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Nonprofits providing technical assistance can apply; 2023 application period closes Oct. 14.

Nonprofit organizations offering training and technical assistance to support developers of color are invited to apply for grant funding as part of U.S. Bank Access to Capital: Collaborating to Invest in Developers of Color.

U.S. Bancorp Community Development Corporation (USBCDC) will select three to five recipients to receive an anticipated $50,000 grant in 2023. It’s the organization’s third year awarding grants through the program, which aims to build capacity and capabilities that help people of color succeed as developers, and assist nonprofits in developing, maintaining or expanding their technical assistance for developers of color. Since its launch in 2021, the Access to Capital program has awarded a total of $550,000 in grants to eight organizations; including $250,000 to three organizations in 2021 and $300,000 to five organizations in 2022.

This year, the program has expanded eligibility to include all nonprofits, though it will continue to prioritize proposals from organizations that demonstrate a clear commitment to racial equity.

“Developers of color have been under capitalized and under resourced in the real estate industry because of structural barriers that have long existed, keeping them from getting the experience, exposure and capital they need to be successful,” said Phillip Sangokoya, USBCDC’s director of business impact integration. “This program is working to help them obtain the experience, exposure and capital they need to be successful so they can have a stronger voice in shaping their communities and take advantage of the wealth building opportunities that come with successful entrepreneurship in the real estate development industry."

USBCDC, the community investment and tax credit division of U.S. Bank, has made a strategic commitment to advancing racial equity through its work, which includes expanding relationships with organizations owned or led by people of color as well as other strategically aligned partners to both elevate them and magnify the impact of their work together. This initiative also supports U.S. Bank Access Commitment.

The combination of technical assistance and capital is critical to creating onramps for developers of color, and the nonprofits that apply will need to show how those receiving technical assistance can also access potential capital opportunities through CDFIs and other lending sources. For more information or to obtain a copy of the full request for proposal, contact Phillip Sangokoya and Rodlann Washington at Phillip.Sangokoya@usbank.com and Rodlann.Washington@usbank.com. The deadline to apply is Oct. 14, 2022.