Latest Finance Justice Fund Recipients Announced Following New Investor Commitments
Following the recent announcement of four new Finance Justice Fund investors — Truist Financial Corporation, Focusing Philanthropy, the John D. and Catherine T. MacArthur Foundation, and the W.K. Kellogg Foundation — OFN is pleased to announce the latest recipients of Finance Justice Fund loans and grants.
As of August 31, OFN has approved more than $69 million in funding for OFN member CDFIs, including $54.5 million in loans closed and $2.4 million in grants disbursed.
Congratulations to the following OFN members on their recent funding:
- Community Health Center Capital Fund supports the growth and development of community-based health centers serving low-income and uninsured populations by providing capital structured to meet health centers’ needs. Capital Fund offers targeted direct loans to health centers for capital financing, equipment, and operational requirements. In addition to lending its own capital, Capital Fund manages several health center loan programs utilizing capital raised from third parties. Drawing on decades of experience with health centers, Capital Fund also provides underwriting services and helps facilitate favorable tax credit financing.
- Greater Minnesota Housing Fund (GMHF) serves Greater Minnesota, which includes the 80 counties outside of the Twin Cities metropolitan area. GMHF advances affordable housing in Greater Minnesota by directly funding affordable housing projects, by providing technical support to local communities and businesses, by linking projects with financial resources, by securing additional resources for affordable housing, and by using research and program development activities to identify new and innovative ways of increasing affordable housing production.
- Nonprofit Finance Fund (NFF) is a nonprofit lender and consultant with 40 years of national and hyperlocal experience helping mission-driven organizations drive positive change. NFF loans and other financing help meet the needs of underserved communities and the organizations that work with them, whether that’s fighting homelessness in California, running a charter school in Tennessee, helping immigrants in New York, or meeting health needs in Texas.
- Northern Great Lakes Initiatives provides loans and business services to small business owners and entrepreneurs who create jobs and enable the communities of Michigan and neighboring Wisconsin to thrive. Being mission-driven sets Northern Initiatives apart, positioning it to enhance offerings of traditional lending institutions. Its loan programs and special business services empower the organization to more aggressively find funding for business owners and entrepreneurs whose ideas and dreams benefit its communities.
- Sixup has a mission to lift the next generation of high-achieving, low-income students in pursuit of a high-quality college education. The organization empowers students to pursue their educational dreams and earn a college degree through an online lending platform and support services.
Visit OFN’s website to see the full list of OFN members that have received Finance Justice Fund loans and grants to date.
Launched in November 2020 by OFN and Twitter, the Finance Justice Fund aims to direct more than $1 billion in corporate and philanthropic capital to address long-standing disinvestment issues, the racial wealth gap, and persistent poverty by delivering financing to rural, urban, and Native communities through CDFIs.
In June 2021, Wells Fargo joined Twitter as a philanthropic supporter of the Fund with a $25 million grant. On September 14, OFN announced Truist, Focusing Philanthropy, MacArthur Foundation, and W.K. Kellogg Foundation have jointly committed $23 million towards the Finance Justice Fund’s $1 billion goal.
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CDFIs interested in learning more about the Finance Justice Fund, visit OFN’s Finance Justice Fund page or contact Lisa Wright, senior vice president of financial services.