Access to Capital
17 Asset Management
REEF is a partnership with 17 Asset Management and is our call to action on the creation of a robust BIPOC lifestyle and tech adjacent Built Environment Cohort Accelerator Program to assist in the growth of BIPOC businesses in the Pittsburgh region. REEF is designed to support the growth and scaling stages of BIPOC business that has a certain degree of market traction by providing business connections, rigorous business training and flexible capital with milestone achievement.
ReedSmith hosted a Sustainable Cities Symposium that welcomed a diverse audience, including attendees representing a combination of family offices, wealth advisors, impact investors, impact funds, urban design professionals, leading academic and policy experts, and institutional investors interested in innovative approaches for US cities.
Juan Garrett, Executive Director, Riverside Center for Innovation and Heather McGee, Partner & COO, 17 Asset Management participated in a transparent fireside chat to discuss building equitable ecosystems for small businesses in Pittsburgh, PA.
Kiva Pittsburgh - Celebrating 2 Million
Access to Capital
BIPOC entrepreneurs tend to bootstrap or seek grants and high interest rate loans, which are highly competitive and short-term. Go-to market capital is almost non-existent for BIPOC people. RCI seeks to bridge this knowledge gap and provide a structure that allows stakeholders to invest directly into BIPOC communities. RCI hosts the Kiva Pittsburgh Hub which is a partnership with Kiva, an international nonprofit organization. Kiva Pittsburgh brings Kiva’s unique crowdfunded micro-loans ($1,000 – $15,000) to small business owners who may not otherwise have access to capital due to the entrepreneur’s length of time in business, poor or short credit history, or innovative business type or model. Financial inequity can happen anywhere, including underserved communities, and Kiva’s 0% interest, no-fee loans make capital accessible and affordable.
RCI created the Community Business Lending Initiative (CBLI) in partnership with a local lender, for an exclusive set aside pool of funds for our top BizFIT Tier 1 and 2 graduates to provide access to a maximum of $50,000 line of credit. The goal is to provide this BizFIT client the ability to improve the bank relationship then move from this special CRA program to increase firms ability to get a line of credit on their own under regular banking terms.