Continued committee growth brings more resources to Baltimore’s social entrepreneurs
Ignite Capital, Innovation Works’ social impact fund that unlocks millions in capital for social enterprises in Baltimore, announced that its Investment Committee continues to grow with the addition of four new members.
The four new board members are:
- Candace Chance, Founder & CEO of VPI Firm, a social enterprise that supports mission-aligned real estate developers, entrepreneurs, and social impact leaders with interconnected and place-based strategies for the equitable transformation and healing of disinvested communities
- Bonnie Crockett, Director of Small Business Lending at Baltimore Community Lending which helps support the revitalization and strengthening of underserved Baltimore neighborhoods through innovative and flexible financial assistance designed to promote community development.
- Maggie Villegas, Executive Director of Baltimore Creatives Acceleration Network, which offers holistic business, marketing, legal, and financial training, tools, and resources to creative entrepreneurs.
- Chris Warman Program Officer at Baltimore Community Foundation, which builds connections to address complicated issues by leveraging relationships and expertise to spotlight the best ways to support the community and make it easy for people who are passionate about improving Baltimore to make an impact.
“The addition of these unique and dynamic individuals will help broaden the scope and impact of Ignite Capital,” said Jay Nwachu, President of Ignite Capital and a member of the Investment Committee. “Committee members generously donate their time, expertise and access to their Baltimore networks to help Ignite Capital better serve social enterprises working to attract investments and enrich their neighborhoods.”
Social enterprises often face barriers to investment capital because traditional lenders are generally unwilling to invest in nontraditional borrowers like community-oriented startups. Ignite Capital identifies social enterprises committed to creating a better future for lower-income communities and provides investment funding and other resources to help them succeed.
The four new members will join the current six committee members working to empower and resource Baltimore social enterprises in economically distressed communities.
“I’m super impressed with the level of intentionality that this committee moves with,” said Chance. “There’s so much nuanced thinking and creating problem solving happening to make sure social entrepreneurs of color not only have a fighting chance but are able to thrive. I’m excited to both learn and provide value to this amazing group!”
Ignite Capital is critical to Innovation Works reaching its goals of supporting the launch and growth of and growing 250 social enterprises, creating 5,000 jobs, and attracting $100 million to Baltimore neighbor economies by 2029.
As of June 2022, Ignite Capital has approved roughly $700,000 in investments, supported its portfolio enterprises in raising over $2M through its co-investor network and distributed over $60K in micro-grants for pre-revenue enterprises.
“The continued growth of Ignite Capital’s Investment Committee ensures more resources are available to invest in Baltimore neighborhoods dealing with the consequences of generations of disinvestment,” said Ignite Capital Board Chair Patti Chandler added. “I look forward to working with new and existing committee members to bring much needed investments to these communities.”
About Ignite Capital
Ignite Capital is IW’s bold and unique solution to address the critical access gap to capital necessary to lead and grow sustainable enterprises. Launched in 2020, Ignite Capital aims to support historically underserved entrepreneurs in communities facing chronic disinvestments – also, Baltimore’s greatest opportunity for growth. More at https://www.ignitecapital.org/
About Innovation Works
The mission of Innovation Works (IW) is to reduce Baltimore’s neighborhood and racial wealth divide by teaching and accompanying members of disinvested communities to build and own successful social enterprises that create sustainable neighborhood economies and result in better family living, more resilient communities, and a safer, more vibrant city. More at https://www.iwbmore.org/
