Black Money: An Interview with Renay Dossman of Neighborhood Development Center

Justin Minott from the African American Alliance of CDFI CEOs interviews Renay Dossman, President and CEO of Neighborhood Development Center, focusing on her journey, mission, and the impact of her work. Here is a brief recap of this powerful conversation:

Justin: How did you end up leading Neighborhood Development Center?

Renay: Growing up in Chicago's Cabrini Green housing project, my single mother instilled in me the importance of giving back. After moving to Duluth, Minnesota, and navigating a different environment, I developed a love for education. I became the first in my family to attend college and later earned a master's degree. My career path took me through various roles, including accounting, executive coaching, and entrepreneurship, eventually leading me to Neighborhood Development Center.

Justin: What do you think it takes for entrepreneurs to transition from being skilled craftspeople to successful business owners?

Renay: Transitioning to entrepreneurship requires a willingness to learn, curiosity, networking skills, and a commitment to growth. It's essential to seek education, training, and support, while also staying open to trying new approaches and leveraging available resources.

Justin: What unintended skills have you picked up along your journey?

Renay: My ability to connect with people and lead effectively has been a significant asset. Being genuine, curious, and open to learning has allowed me to navigate different environments successfully. Additionally, my background in accounting and auditing has provided valuable skills in data analysis and decision-making.

Justin: What tools or skills have been unexpectedly beneficial to you in your role?

Renay: Building relationships has been crucial, along with a focus on data analysis and a mindset of abundance rather than scarcity. These skills have helped me navigate the complexities of the nonprofit and CDFI space effectively.

Justin: How does Neighborhood Development Center approach underwriting entrepreneurs, and what has been your experience with default rates?

Renay: We prioritize character over credit scores or collateral when underwriting loans, focusing on wraparound services and support for entrepreneurs. Despite serving low-income individuals, our default rate remains around 3%, thanks to the support we provide.

Justin: Why do you believe the CDFI space is crucial, and what drives you to be actively involved in it?

Renay: Disparities in wealth and opportunity, particularly among marginalized communities, highlight the importance of organizations like NDC. Our goal is to empower entrepreneurs to build sustainable businesses and address systemic inequalities.

Justin: Where do you see Neighborhood Development Center heading in the future?

Renay: We're embarking on ambitious projects, including the development of innovation centers and cybersecurity efforts. With recent state appropriations and support, we're poised to make a significant impact in our communities, empowering entrepreneurs and fostering economic growth.

Thank you for reading! You can watch the full interview HERE. Be sure to connect with Renay Dossman to stay connected to the impact.