Overview
What is Expanding Black Business?
Expanding Black Business is a not-for-profit organization, based in Chicago, Illinois, dedicated to promoting lending to Black-owned small businesses. Established with the goal of significantly increasing financing for these businesses across the nation, the organization primarily relies on public contributions for its support. In 2022, they met three times with like-minded organizations to share best practices and funding opportunities. As a result, they invested $8 million in the Black Vision Fund, contributing $500,000 as equity and providing $7.5 million as long-term, unsecured debt. This fund is specifically designed for Community Development Financial Institutions (CDFIs) that are part of the EBBC network, aiming to provide them with affordable, long-term financing.
Official website here: www.ebbcfund.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Star rating)
Expanding Black Business has achieved a notable Four-Star rating from Charity Navigator, reflecting its impressive accountability and financial health with a score of 97%. This high rating is supported entirely by the charity's strong performance in accountability and finance metrics, showcasing its commitment to transparency and responsible financial management.
The organization demonstrates a robust governance structure, with 100% of its board members being independent. This independence, alongside a well-sized board of 12 members, contributes to effective oversight. The absence of any material diversion of assets further underscores the charity's sound financial practices, as does the impressive program expense ratio of 95.75%, indicating that most funds are directed toward its mission.
However, while the financial metrics are exceptionally strong, the summary did not provide insight into qualitative factors such as overall impact or community feedback. Despite this limitation, the charity's solid financial practices and governance policies suggest a trustworthy organization committed to its objectives.
This AI summary has been generated from information found on Charity Navigator.
Is Expanding Black Business legitimate?
Expanding Black Business is a legitimate nonprofit organization registered as a 501(c)(3) entity. Expanding Black Business submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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For more financial information, click here
Official website here: www.ebbcfund.com
What is the mission statement of Expanding Black Business?
Expanding Black Business, a not-for-profit organization, is dedicated to promoting best lending practices for Black-owned businesses. Their primary goal is to significantly boost lending to these businesses nationwide. The organization achieves this by documenting and disseminating effective lending strategies within its network and beyond. It primarily relies on public contributions for its support. In 2022, the organization's board met three times to discuss funding opportunities and invested $8 million in the Black Vision Fund, contributing $500,000 in equity and $7.5 million in long-term unsecured debt. This fund supports Community Development Financial Institutions (CDFIs) within the EBBC network, providing them with low-cost, long-term, unsecured debt.
Official website here: www.ebbcfund.com
Who is the CEO of Expanding Black Business?
Mary Houghton is the Chairman of Expanding Black Business.
Official website here: www.ebbcfund.com
What is the revenue of Expanding Black Business?
Expanding Black Business's revenue in 2022 was $187,892.
Official website here: www.ebbcfund.com
Who are the executives of Expanding Black Business and what are their salaries?
There 12 volunteers at Expanding Black Business.
Here are 12 key members and their salaries:
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Official website here: www.ebbcfund.com
Where can I find the form 990 for Expanding Black Business?
Expanding Black Business's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ebbcfund.com
Learn more at the official website: www.ebbcfund.com
Mission Statement of Expanding Black Business
Expanding Black Business, a not-for-profit organization, is dedicated to promoting best practices in lending to businesses owned by Black individuals. The primary objective of this organization is to significantly increase the amount of lending directed towards Black-owned businesses across the nation. To achieve this, Expanding Black Business gathers and shares effective lending strategies within its network, as well as more broadly. The organization relies primarily on public contributions for its funding.
In 2022, Expanding Black Business demonstrated its commitment to its mission by holding several meetings with organizations that prioritize lending to Black-owned small businesses. During these gatherings, they discussed best practices and shared information about potential funding opportunities. As a part of their efforts, they invested a substantial sum of $8,000,000 into the Black Vision Fund. This fund is specifically designed for Community Development Financial Institutions (CDFIs) that are members of the Expanding Black Business Coalition network. The Black Vision Fund provides long-term, unsecured, and low-cost loans to these CDFIs. The organization allocated $500,000 of this investment as equity, while the remaining $7.5 million was provided as long-term unsecured debt. This strategic investment aims to support the growth and sustainability of Black-owned businesses nationwide.
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Impact
October, 2024
Expanding Black Business has a significant impact on promoting economic equity and enhancing access to capital for Black-owned enterprises. By disseminating best practices in lending specifically tailored for these businesses, the organization plays a crucial role in increasing funding opportunities and supporting financial institutions that prioritize lending to this demographic.
In 2022, the organization notably facilitated the investment of $8,000,000 into the Black Vision Fund, a debt fund designed for Community Development Financial Institutions (CDFIs) within its network. This fund included $500,000 in equity and $7.5 million in long-term, unsecured, low-cost debt, demonstrating a commitment to providing flexible and accessible financing options. These financial strategies are essential for stimulating growth and sustainability within Black-owned small businesses, ultimately driving community improvement and economic development.
By connecting organizations with relevant best practices and funding opportunities, Expanding Black Business propels a collaborative approach to bolster the economic landscape for Black entrepreneurs, striving to create a more inclusive and diverse business environment across the nation. The organization’s efforts contribute to bridging the gap in access to financial resources, fostering innovation, and supporting the overall empowerment of Black communities through entrepreneurship.
This information is meant to be a general summary of Expanding Black Business. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $19,987
- Gross Receipts: $187,892
Assets and Liabilities:
- Total Assets: $9,968,394
- Total Liabilities: $13,625
- Net Assets: $9,954,769
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Organization Details
Founding Year
2016
Phone
(312) 543-6110Principal Officer
Mary Houghton
Main Address
135 S LaSalle St 3025, Chicago, IL, 60603
Website
www.ebbcfund.comNTEE Category
Code: S31 - Community improvement
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