Revolve Fund has raised $1.9 million since its pilot launch in 2021 to help Black, Latinx, Indigenous and other people of color increase their access to capital.
Founded and managed by James Wahls, Revolve Fund is a philanthropic initiative that assists persons of color seeking to open, grow or scale their business or nonprofit. Wahls brings over 15 years of experience in the philanthropic, impact investing and legal sectors.
Revolve offers interest-free, recoverable capital to support Black/African American, Latinx, Indigenous and other people of color-led businesses, nonprofits and financial intermediaries. To date, the fund has deployed more than $560,000 nationally.
Research indicates families of color often have less disposable income for funding businesses and nonprofits. In 2019, the median net worth of white families was 7.8 times that of Black families. Latino-owned businesses are more likely to experience funding shortfalls than white-owned businesses. Revolve Fund’s catalytic funding increases grantees’ ability to secure additional capital. Early data shows that Revolve Fund grants and related advisory support have resulted in an 8 to 1 increase in capital access for businesses and nonprofits led by people of color.
Revolve provides its recoverable grants directly to organizations or co-invests with certified community development financial institutions, nonprofits, or venture funds. The approach maximizes Revolve Fund’s industry expertise and grantees’ sourcing, underwriting and portfolio-monitoring capabilities. Maryland Philanthropy Network, the statewide philanthropy serving organization, fiscally hosts Revolve Fund, which allows the fund to receive institutional philanthropic and other charitable contributions.