In an effort to help Black people from Minnesota and the Dakotas build wealth, St. Paul-based Nexus Community Partners announced the US$50 million Open Road Fund earlier this week.
Funded by the Bush Foundation—also based in St. Paul and founded by Edyth and Archibald Bush, who was an executive at what’s now the 3M company—the initiative aims to be a wealth-building resource for descendants of the millions of enslaved people brought to the U.S. during the Atlantic Slave Trade, according the announcement. Black people over age 14, regardless of income, living in Minnesota and the Dakotas will be eligible to apply to the fund beginning June 19, otherwise known as Juneteenth.
“Through this US$50 million Open Road Fund, Nexus has a chance to provide a return on the investment Black folks have long made to this country and create Black wealth,” according to Repa Mekha, president and CEO of Nexus Community Partners, which is on a mission to “build more engaged and powerful communities of color by supporting community-building initiatives that expand community wealth and foster social and human capital.”
Nexus specifically declined to call the grants “reparations” because US$50 million is not nearly enough to “correct all of the harm done to Black people over the last 400 years,” Nexus noted in its announcement. But it is one way to give the Black community access to wealth and prosperity.
At least 800 applicants will be awarded US$50,000 grants over the next eight years, according to Nexus. The money can be used for a host of wealth-building projects, such as education, financial well-being, housing, and economic justice.
“To us, Black wealth building is about creating spaces and opportunities that help all Black people to thrive,” Mekha said. “When we have access to an abundance of resources, we can cultivate healing, safety, care, and liberation on our own terms.”
A panel of community leaders across the Dakotas and Minnesota will judge the applicants, according to Nexus. Formerly incarcerated people, single parents, and senior citizens, as well as differently abled and LGBTQ+ residents, are encouraged to apply. Nexus is also looking for group applications to increase community impact and help build long-term Black wealth.
Source: barrons.com