When Alisha Bey saw a flier in her neighborhood for a program that promised $20,000 in investment capital, she was hesitant to give it a try thinking that it was too good to be true.
“It’s not that often that there are organizations that are willing to help without a fee,” said Bey, 35, who has been living in the West End neighborhood for most of her life.
It turns out the program was good— and true. Last year the non-profit Invest STL launched the Rooted initiative which gives West End and Visitation Park residents money to help them build generational wealth and ensure they can remain in their neighborhood amid growing concerns around affordable housing.
Invest STL’s CEO Dara Eskridge told St. Louis on the Air that 50 households have participated in Rooted so far and the neighborhood-based program is showing early signs of success. The buzz around the initiative led Eskridge to present at the Aspen Ideas Festival in June.
“We're wired to believe that people don't know how to spend money, but what we've seen with this group of 50 is they're all being extra responsible, and they're investing in ways that are really meaningful for their family,” Eskridge told St. Louis on the Air.
The participating residents are matched with a financial advisor who helps them put their money in a wealth-building activity like renovating a property or opening an investment account.
More than half of the participants are investing in two or more ways, with 24 residents doing repairs that increase their home’s value, according to initial data from the non-profit.
For Bey, the investment capital allowed her to take her small smoothie business to the next level. Beyond finances, the program also helped her connect with her neighbors.
“Before I would see neighbors in passing and not really know who they were or what potential they had. Now, I can recognize a lot of people in the community based on what business they started or overall benefit that they provide,” Bey said “It just made me feel more appreciative of my community.”
St. Louis, like other cities, has a history of displacing Black residents in the pursuit of redevelopment. Eskridge said that avoiding gentrification and giving residents a chance at economic growth is at the heart of the program
“These are people who have dedicated entire generations of their families to these neighborhoods that are often neglected,” she said. “Our work is really focused on how we support people in staying within their neighborhoods that they've cared for for so long.”
To learn more about Invest STL’s Rooted initiative and why giving families investment money “cracks the wealth building code,” listen to the full St. Louis on the Air conversation on Apple Podcast, Spotify and YouTube, or click the play button below.
“St. Louis on the Air” brings you the stories of St. Louis and the people who live, work and create in our region. The show is produced by Ulaa Kuziez, Miya Norfleet, Emily Woodbury, Danny Wicentowski, Elaine Cha and Alex Heuer. Roshae Hemmings is our production assistant. The audio engineer is Aaron Doerr.
