OFN is proud to announce the latest recipients of Grow with Google Small Business Fund loans and Google.org grants. Launched earlier this year in partnership with Google and Google.org, the financing programs support the short-term recovery and long-term needs of America’s small businesses hardest hit by COVID-19.
To date, including the CDFIs listed below, 17 CDFIs have received loans and 14 have received grants.
The most recent loan and grant recipients are:
- Access to Capital for Entrepreneurs (ACE) ($150,000 Google.org grant)
As Georgia’s largest small business focused community development loan fund, ACE catalyzes entrepreneurial growth through financing and education. The nonprofit CDFI focuses on women, people of color, and low- to moderate-income business owners. Since 2000, ACE has loaned more than $80 million to entrepreneurs, impacting more than 10,000 jobs in Georgia through a combination of capital, coaching, and connections. ACE received a Grow with Google Small Business Fund loan in August.
- Bridgeway Capital ($125,000 Google.org grant)
Bridgeway Capital’s mission is to make western Pennsylvania a thriving region for all by promoting economic opportunity and community revitalization. The CDFI assists underserved populations by providing capital and education to ignite business and job growth, to develop communities, to support entrepreneurs, and to expand vital services that strengthen region. Overall, 60 percent of Bridgeway’s small business and microenterprise loans are to African American or women-owned enterprises. Bridgeway Capital received a Grow with Google Small Business Fund loan in July.
- Craft3 ($5 million loan, $125,000 Google.org grant)
Craft3 is a nonprofit CDFI that strengthens economic, ecological, and family resilience in Pacific Northwest communities. The organization lends to established nonprofits and growing and start-up businesses—including those that don’t qualify for traditional loans. It also helps families of all income levels finance energy upgrades, build accessory dwelling units, and replace failing septic systems and aging manufactured homes. Craft3 actively manages a portfolio of more than 200 commercial loans, more than half of which are to women, minority, or immigrant business owners.
- Community First Fund ($5 million loan)
Community First Fund provides the financial and human resources necessary to help low-income communities and people, especially people of color, create economic opportunity for themselves, their families, and their communities. The CDFI works to increase development of affordable and market rate housing units, turn blighted and vacant buildings into community assets, create educational opportunities for children, youth, and adults, enhance access to food and healthcare resources, and provide financing for small businesses to start and grow. Since 1992, Community First Fund’s commitment to its central and eastern Pennsylvania region has created or retained 13,326 jobs—58 percent of its loans were to businesses owned by people of color and 40 percent were to women-owned small businesses.
- Communities Unlimited ($125,000 Google.org grant)
Communities Unlimited ignites hope by bridging racial, economical, and geographical boundaries in Southern communities emerging from generations of persistent poverty. The nonprofit CDFI works in areas most adversely affected by persistent poverty and social inequity. Serving 45 percent of the persistent poverty counties in the country, Communities Unlimited expands economic opportunity for underserved people and communities by providing access to the capital they need to prosper.
- Finance Fund Capital Corporation (FCAP) ($125,000 Google.org grant)
FCAP is a nonprofit CDFI that provides flexible financing to support economic development and job creation in low- and moderate-income communities across Ohio. In FY 2019, 21.1 percent of its loans originated by dollar amount went to women-owned businesses, 35.7 percent to minority-owned businesses, and 12.7 percent to rural businesses. Since its founding in 2006, FCAP has financed businesses and projects that have created and/or retained 5,200 direct jobs, developed 520 housing units and 1,500,000 square feet of commercial space, and served 516,000 people. FCAP received a Grow with Google Small Business Fund loan in July.
- New Jersey Community Capital (NJCC) ($125,000 Google.org grant)
NJCC provides innovative financing and technical assistance to foster the creation of quality homes, educational facilities, and employment opportunities in underserved communities of New Jersey. The nonprofit CDFI takes a comprehensive and holistic approach to transforming underserved communities and supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods to ensure that communities can thrive. In FY 2019, 42.0 percent of NJCC’s small business loans went to women-owned businesses and 26 percent to minority-owned businesses. NJCC received a Grow with Google Small Business Fund loan in August.
- Washington Area Community Investment Fund (Wacif) ($150,000 Google.org grant)
Wacif increases equity and economic opportunity in underserved communities by investing knowledge, social, and financial capital in low- and moderate-income entrepreneurs. The CDFI serves minority- and women-owned businesses in financially underserved communities in the National Capital region, with a focus on communities east of the Anacostia River in Washington, D.C., and in Prince George’s County, Maryland. In the last seven years, Wacif has invested more than $10 million in underserved communities throughout the region. In 2019, 96 percent of Wacif’s lending went to entrepreneurs of color and 62 percent of its business advisory services clients were female. Wacif received a Grow with Google Small Business Fund loan in August.