Community Wealth Building Initiative
Despite the recovery of the stock market and pockets of affluence in the DC metro area, many are being left behind. They lack opportunities to secure jobs that allow them to earn family-supporting wages, build wealth, and share in the value created by the work they do.
Response:CFE is working with a consortium of local funders to implement a Community Wealth Building Initiative to create more wealth-building jobs for low-income communities, harnessing the spending power of “anchor institutions”. (e.g. universities, medical centers, and local governments).
CWBI’s strategy for impact is twofold.
First, CFE is launching green, sustainable, employee-owned businesses that provide anchors with needed products and services. These businesses will afford employees the opportunity to share in company profits and provide benefits and other supports that facilitate the building of wealth. CFE will provide technical, operational and other services to these businesses and their employees, helping them to succeed.
Second, CFE will work with anchor institutions to change thinking and practice around institutional spending. By providing a forum for anchors and helping them enhance the impact of their procurement dollars, CFE will strengthen these institutions’ appetite for local contracting partners that create wealth-building opportunities for their workers. CFE will also engage local businesses and support their efforts to provide greater opportunities for their workers to build wealth, allowing them the security and cushion that helps families and communities escape poverty.
To learn more about the Community Wealth Building Initiative, please contact Jason Washington at Jason@cfenterprises.org