San Diego politicians and business leaders announced Thursday the creation of the Black Community Investment Fund, a pool of money meant to increase racial equity in the region.
The $1.3 million fund, announced on the steps of the Elementary Institute of Science in Chollas View, will be used for projects in education, employment, entrepreneurship and housing.
“We know that past and present economic and social conditions are at the root of all kinds of achievement gaps,” said Donna DeBerry, CEO of the Central San Diego Black Chamber of Commerce, at the press conference. “Black community are underrepresented in many areas, including educational attainment, homeownership and entrepreneurship. It is time for Black San Diegans to live in their possibilities, and not just in their identities.”
Co-founded by the Central San Diego Black Chamber of Commerce and philanthropic non-profit The San Diego Foundation, the investment fund will be led by an advisory council that includes well-known figures in government and business. The council includes County Supervisor Nathan Fletcher and San Diego councilmember Monica Montgomery.
Fletcher said Thursday that he believes America should be a place where access to opportunity is available to all.
“The simple reality is that we are not meeting that standard today,” he said, adding that the pandemic has exacerbated injustice. “COVID-19 did not create these inequities, but it has highlighted them in a way we simply cannot ignore.”
The fund will homeownership initiatives, along with projects that address systemic educational challenges, provide workforce training programs, and offer financial for new entrepreneurs via low-interest loans and grants. Organizers said they have not yet decided on specific budgets for each goal, but will determine how to divvy up the $1.3 million “in the coming weeks and months.”
As part of its focus on education, the Black Community Investment Fund is creating a scholarship program that honors San Diego County Health Officer Dr. Wilma Wooten.
Wooten has served in her current role since 2007, overseeing nearly 500 employees with a budget of more than $100 million.
Fletcher said the scholarship, specifically targeted to students seeking careers in the health sciences, is meant to honor “the conviction, the courage, and the trailblazing nature” that the county sees every day as Wooten has faced the challenges of the COVID-19 pandemic.
The first donations to the investment fund came from The San Diego Foundation ($1 million), SDG&E ($250,000), Wells Fargo Bank ($75,000) and Cox Communications ($25,000). But organizers hope the fund will grow, as they are encouraging individuals, businesses and organizations in San Diego to donate.
