Pacific Community Ventures (PCV) is working with JPMorgan Chase, The Rockefeller Foundation, Local Initiatives Support Corporation (LISC), and several Community Development Financial Institutions (CDFIs) in an initiative to expand the Entrepreneurs of Color Fund (EOCF) program in Oakland.
The $2.5 million commitment over two years will support diverse-led small businesses and provide them with opportunities for growth. Through the EOCF Oakland, PCV and its partners will provide investments and loans to small and mid-sized businesses, as well as technical assistance and advice on various topics. “We are thrilled to be partnering with JPMorgan Chase, The Rockefeller Foundation, and our CDFI partners to expand the EOCF in Oakland,” said Bulbul Gupta, CEO of Pacific Community Ventures. “This initiative will provide much-needed support to local entrepreneurs of color and help them overcome the systemic barriers that have historically constrained their growth. We are committed to providing the capital, mentorship, and technical assistance these businesses need to thrive in Oakland.”
The EOCF has already provided over 2,100 loans and deployed over $115 million in capital to underserved entrepreneurs in various cities across the United States.
PCV is one of the first impact investors in the United States and was created as part of the Civil Rights movement. As the organization looks towards the future, it is returning to its core values and defining impact investing as investment that both aims to address a specific problem and can be measured to ensure it achieves its goal. PCV’s mantra is “Decolonize, Democratize, Restore,” which means breaking from traditional ways of doing business and prioritizing people of color and underestimated communities, collaborating with entrepreneurs and community leaders to design and innovate, and acting in restorative rather than extractive ways.
Join us. If you believe in an economy centered in racial and economic justice, contact us here to fund PCV with the 0%-2% capital and grants we need to deliver our work. You can learn more about partnering with us here, enrolling as a pro bono business advisor here, and if you’re an entrepreneur looking for free advice or truly affordable capital, you can learn more here.