How mission alignment and leadership engagement supported one of the nation’s oldest private HBCUs

In 2023, a timely reconnection helped propel new momentum in the effort to strengthen HBCUs nationwide. Damien Wilson, Head of the HBCU Brilliance Initiative, Lending at Reinvestment Fund, reconnected with longtime acquaintance Dr. Vann R. Newkirk, Sr., through a new partnership opportunity with Wilberforce University. Years earlier, Reinvestment Fund had facilitated financing for Fisk University while Dr. Newkirk served as Provost. Now, as President of Wilberforce, one of the nation’s oldest private HBCUs and the first owned and operated by African Americans since 1856, Dr. Newkirk was stepping into a new chapter of collaboration.

“The opportunity came to us toward the end of 2023, and it seemed like a straightforward lending opportunity in many ways,” recalls Wilson. “There was, however, an important consideration – the University was navigating some institutional challenges with accreditation.”

Despite internal deliberations, Wilson saw potential in Wilberforce’s leadership and strategic direction. His commitment to a thorough and mission-aligned evaluation helped move the loan forward—a point of personal and professional pride for HBCUs grounded in the institution’s alignment with Reinvestment Fund’s values.

“We have a historic institution with a rich history and legacy that we wanted to rebuild. Having a team like Reinvestment Fund that understood HBCUs and the environment we operated under helped bridge a lot of gaps that other funders could not understand. Reinvestment Fund took our vision seriously,” explains Dr. Newkirk.

Later in 2024, Reinvestment Fund and Wilberforce University closed on a $10.5 million loan financing agreement. The investment marked a significant milestone for Reinvestment Fund’s HBCU Brilliance Initiative program, representing both strategic capital deployment and a relationship-centered, mission-driven partnership.

The loan enabled Wilberforce to refinance high-interest-rate debt, freeing up $1 million in annual cash flow savings. Those savings became a catalyst for growth. “[That] savings is now being reinvested into student recruitment and programming, which is a large driver in Wilberforce’s increasing enrollment. I think all of that would have been at risk without this refinancing,” explains Wilson.

The evolving partnership speaks to broader systemic issues facing HBCUs. Many operate with a history of limited access to capital, making traditional underwriting difficult. Reinvestment Fund is one of the few mission-driven financial institutions addressing these challenges head-on.

As a CDFI with a dedicated HBCU lending team, Reinvestment Fund has built deep relationships and expertise that set it apart. It also leads the HBCU Brilliance Initiative, an innovative platform that supports HBCUs in becoming strong academic, cultural, and economic institutions. Since 2018, Reinvestment Fund has deployed over $60 million to HBCUs to strengthen financial health and fund critical infrastructure.

As Wilberforce continues to grow with new capital and programs, it remains committed to its mission. The University serves a student body that is 91% Pell-eligible, with every incoming freshman receiving financial aid, ensuring access for low-wealth, first-generation students. The vision is for Wilberforce to become a vibrant village of academic excellence and regional engagement—a hub for African American leadership and innovation.

Wilberforce’s story is a compelling example of how mission-aligned financing and trusted partnerships can support HBCUs. It also demonstrates the transformative potential of the Brilliance Initiative in advancing equity, resilience, and opportunity across communities.