OPEN ACCESS EXPANDS IN THIRD YEAR

After two successful years, Open Access, an independent 501(c)3 aimed at increasing diversity, equity and inclusion (DEI) in community development finance, is expanding its reach in terms of career focus, geography and sponsorships as it launches its third annual program.

Community development finance is an industry that serves many Black and Latinx communities but remains grossly underrepresented by diverse professionals, Open Access noted. On February 27, 2023, a new cohort of fellows began 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 newfound 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.

“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 highly 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.

Open Access launched in 2020 under co-founders Gina Nisbeth, then a director at Citi and 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.

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

The 2023 Open Access Fellowship Sponsors are 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, Cherry Bekaert, Dudley Ventures, Lester Simpson (Fellow ’22) and Stonehenge Capital.

“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,” Monge said. “Open Access is that opportunity.”

This year’s Fellowship Host Organizations are, 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 and Stonehenge Capital.

“It’s all about closing the gaps to knowledge and access to capital,” Billups said. “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.”

Rebecca Levine