Black Money: A Conversation with Malinda Williams from Omaha 100

Justin Minott from the African American Alliance of CDFI CEOs interviews Malinda Williams, CEO and President of Omaha 100, focusing on her journey, mission, and the impact of her work. Here is a brief recap of this powerful conversation:

Justin: Who is Malinda Williams at the core? 

Malinda: I’d say I’m a provoker of peace. I focus on supporting communities and promoting peace through pathways to prosperity, such as access to capital, partnerships, home mortgages, business ownership, and debt consolidation. My goal is to create a greater good for future generations. 

Justin: How do you actually “provoke” towards a peaceful state? 

Malinda: It's not always easy. Sometimes, you have to stir things up, provoke conversations, and be provocative to get people engaged. As long as the outcome is positive and brings peace, it’s worth it. 

Justin: What does black liberation mean to you? 

Malinda: It’s about freedom and power. Liberation allows us to have choices, equity, and access. It means having the freedom to live in a way that brings true happiness and joy, without unnecessary barriers. 

Justin: Tell us about the journey that led you to become the President and CEO of Omaha 100.

Malinda: I grew up as a military brat and spent my formative years in Sumter, South Carolina. I attended the University of South Carolina and followed in my father’s footsteps into the financial services industry. After 16 years as a financial adviser, I joined Omaha 100 to grow my impact on wealth literacy and financial services access. 

Justin: You could be doing anything! Why focus on the financial industry to make a difference? 

Malinda: Wealth showcases how past injustices have caused present suffering in our community. Influencing the racial wealth gap and building wealth for our community felt like hard work that was truly impactful. 

Justin: What are Omaha 100’s core services and focus areas? 

Malinda: Omaha 100 has been an affordable mortgage lender for over 30 years. Since joining in March 2021, we’ve expanded into business lending, real estate development, and debt consolidation loans. We aim to provide holistic access to capital across these areas and support diverse and minority entrepreneurs. 

Justin: Taking over during a global pandemic must have been quite a transition. Can you share your thoughts on navigating unprecedented times and launching a new product line for your organization in the middle of it. 

Malinda: Absolutely. The pandemic actually helped our evolution as it forced everyone to adapt. Our board was supportive of the vision to evolve from just homeownership to other pathways like entrepreneurship. Omaha 100, being the only black-led CDFI in Nebraska, had a unique position to represent and understand our community. During the pandemic, we focused on supporting homeowners through loan modifications and the Nebraska Mortgage Assistance Program, ensuring no foreclosures in our $36 million mortgage portfolio. We also noticed the need for business lending as only 1.2% of black entrepreneurs in Nebraska received PPP loans. This led to our new business lending initiative, supported by the State Small Business Credit Initiative grant. 

Justin: How did you go from idea to deploying your first business loans? 

Malinda: It was a journey, but we focused on community input through listening sessions and partnerships. We created a hybrid access model considering some folks aren’t comfortable with in-person meetings post-COVID. Our product features include no minimum credit score, no collateral requirement, and flexible terms with a 7% interest rate, helping entrepreneurs with cash flow and affordability. 

Justin: What does it mean for entrepreneurs to look at their business through the eyes of a lender and not just through the eyes of their passion?

Malinda: I always say, “Think like a banker, act like a boss.” Entrepreneurs need to understand their business from a risk and cash flow perspective. It’s about presenting realistic financial projections and knowing your market thoroughly to show lenders the potential success of your business. 

Justin: How do you move community partnerships towards real collaboration? 

Malinda: It’s about managing expectations and understanding each partner’s strengths. For example, we partner with LendingLink for our debt consolidation program. This collaboration leverages their capacity while we maintain a small but mighty team of seven people. It’s essential to build trust and delegate tasks effectively to enhance impact without duplicating services. 

Justin: What’s next for Omaha 100? 

Malinda: We aim to expand our services across Nebraska, not just Omaha. This includes middle-income workforce housing and supporting minority entrepreneurs through the Ihub. We are also developing a program to provide lending products to reentry citizens, supporting their successful reintegration into society. 

Justin: What’s one thing very few people know about you? 

Malinda: I’m a scratch baker. No box mixes for me! My pineapple upside-down cake is my specialty. 

Thank you for reading! You can watch the full interview HERE. Be sure to connect with Malinda and follow Omaha 100 to stay connected to the impact.