OPEN Access expands its reach to close the racial knowledge and access gap in community development finance with annual fellowship

March 14, 2023 - Front Section

New York, NY After two successful years, Open Access, an independent 501(c)3 aimed at increasing diversity, equity & inclusion in community development finance, an industry that serves many Black and Latinx communities but remains grossly underrepresented by diverse professionals, is expanding its reach in terms of career focus, geography, and sponsorships as it launches its third annual program.

A new cohort of fellows have begun a 12-week paid fellowship that includes hybrid training, webinars, and conference attendance sponsored by Novogradac Inc. Fellows are matched with trained professionals for mentoring and career growth opportunities. Upon successful completion of the program, fellows are positioned to bring their new-found expertise into community development finance enhanced by the unique perspective of their backgrounds and their familiarity with the cultural context. The goal is for Open Access fellows to better promote capital decision making on topics dealing with DEI in an environment that has a direct impact on low income communities.

Open Access launched in 2020 under co-founders Gina Nisbeth, then a director at Citi, now the founder and president of 9th & Clinton LLC and Jeff Monge, managing partner of Monge Capital, both national firms, with financial support of organizations within the Federal New Markets Tax Credit program industry.

Nisbeth and Monge now serve as co-chairs of the Board of Open Access along with inaugural board members Kermit Billups of Greenline Ventures; Jose Villalobos of TELACU; Liliana Monge of Sabio Enterprises; Etta Gumps, Esq.; and alumna fellow Desiree Thomas.

Nisbeth said, “Through the help of our partners and supporters, Open Access has made a measurable impact on our industry. As we build on our work, I am excited by the long term opportunity to have a sustainable shift in business as usual.”

Monge said, “In a short time, Open Access has proven there is a wealth of BIPOC talent willing and able to make a career in community development finance and serve the communities they represent, if provided the opportunity. Open Access is that opportunity.”

Billups said, “It’s all about closing the gaps to knowledge and access to capital. There are multiple opportunities for BIPOC professionals to find fulfilling careers in community development finance and, at the same time, improve the health, education, and access to wealth for residents in the areas served.”

“We have increased our reach this year in every way by welcoming professionals and recent graduates seeking careers in commercial real estate, accounting, law, insurance, finance, architecture, construction – all sectors serving community development finance. Further, interest from all major urban centers nationwide is increasing and we are expanding our presence on the West coast. Lastly, as the program has grown, we launched our first sponsorship campaign and will host our first fundraising gala this spring”, said Rashidah Billups, the first executive director of Open Access.

Open Access’ achievement can, in part, be measured by the high success rate of its fellows pivoting into the field upon completion of the program. Close to half of the fellows in 2021 and 75% in 2022 were offered full-time positions or consultancies. Several others launched entrepreneurial careers in the industry. Candidates are chosen through a selective process from a pool of professionals with established careers, or four-year college graduates/four-year college seniors seeking a change in their career.

The group proudly presents its 2023 Open Access fellowship sponsors:

Sponsors: U.S. Bancorp; Chase; PNC Bank; M&T Bank; Novogradac; Greenline Ventures; Huntington Capital; Hunt Capital Partners; TELACU/NMCC; National Equity Fund, Inc.; Monge Capital; Baker Tilly US, LLP; Sabio Enterprises, Inc.; Cherry Bekaert; Dudley Ventures; Lester Simpson, Fellow ‘22; Stonehenge Capital

Fellowship host organizations: Advantage Capital; Cherry Bekaert; Genesis LA; Monge Capital; National Equity Fund; The Affordable Housing Tax Credit Coalition; The Corporation for Supportive Housing; National Trust Community Investment Corporation; New Markets Support Company; HUNT Capital Partners; New Jersey Community Capital; CohnReznick; Ohio Capital Corporation for Housing; Chicago Community Loan Fund; New Markets Community Capital; Reinvestment Fund; Community First Fund; TruFund; The Alliance- African American Alliance of CDFI CEOs; Upper Manhattan Empowerment Zone; Capital Impact Partners; Nonprofit Finance Fund; Novogradac; Stonehenge Capital

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