Magazine article Black Enterprise

Holding the Purse Strings: Community Developer Helps Small Businesses Get Access to Loans

Magazine article Black Enterprise

Holding the Purse Strings: Community Developer Helps Small Businesses Get Access to Loans

Article excerpt

[ILLUSTRATION OMITTED]

Name: Lindsay Hicks

Title: Technical Assistance Officer

Company: Washington Area Community Investment Fund (WACIF)

Education: B.A. in Political Science with a minor in Community Development, Howard University

Lindsay Hicks works for a community development loan fund whose mission is to empower underserved communities and individuals in the Washington, D.C., metropolitan area by providing access to capital and technical assistance to small businesses, affordable housing developers, and community organizations.

[ILLUSTRATION OMITTED]

* Responsibilities: Hicks' job is to manage the client intake process, which emails researching what the potential recipient's business is, what service/product they provide, and what technical assistance they need--whether it's marketing visibility locally, finances, business planning, or all of the above. "Financial needs assessments are done for most all businesses," says Hicks. "If it's a new business we request projections and overhead costs, for example, what are the startup costs for your business on day one." WACIF also looks at cash flow income statements and their capacity to sustain debt. "We're looking for businesses that are going to create more jobs for D.C. residents."

* Getting the job: Hicks lost her last position, as executive director of Vinegar Hill South Main Street, when the organization lost its funding. She still had the desire to work in the unpredictable world of nonprofits, though, so she reached out to the previous organization she was working with. …

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