OFN and Google.org launched the Google.org Grant Program to provide critically needed funds to CDFIs lending to entrepreneurs in the most financially underserved communities across the U.S. This equity capital will enable CDFIs to offer lower cost, more flexible loan products and build capacity to support both the short-term recovery and long-term financing needs of America’s small businesses, including nonprofits.
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 an unrestricted grant that can be used for operations, loan capital, loan loss reserve, capacity building, or any other purpose.
See our Google.org Grant Program Guidelines for more information.
To be eligible for the Google.org Grant Program, CDFIs must satisfy each of the four conditions specified below.
Applicant is a US tax-exempt organization with a current 501(c)(3) or 501(c)(1) determination letter from the Internal Revenue Service.
Be an OFN Member
Applicant must be an OFN member.
Women and/or minorities must make up at least 51% of applicant’s clients, or end beneficiaries based on applicant’s latest OFN Annual Member Survey. For new members where OFN does not have annual survey data, CDFIs should submit this data as part of their application narrative based on their own collected data.
OFN Loan Applicant
Applicant must have submitted an application or be in discussion with OFN about a new loan or loan renewal. The application can be for a loan under the Grow with Google Small Business Fund or OFN’s financing fund.
Priority will be given to CDFIs that:
Have demonstrated experience with programs serving minority- and women-owned or controlled businesses; and
Provide financing in the most underserved communities, including in areas of persistent poverty.
Owned or controlled is defined as follows: If for-profit, then a business that is more than 50% owned or controlled by one or more of the target population. If nonprofit, then a business whose (1) Board is composed of more than 50% of the target population, OR (2) most senior manager (Executive Director or CEO) is a member of the target population.
May 21, 2020 — Application Period Opens
OFN will review applications on a rolling basis over 12 months in conjunction with loan underwriting until the total $3.5 million is 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 Google.org Grant Program!