OFN and HSBC Bank USA, N.A. have agreed to jointly create an investment fund, Good to Grow CDFI Investment Fund LLC, (the “G2G Fund”) that will make long-term, flexible subordinate loans to CDFI’s that are active in a certain geographic region, outlined below. OFN and HSBC Bank will capitalize a fund, initially totaling, $25 million. OFN will manage the origination, underwriting and closing of long-term, flexible subordinate loans to approved CDFIs.
HSBC Bank USA, N.A., headquartered in New York City, an affiliate of one of the largest Banking organizations in the world, is committed to providing flexible, cost effective capital to CDFIs. It has teamed up with OFN because of OFN’s strong connection with its member network and because of OFN’s expertise in quickly, efficiently and prudently lending to CDFIs.
The G2G Fund will provide subordinate loans to CDFIs financing community development projects, affordable housing, community facilities, and small businesses in HSBC Bank USA, N.A.’s 10-state/district region. The target geographic region includes the following: California, Connecticut, District of Columbia, Florida, Maryland, New Jersey, New York, Pennsylvania, Washington and Virginia.
Interested? Complete an Expression of Interest Form
The G2G Fund intends to make 10-year, subordinated loans to CDFIs that are active in the Fund’s target geographic regions listed above. To increase the impact of this flexible capital on low-income and under-served communities opportunities in communities, the fund is targeting individual investments between $500,000 and $2,000,000.
Click on the button below and complete a brief information form on your organization. OFN will review expressions of interest on a rolling basis and contact each of the interested parties to formally accept applications based on portfolio and timing considerations.
Can I access HSBC Bank USA, N.A. and OFN’s other credit products?
Participation in the G2G Fund does not preclude any CDFI from pursuing any other credit product or financial service offered by HSBC Bank USA, NA or OFN. CDFIs are encouraged to explore the other attractive financial services and products offered by both of these institutions. You should contact any of the following people regarding HSBC Bank USA, N.A. or OFN’s other financial services, respectively:
HSBC Bank USA, N.A. Contact:
Opportunity Finance Network Contacts:
To learn more about HSBC Bank USA, N.A. click here.