The DC Solidarity Economy Loan Fund launched in December of 2022 with an ambitious goal of lending 1 million dollars to cooperatives in our community by 2024. We are so excited to share that DC SELF has hit 1.9 million dollars in approved loans! The loans have varied across sector and the impact to local cooperatives is already being felt. We gave Dulce Hogar a small loan to buy new equipment and bring on new members. Throneless tech needed a line of credit to be able to say yes to their biggest contract ever – and got to raise their wages in the process!
Dulce Hogar signing their loan agreement with DC SELF
Community Purchasing Alliance received a loan to hire three new staff and extend their reach across the region. They are poised to grow their local purchasing with local and BIPOC owned businesses to 40 million dollars annually over the next 10 years. We’re excited to collaborate so that our local institutions (houses of worship, schools, apartment buildings) can serve as an alternative anchor institution, providing quality jobs and more opportunities for worker ownership. A first example of this is a pilot program with Swamp Rose Coop to provide landscaping and stormwater mitigation to faith communities.
We are also excited to announce a 1 million dollar bridge construction loan to Dreaming Out Loud, a food hub and ecosystem partner, who are building a grocery store, food hub, and commercial kitchen in Ward 8. BCI & Dreaming Out Loud have been partnering together for years. Together we helped coordinate the distribution of thousands of pounds of food to be distributed early in the pandemic, with DOL coordinating with the Black Farmers Network and BCI with local mutual aid groups. Together, we are supporting the commercial kitchen and DREAM Program to help create new regional cooperatives in food and catering.