Power Station

Shannan Herbert has watched many people walk past banks and the people-centered CDFI she leads on the same block, to take their financial business to check cashing places and liquor stores where the cost of cashing a check or taking out an emergency loan is extortionary. For years, CDFI associations, government agencies, and think tanks have reported on the millions of Americans who are unbanked and lack access to capital. As CEO of Washington Area Community Investment Fund (WACIF), which serves new and next-level entrepreneurs and small business owners in Washington DC's underinvested Wards 5, 7 and 8, Shannan wanted to know why people opted for such predatory establishments. In this episode of Power Station, she shares findings from WACIF's just-released report, Beyond Access: Addressing the Trust Gap to Unlock Responsible Capital. In listening sessions conducted in partnership with Onyx Therapy Group and Building Bridges Across the River, participants recounted interactions with financial institutions that