Po Boy Jim, they were turned
down by traditional banks. Wacif stepped in with an initial $170,000 loan and, once
opened, the business was an instant success, with more than $1 million in annual
revenue. With another round of financing from Wacif, and a second location in the
historic Shaw neighborhood, Po Boy Jim is thriving, supporting more than 40 local jobs.
H Street NE
$175K 40+ $1M+TOTAL LENDING
IN 2018
LOCAL JOBS
CREATED
ANNUAL
REVENUE
Success Story - Po Boy Jim
2018 IMPACT REPORT PAGE 30
31. Credits / Sources
Anacostia
The Village Cafe
Determined By Design
Nubian Hueman
Kendra Blackett-Dibinga
New Creation Hair Salon
Plenary Enterprises
Employee Ownership
11th Street Bridge Park
Savage Technical Services
Main Image: Courtesy of
Kelly Lynch & Politico (Page 19)
Main Image: Courtesy of JPMorgan
Chase & Politico (Page 16)
Main Image: Courtesy of Gov. of
the District of Columbia (Page 12)
Main Image: Courtesy of Envato
Inc. (Page 26)
Main Image: Rendering Courtesy
of OLA & Olin studios (Page 25)
Main Image: Courtesy of Dayo
Kasoko (Page 14)
Main Image: Courtesy of Lateef
Mangum (Cover Page)
Main Image: Courtesy of Bikram
Yoga Works LLC. (Page 21)
Main Image: Courtesy of Lateef
Mangum (Cover Page)
Main Image: Courtesy of Kelly
Lynch and Politico (Page 20)
2018 IMPACT REPORT PAGE 31
Muhammad, D.A. (2017, January 31). The Racial Wealth Divide in
Baltimore. Retrieved from Prosperity Now, https://bit.ly/2BwRRw3.
Hoover, M. (2017, December 11). Legacy Business: Our Opportunity
to Build Wealth, Economy, and Culture. Retrieved from Democracy
at Work Institute, http://institute.coop/news/new-report-legacy-
business-our-opportunity-build-wealth-economy-and-culture.
Bernard, R. (2017, June 15). 11th Street Bridge Park’s Equitable
Development Plan. Retrieved from Building Bridges Across the
River, http://bbardc.org/resources/.prem.
32. 2018 IMPACT REPORT PAGE 32
Join Wacif in advancing equity and opportunity by financially supporting
the organization’s mission. Charitable contributions make Wacif’s impact
possible, increasing the resources the organization can make available to
entrepreneurs in underserved communities across the Washington, DC
region. Wacif is a 501(c)(3) not-for-profit corporation and contributions are
tax-deductible to the fullest extent allowed by law.
To support Wacif’s mission, please visit www.wacif.org/get-involved/donate.
To learn more, connect with Wacif’s team at invest@wacif.org.
Supporting Our Mission
LEARN MORE ABOUT OUR MISSION
2012 Rhode Island Ave NE
Washington, DC 20018 | 202-529-5505
Info@wacif.org | www.wacif.org