New Executive Director Wants To Highlight Mission Of Greenwood Archer Capital

Terrence Johnson is the new Executive Director of Greenwood Archer Capital. PHOTO PROVIDED BY CNI.
Terrence Johnson is the new Executive Director of Greenwood Archer Capital. PHOTO PROVIDED BY CNI.

New Executive Director Wants To Highlight Mission Of Greenwood Archer Capital

By Tia Carol Jones

The Chicago Neighborhood Initiatives has announced that Terrence Johnson is the new Executive Director of Greenwood Archer Capital, a subsidiary of Chicago Neighborhood Initiatives. Johnson begins on Monday, Jan. 29th.

Greenwood Archer Capital, formerly known as Chicago Neighborhood Initiatives Micro Finance Group, has been around since 2012. It was rebranded to Greenwood Archer Capital in 2021 as a nod to Black Wall Street in Tulsa, Ok. The certified Community Development Financial Institution (CDFI) makes loans up to o $100,000 for start-ups and established businesses and loans up to $200,000 for businesses seeking to acquire commercial real estate. Since 2012, Greenwood Archer Capital has distributed more than $21 million in loans and grants to more than 1,700 small business owners, which resulted in the creation of more than 1,000 jobs.

Merlon Jackson, Pastor of Christ Community Church, is the Chicago Neighborhood Initiatives Board Chairperson. Jackson believes that Johnson’s skillset and commitment will ensure that entrepreneurs have equitable access to resources, which are necessary for them to grow a small business that will create jobs and build a strong community.

“Terrence’s unique background, experience, and dedication to our mission will have a tremendous impact on the Chicago region, especially on the lives of entrepreneurs who continue to struggle to access the financial resources and information required to build a strong, sustainable small business,” Jackson said in a statement.

Greenwood Archer Capital’s mission is the reason Johnson considered the role. Johnson is currently the Assistant Commissioner with the City of Chicago’s Department of Planning and Development. In his Assistant Commissioner role, he focused on bringing grant money and incentives to the South and West sides. Greenwood Archer Capital also is bringing entrepreneurial opportunities to the South and West sides.

One of the things Johnson wants to do once he starts is to ensure the funds Greenwood Archer Capital raises actually get distributed to the community, which has historically not had access to capital. He wants people to think of Greenwood Archer Capital when they are in need of financing. He is committed to getting the word out about Greenwood Archer Capital.

“It truly is about developing communities in two terms, community in terms of people and community in terms of place. Focusing on the South and West sides is key, that’s where we need it the most. And Black and brown communities, in terms of the folks, heavily underrepresented and heavily undercapitalized in terms of ideas and businesses historically. This is a great fit,” Johnson said.

Johnson added that Greenwood Archer Capital is closing the gap for getting funding for Black communities. He acknowledged that redlining and other restrictive covenants have had a lasting impact on the way Black communities look and the way they still don’t get access to capital they need to turn the communities around.

With Greenwood Archer Capital, Johnson wants to look at things differently than the way other lenders look at providing access to capital. It means a change in the traditional underwriting parameters a bank looks at, or the collateral requirements that lending institutions usually look at.

“We’re going to have to take chances, we’re going to have to push the envelope a little bit more, in terms of really finding viable businesses and making sure they get what they need, so they get to fruition. If we stick to the same parameters as everybody else, we’ll be having this same conversation 20, 30 years from now,” he said.

For more information, visit www.greenwoodarchercapital.org.

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