Latest OFN Member CDFIs to Receive Finance Justice Funding
Caroline Valvardi
During the 2021 OFN Conference, Finance Justice Fund partners shared why they invested corporate and philanthropic capital in the fund. As CDFIs continue working on the ground to finance justice and change across America using this capital, OFN is pleased to announce the latest CDFIs receiving Finance Justice Fund loans and grants.
As of October 31, OFN has approved $85.3 million in funding for OFN member CDFIs, including $70 million in loans closed and $4.4 million in grants disbursed.
Congratulations to the following OFN members:
- Atlanta Neighborhood Development Partnership (ANDP) Loan Fund provides financing to nonprofit and for-profit housing developers that create affordable housing, mixed income, and mixed use properties.
- Civic Community Partners spurs community and economic development by providing capital and real estate solutions as well as technical assistance, serving an investment area of all low-income census tracts in the County of San Diego.
- DreamSpring increases access to credit, makes loans, and provides support to enable entrepreneurs to realize their dreams and be catalysts for positive economic and social change. Serving AZ, CO, GA, NV, NM, NC, and TX, DreamSpring helps entrepreneurs generate income, build assets, create jobs, and achieve financial well-being through business ownership.
- Oweesta provides opportunities for Native people to develop financial assets and create wealth by assisting in the establishment of strong, permanent institutions and programs contributing to economic independence and strengthening sovereignty for all Native communities.
- Rio Grande Valley MultiBank (RGVMB) provides financial products and development services to the Rio Grande Valley, particularly in the area of affordable housing and consumer lending. RGVMB is proud to provide an affordable, risk-free alternative to payday and car title loans through its subsidiary, The Community Loan Center of the Rio Grande Valley.
- Solar and Energy Loan Fund rebuilds and empowers underserved communities by providing access to affordable and innovative financing for sustainable property improvements, with the primary focus on energy efficiency, renewable energy, and climate resilience in low- and moderate-income neighborhoods.
- Vital Healthcare Capital supports quality care and good healthcare jobs in low-income and historically disadvantaged communities through advantageous financing, strong community partnerships, and advocacy for health access and equity.
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. In September, 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.
Photo: Access Youth Academy in San Diego, CA (supported with funding from Civic Community Partners)