James Wahls’ Revolve Fund: Recoverable Grants and Equitable Capital

James Wahls, founder of the Revolve Fund, fiscally hosted at Maryland Philanthropy Network, explains how recoverable grants expand capital access for marginalized entrepreneurs. Unlike loans or equity, they set impact or revenue milestones; repayment occurs only when goals are reached, with no penalties if funds were used as intended. Revolve pairs flexible dollars with wraparound supports—communications support, business acumen, access to different networks, etc.—to help navigate banks, CDFIs, and venture funds. Impact is measured as "strategic influence": co-investment, follow-on capital, and referral-driven wins.

While based in Baltimore, Revolve works with grantees around the country including an expanded focus in Detroit, Wahls’s hometown of origin. Detroit grantee partners include Black Tech Saturdays, Invest Detroit Ventures, Black Leaders Detroit, College & Beyond and more. In this and other markets, Wahls advocates for thoughtful risk tolerance, cautions against exploitative capital, and emphasizes the contextual leadership of local philanthropy.

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Source: Trader