Building Our Community from Within
By Malinda Williams, CEO of Omaha 100 | omaha100.org
In the grand scheme of our society, communities represent so many levels of connection. The threads of our neighborhoods and families weave us together almost inextricably. A thriving community not only provides social cohesion, but can also foster economic growth and prosperity.
Whatever prosperity means to you, the path to achieve it is not always smooth – especially for socially and economically disadvantaged communities. This is where Omaha 100, a Community Development Financial Institution, plays a pivotal role in making the road to prosperity more accessible in greater Omaha.
Omaha 100 as a CDFI
CDFIs are specialized financial institutions dedicated to removing barriers in access to capital for underserved communities through private and public sources of funding. Omaha 100 was established in 1990, in response to increasing inequalities and lack of homeownership opportunities in Omaha.
Since 1992, we have helped more than 2,000 families make their own home a reality. In January 2023, we expanded our mission and services to include small business lending and real estate development. This expansion was in direct response to the Covid-19 pandemic, continued racial injustices across the United States and the growing income gap.
Our clients are diverse, with 61% identifying as Black/African American, 10% as Hispanic, 25% as Asian and 4% as White or other. In addition, female-led households represent 63% of our total clients; 96% of our clients qualify as low income.
Omaha 100 is built on the belief that the American Dream is accessible for everyone. We are dedicated to educating and empowering our clients through four main areas of financial-based support:
● Home Lending
● Credit Consolidation Loans
● Business Lending
● Real Estate Development
Our products and services support the larger mission to provide ownership opportunities through public and private partnerships, financing and technical assistance. Ultimately, we are working to expand access to capital to underserved communities.
Expanding Capital by Building Generational Wealth
CDFIs like Omaha 100 are instrumental in addressing the systemic barriers that hinder the accumulation of generational wealth in underserved communities. Our holistic approach, like other CDFIs, combines access to capital, homeownership opportunities, small business support, financial education, community investment and wealth preservation. This creates a framework for lasting economic prosperity in many ways. Here are five ways we help move the needle in our community:
1. Providing access to Capital
One of the most significant barriers to building generational wealth is limited access to capital. Many individuals and businesses in underserved communities struggle to secure affordable loans or financial resources to either start or expand their ventures. Omaha 100 is working to bridge this gap by providing financial products tailored to the specific needs of our communities. This access to capital allows individuals to invest in education, homeownership and entrepreneurship – all key drivers of generational wealth.
2. Creating homeowners
Homeownership has long been recognized as a cornerstone of generational wealth. Omaha 100 offers mortgage products with favorable terms, lower interest rates and down payment assistance programs that make homeownership more accessible to low-moderate income families.
3. Supporting small business owners
Small businesses are the lifeblood of many communities and play a crucial role in job creation and economic stability. Omaha 100 provides vital support to small business owners by offering affordable, flexible loans as well as connections to business assistance and educational resources. This support not only helps these businesses thrive but also fosters entrepreneurship and job opportunities within the community, contributing to generational wealth through economic growth.
4. Offering financial education
Building generational wealth also requires financial literacy and education. Omaha 100 works with their partners to provide a wraparound approach that’s nurtured throughout the client lifecycle, including pre- and post-loan support. Personalized consultations and ongoing education build trust and strengthen long-term relationships. We believe these development services benefit our clients, as well as their neighbors, and we’re committed to playing a vital role in continued community growth. By improving financial literacy and budgeting skills, we help ensure that generational wealth is not only built, but is protected and grown over time.
5. Teaching people how to create and preserve wealth
As a CDFI, our role is to focus on preserving and growing wealth within underserved communities in Omaha. This commitment ensures that the benefits of the financial services provided by Omaha 100 continue to accrue over generations, helping to break the cycle of poverty.
As I lead Omaha 100 into the future, I will bring my years of service in the financial industry and my passion to empower families to achieve prosperity as they define it. Increased access to affordable loans and promoting generational wealth in greater Omaha will help our communities grow and prosper. Omaha 100 and our partners are leading the way.