OFN launched the Grant Program with funding from Google.org to provide critically needed funds to CDFIs lending to businesses in the most financially underserved communities across the U.S. OFN will award grants that will enable CDFIs to offer lower cost, more flexible loan products, and build capacity to support both the short-term recovery as well as long-term financing needs of America’s small businesses, including nonprofits.
The Grant Program 1 will award a total of $3.5 million in grants: $125,000 to 28 CDFIs over 12 months. The purpose of Program 1 is to provide critically needed grants to CDFIs working to support access to capital for small businesses, including nonprofits, with a particular focus on women- and minority-owned or controlled businesses, including nonprofits, in underserved communities throughout the U.S.
The Grant Program 2 will award a total of $5.0 million in grants ranging in size from $125,000 to $500,000 over 18 months. The purpose of Program 2 is to provide critically needed grants to CDFIs working to support access to capital for Black-owned or controlled small businesses, including nonprofits, in underserved communities throughout the U.S.
OFN will award grants on a rolling basis to its member CDFIs in conjunction with a new loan or loan renewal from OFN.
Awardees will receive a grant that can be used for operations, loan capital, loan loss reserves, capacity building, or other purposes which support the objectives of the Grant programs.
See our Grant Program Guidelines for more information.
The application period opens — May 21, 2020
OFN will review applications on a rolling basis over 12–18 months in conjunction with loan underwriting until the total amounts under the two programs are awarded.
OFN hosted a members-only informational webinar on Tuesday, May 26, 2020. A recording of the webinar and the slides from the webinar are posted in the OFN member-only COVID-19 community on CDFI Connect.
BECOME AN OFN MEMBER
Learn about eligibility and benefits and submit an application on OFN’s members page.
We thank Google.org for generously supporting the Grant Program funded by Google.org!
With support from...
As of October 31, 2021, the following CDFIs have received Google.org-funded grants: