August 27, 2003
Power Play
Margo Weisz helps
build wealth in East Austin
Since 1995 Margo Weisz (LBJ Class of 1994) has been involved in an Austin, Texas, antipoverty initiative that promotes economic vitality and opportunity. Working in economically distressed areas of the city, Weisz has been providing financial and technical services to businesses, community organizations, and affordable housing ventures through a nonprofit organization called the Austin Community Development Corporation (CDC).
Hired by the first Austin CDC executive director, who left soon after Weisz’s arrival, Weisz has built the corporation from the ground up. “At the time I came on board, there was little organization—no materials, files, accounts, loans, assistance, staff, offices, etc.,” she recalled. She added that after becoming executive director she eventually dissolved the original for-profit enterprise and transformed it into a nonprofit organization.
The work appeals to Weisz for many reasons. She said that she has always been interested in antipoverty strategies and that she believes in approaching low-income neighborhoods as though they come from a position of power. In addition, she believes that in a capitalist society, understanding and using the market can be a powerful influence for positive change.
“Basically, if communities are cut off from investment, they fall into severe disrepair,” Weisz said. “We need to be working on preparing individuals to be productive members of society while building healthy communities to nurture individuals. It all goes hand in hand.”
Funded through low-interest loans from social investors and grants from foundations, corporations, and government, the Austin CDC currently has almost $5 million in assets and has provided over 100 loans to enterprises in low-income communities. As the executive director of the organization, Weisz oversees day-to-day operations and works with an 11-member board of directors that includes LBJ School alumna Cloteal Davis Haynes (LBJ Class of 1977).
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Margo Weisz (left) is shown with Austin CDC staff members Frank Fernandez (LBJ Class of 2001), Director of Programs; his daughter Lucia; and Madge Vazquez (LBJ Class of 2001), Community Lender. One other LBJ School graduate who works at the CDC, Suzy Maclay (LBJ Class of 2003), Food Ventures Specialist, is not shown. |
“With our help, our clients have created hundreds of jobs, invested millions of dollars to improve dilapidated real estate, provided opportunity for many minority entrepreneurs, and expanded needed services such as child care and health care,” Weisz stated. “We have also provided thousands of hours of technical assistance to our small business and nonprofit clients.”
But not all of Weisz’s energies have been directed toward Austin communities. During the last two legislative sessions, Weisz has advocated for state policy to serve the needs of businesses in low-income areas of the state and has mobilized strong legislative support for state bills designed to channel more private and public dollars into Texas’ distressed communities. During the last regular legislative session, her team succeeded in making changes to the existing Texas Capital Access Fund so that it would benefit low-income communities. The fund was originally established to increase the availability of financing for businesses and nonprofit organizations that face barriers in accessing capital. Today, it provides increased incentives for loans in low-income areas.
Because of her success in re-energizing neglected areas of the business community and her participation on numerous task forces, councils, and advisory boards, Weisz has been honored many times. Most recently, she was presented the 2003 Austinite of the Year Award at the Austin Under 40 ceremony sponsored by the Young Women’s Alliance and Young Men’s Business League. In 2002 she was a finalist in the Ernst & Young Entrepreneur of the Year Award competition.
Weisz is also among this year’s recipients of the prestigious Marshall Memorial Fellowship, which is sponsored by the German Marshall Fund of the United States. The fellowship was established to equip the next generation of American leaders with the knowledge to work with their European counterparts on a range of international and domestic issues. Selected through a competitive review process, the fellows come from across the United States and represent such areas as politics, government, the media, business, and the nonprofit sector. In June, Weisz traveled to Brussels, Frankfurt, Madrid, Bucharest, and Paris, where she met with foreign ambassadors, members of NATO, and other prominent leaders and media representatives.
“The Marshall Memorial Fellowship marks the most amazing intellectual odyssey of my life,” Weisz said. “I have a whole new set of ideas I want to explore around grassroots economic initiatives in Eastern European countries.”
So what is in the future for Weisz? On a personal level, there is change looming as she plans a November wedding. Professionally, she remains inspired by her work at the Austin CDC and said she feels “incredibly energized” by the organization’s accomplishments.
“The Austin CDC finally has resources to do some really interesting things,” she said. “We are planning a large-scale food ventures center, including a commercial kitchen, we are starting a program to finance affordable housing, and we are organizing our first Annual East Austin Economic Summit. As long as I have the latitude to play, create, enjoy, then I will be here.”
by María de la Luz Martínez
2003 Lyndon B. Johnson School of Public Affairs
P.O. Box Y
Austin, TX 78713-8925
512-471-4962
27 August 2003
Comments to: lbjweb@uts.cc.utexas.edu
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