ST. LOUIS, Mo. – A nonprofit organization in St. Louis is offering residents in specific neighborhoods an opportunity to reinvest in their community. The initiative, called Rooted, aims to support development in predominantly Black neighborhoods and enable residents to build wealth and businesses where they reside.
Under the pilot program, which falls under Invest STL, residents in the West End and Visitation Park neighborhoods receive $20,000 to invest in property, businesses, or stocks. Over 200 individuals applied for the program, and 50 were randomly selected. The program provides resources, learning tools, and financial advisors to assist the winners in making informed decisions about their money.
Requirements for eligible applicants included living in the neighborhoods since 2016, being African-American and making a certain percentage below the median income. Dara Eskridge, Executive Director of Invest STL, believes the program has the potential to bring about transformational change.
“So much of our broken and dysfunctional practices were born here it feel like if you can get something right here than the significantly advances not just St. Louis but the entire nation,” said Invest STL Executive Director Dara Eskridge.
The availability of resources and learning tools is made possible through multiple partnerships, including a $1 million donation from Wells Fargo.