Finance Justice Fund



The Finance Justice Fund is a new socially responsible investment that aims to bring $1 billion in capital from corporate and philanthropic partners to individuals and communities in America most underestimated by mainstream finance. The Finance Justice Fund will help address long-standing disinvestment issues, the racial wealth gap, and persistent poverty nationwide.

The goal of the Finance Justice Fund is to help accelerate the work of OFN member CDFIs serving rural, urban, and Native communities experiencing disproportionately high rates of poverty and disinvestment. The Fund will support CDFIs of different sizes, varying balance sheets, and operational capacities with low-cost, long-term debt and grant capital.

We welcome Twitter as the first Finance Justice Fund investor. Thank you for committing $100 million!

Contact OFN Chief Lending and Investment Officer, Amir Kirkwood, to learn more about becoming an investor in the Finance Justice Fund.


To be eligible for the Finance Justice Fund, you must be an OFN member CDFI. If you are not an OFN member and would like to apply for membership, please visit our website or contact OFN Associate Member Services Specialist Anthony Puzzuoli.

You can become an OFN member and apply to the Finance Justice Fund before the round one application period closes.

If you are a small business, individual, or other organization seeking financing, please see OFN’s CDFI Locator.


Loan Terms:

The Fund will provide low-cost, fixed-rate loans of up to 10 years to CDFIs. At this time, 5-year loans will bear interest at 2% and 10-year loans will bear interest at 3%. These loan terms may vary depending on the availability of funds and terms negotiated with investors.

From time to time, Equity Equivalent (EQ2) capital may be available.

Grant Terms:

CDFIs approved for Finance Justice Fund loans may be eligible to receive a grant. Being eligible for a grant is not a guarantee that a CDFI will receive a grant. Grant amounts for eligible CDFIs will vary and depend on the amount of grant funds available to disburse. If awarded, each grant will typically range from $125,000 to $250,000.

Grant proceeds can be used for operations, loan capital, loan loss reserves, capacity building, or other purposes that support the objectives of the Finance Justice Fund.

Selection Criteria:

OFN will select CDFIs for underwriting based on the extent to which they serve the most under-resourced communities, including Black, Latinx, Native, rural, and other communities that have experienced disproportionately high rates of poverty.

How To Apply

Complete the online application form here or review a PDF copy (PDF file may not open with Internet Explorer) of the application prior to submitting it.

OFN will review applications on a rolling basis and will contact selected member CDFIs to request due diligence materials. After the first round of capital from Finance Justice Fund is distributed, OFN expects to continue raising additional capital, accept new applications, and select CDFIs for underwriting on an ongoing basis.

OFN member CDFIs should have received an email with the password to access the application form and the preview application on December 15, 2020. OFN members can also obtain a copy of the password by contacting Elizabeth Specht.

If you have questions about applying for a loan from the Finance Justice Fund, please contact Lisa Wright.


The first application deadline has now passed, but we are still accepting applications on a rolling basis.


Funding Recipients

As of April 2021, the following CDFIs have received loans and/or grants from the Finance Justice Fund:


The following is a list of answers to likely questions regarding the Finance Justice Fund. For additional information about becoming an investor in the Finance Justice Fund, please contact OFN Chief Lending and Investment Officer, Amir Kirkwood, and to learn more about applying for a loan from the Finance Justice Fund, please contact OFN Lisa Wright.

Question: What are the minimum and maximum loan sizes?

  • The minimum loan size is $250,000 and the maximum loan size is $10 million. The maximum loan size may increase over time as OFN raises additional capital.

What will the size of the grants be?

  • CDFIs approved for Finance Justice Fund loans may be considered for a grant. If approved, grant amounts will typically range from $125,000 to $250,000. A CDFI may apply for a grant amount up to 20% of the loan amount, but we suggest that the success of your strategy should not assume a Finance Justice grant greater than $250,000. This amount may increase in the future as OFN raises additional grant capital.

Is there any type of lending that is ineligible for the Fund?

  • No, lending to all sectors is an eligible use of funds.

What are the permitted/required uses of loan capital?

  • Loan capital is intended to support new lending activity.

Are CDFIs that applied for the Grow with Google Fund eligible to apply for the Finance Justice Fund?

  • Yes. If your CDFI applied for the Grow with Google Fund, you may apply for the Finance Justice Fund. In round one, applications from CDFIs that have not already been approved or selected for underwriting for a loan from the Grow with Google will receive priority.

The Finance Justice Fund application says that the full amount of an approved loan must be drawn at closing. What if I know I cannot draw all the capital I want to borrow from the Fund at closing?

  • As long as capital is available, CDFIs are eligible to reapply for both additional debt and grant funds.

If I submit an application in the first round of the Finance Justice Fund, when will I be notified if my CDFI has been selected to be underwritten for a loan?

  • Applications will be evaluated on a rolling basis. Those applications submitted by the first found deadline will receive notification of whether they were selected or not by March 15, 2021.

How quickly can I be approved for these funds.

  • Overall, OFN will balance deployment speed with our commitment to reach more of our members, particularly those with less access to capital. The Finance Justice Fund is set up to provide long-term financing. On a limited basis, short-term capital for PPP lending may be available from OFN. Contact Lisa Wright for additional information.

Will CDFIs be able to renew their Finance Justice Fund loans?

  • Renewals will be subject to capital availability and a reapplication process where your application will be evaluated against other existing applications.

What can grant funds be used for?

  • Grant proceeds can be used for operations, loan capital, loan loss reserves, capacity building, or other purposes that support the Fund’s objectives to support CDFI work serving rural, urban, Native, and other communities (e.g. women and veterans) experiencing disproportionately high rates of poverty and disinvestment.

What selection criteria will you use for grants?

  • OFN will select CDFIs for grants based on the extent to which the grant is necessary to support its strategy, and/or to support innovative strategies.

I see that the term sheet specifically calls out African American and Latinx beneficiaries/clients in the impact reporting requirements. Does that mean that the Fund is primarily focused on these groups? What if my CDFI’s mission is to serve under-resourced rural communities regardless of race, or women, or Native communities. Does this mean that my CDFI is less likely to be selected for a loan or grant?

  • OFN strives to raise capital that supports the work of all of our members. This is not the Fund’s only focus, but are these are two of the priority communities we seek to serve with the fund. The other priority communities include rural, Native, and urban communities experiencing disproportionately high rates of poverty and disinvestment.

Can I make multiple draws?

  • In most cases no. As long as capital is available, CDFIs are eligible to reapply for both debt and grant funds. OFN expects the fund to be open-ended and will continue to fundraise for the Finance Justice Fund.

My CDFI received a Grow with Google loan, or is in the Grow with Google loan pipeline, am I still eligible to apply for a Finance Justice Fund loan?

  • Yes. However, in round one, applications for CDFIs that have not already been approved or selected for underwriting for a Grow with Google loan will receive priority consideration.

When are grant decisions made?

  • Grant decisions are made at the same time as loan decisions.

What are the reporting requirements?

  • Client/beneficiary impact reporting is required on an annual basis through OFN’s Annual Member Survey. In some cases, a CDFI will be required to report annually on the percentage of different demographic groups of clients/beneficiaries served with the proceeds of the Finance Justice Loan. Financial reporting is required on a quarterly basis including, financial, portfolio, and covenant compliance. There is a requirement for Borrower stories.

Is there a deployment period requirement?

  • There is not a required deployment period but the loan must be fully drawn at closing and interest will begin accruing at that time.

Are for-profit CDFIs eligible for a grant?

  • Yes, but there may be some limitations.

Does FJF financing enable consideration for a grant?

  • This is possible, but current grants will be prioritized for Grow with Google or OFN Financing Fund loans.

I am a member of OFN but not yet a certified CDFI. Am I eligible to apply for the Finance Justice Fund?

  • Yes.

What is the definition of a client/beneficiary?

  • Beneficiaries/Clients are defined, consistent with OFN’s Annual Member Survey, as all individuals served by your organization in a fiscal year. To the extent that your CDFI provides products and services to organizations, as opposed to individuals, beneficiaries/clients refers to the end individuals served by those organizations. For example, the beneficiaries/clients of a small business loan are the employees of that business borrower. The beneficiaries/clients of a loan to an affordable housing developer are the number of expected tenants in the property financed.​

Is Finance Justice loan capital allowed to be used to provide a down payment assistance loan to housing borrowers?

  • Yes – this is a permitted use of funds.