The Finance Justice Fund is now open for applications from OFN member CDFIs!
Announced on November 12 during the 2020 OFN Virtual Conference, 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 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.
Twitter is the first investor in the Finance Justice Fund, committing $100 million.
“I commend Twitter for stepping up as the first corporate investor, for investing substantial capital, and for making a large grant to a fund that will deliver loans through CDFIs to underserved people and places across the country,” said OFN President and CEO Lisa Mensah. “I invite more corporate and philanthropic partners to invest in this unique opportunity to advance justice.”
OFN members can learn more and apply by visiting OFN’s website. OFN will also hold an informational webinar for program applicants on January 6, 2021. The application deadline for the first round of the Finance Justice Fund is January 31, 2021.
Interested in becoming an investor in the Finance Justice Fund? Contact OFN Chief Lending and Investment Officer Amir Kirkwood.