Three New Finance Justice Fund Recipients Announced
Caroline Valvardi
OFN is pleased to announce the latest recipients of Finance Justice Fund loans and grants! Congratulations to the following OFN member CDFIs who are going deep to combat racial injustice and persistent poverty through investments in their unique communities.
The CDFIs will use the fund’s long-term, flexible capital as they work on the ground to expertly identify lending opportunities and provide technical assistance to create maximum impact for the individuals and neighborhoods they serve.
- Clearinghouse Community Development Financial Institution. Clearinghouse CDFI addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Indian Country. Since 1996, Clearinghouse CDFI has helped bridge the gap between conventional lending standards and the needs of low-income and distressed communities. Clearinghouse CDFI, with assets exceeding $500 million, provides loans for nonprofits, community facilities, affordable housing, commercial real estate, small businesses, and other projects that create positive impacts in underserved areas. Learn more.
- Community Fund of North Miami Dade. As a subsidiary of the Opa-locka Community Development Corporation (OLCDC), Community Fund of North Miami-Dade (CFNMD) specializes in connecting small business owners to the capital and education they need to capture their economic potential. Established in 2002 to support the OLCDC’s affordable housing initiatives through real estate loans, CFNMD has also served entrepreneurs in Miami-Dade County since 2018 by providing business loans, mentoring, and business support. Learn more.
- Homewise. Since 1986, Homewise has been helping people achieve their homeownership goals. They do this by focusing on their customers and placing their long-term financial wellbeing as the highest priority. Headquartered in New Mexico, Homewise shares in their customers’ challenges and successes, using those experiences to build a better way to buy a home. They believe that strong homeowners help build healthy, vibrant communities. And with the right tools and support, people can be empowered to change their lives. Learn more.
In November 2020, OFN and Twitter launched the Finance Justice Fund to address long-standing issues of disinvestment, the racial wealth gap, and persistent poverty nationwide. The socially responsible investment aims to bring $1 billion in capital from corporate and philanthropic partners to rural, urban, and Native communities most underserved by mainstream finance. In June 2021, Wells Fargo joined Twitter as a philanthropic supporter of the Fund with a $25 million grant.
To date, the Finance Justice Fund has closed $26 million in loans and disbursed $950,000 in grants to eight CDFIs.