Nextdoor lends $15 million to support OFN member CDFIs and their work to direct capital where it’s needed most
On August 25, Nextdoor announced it is lending up to $15 million over two years to support CDFIs across the country through OFN’s Finance Justice Fund. Aligned with Nextdoor’s purpose to create a kinder world where everyone has a neighborhood to rely on, OFN will use the investment to make affordable loans to CDFIs to fund small businesses, housing, and other eligible community projects.
With support from Finance Justice Fund partners, including Twitter, Wells Fargo, Truist, Focusing Philanthropy, MacArthur Foundation, W.K. Kellogg Foundation, JPMorgan Chase, the Robert Wood Johnson Foundation, PNC, and now Nextdoor, the Finance Justice Fund aims to bring more than $1 billion in long-term, flexible capital to CDFIs to address longstanding disinvestment issues, the racial wealth gap, and persistent poverty nationwide.
OFN is pleased to announce the latest Finance Justice Fund recipients as they work to advance economic justice in communities across the country. These CDFIs serve diverse geographies stretching from coast to coast — from Hawaii, to Colorado, to Washington D.C., and many rural, urban, and Native communities in between. They help finance a wide range of community needs, including Black-owned small business expansion, affordable housing, critical nonprofit infrastructure and services, credit building, and more.
These new recipients bring the Finance Justice Fund to 54 loans closed totaling $125.6 million and 53 grants disbursed totaling $9.9 million. The latest recipients include:
- Black Vision Fund approves and invests grants and loans in Expanding Black Business Credit (EBBC) member CDFIs that will then provide financing specifically to Black-owned small businesses.
- CBA Fund is a CDFI intermediary, dedicated to catalyzing and growing the capacity of nonprofits to offer small dollar, credit-building consumer loans.
- Council for Native Hawaiian Advancement is a member-based nonprofit with a mission to enhance the cultural, economic, political, and community development of Native Hawaiians.
- Impact Development Fund is a nonprofit CDFI creating economic opportunity by delivering flexible capital to strengthen Colorado communities underserved by mainstream finance.
- NewWest Community Capital is a nonprofit loan fund dedicated to providing economic opportunity throughout the Western United States through financing affordable housing and community facilities.
Visit OFN’s website to see the full list of CDFIs that have received Finance Justice Fund loans and grants to date.
Corporations and philanthropies interested in investing in the Finance Justice Fund, please contact Andrea Longton, senior vice president, development & capitalization at OFN.