New Finance Justice Fund Recipients Announced
Caroline Valvardi
OFN is excited to announce the newest recipients of Finance Justice Fund loans and grants! Congratulations to the following three OFN member CDFIs who are going deep to combat racial injustice and persistent poverty through investments in their unique communities.
- BCL of Texas. Formed in 1990 at the invitation of the SBA San Antonio District office, BCL of Texas helps communities of color throughout Texas acquire wealth-building assets, such as homeownership and entrepreneurship, with the financial tools and education necessary to optimize positive economic returns. The CDFI serves low- and moderate- income individuals, families, and small business owners, with an emphasis on diversity and underserved communities.
- California Farmlink. The mission of California FarmLink is to invest in the prosperity of farmers and ranchers across the state through lending, education, and access to land. FarmLink helps farmers access fair financing, build strong business skills, and establish secure land tenure. Established in 1999, FarmLink supports beginning and limited-resource farmers with a focus on women and farmers of color. It was one of the first CDFIs focused on sustainable and organic agriculture, as well as economic and environmental resilience.
- On the Road Lending. Based in Irving, Texas, On the Road Lending provides affordable loans for reliable cars, helping people of low- to moderate-income overcome transportation barriers so they can find and retain employment, live healthier lives, and avoid predatory lenders. On the Road Lending serves under-resourced working families by providing reliable transportation and an alternative to subprime auto lenders to put them on the road to economic mobility.
The CDFIs will use the Fund’s long-term, flexible capital as they work on the ground to expertly identify lending opportunities and provide technical assistance to create maximum impact for the individuals and neighborhoods they serve.
In November 2020, OFN and Twitter launched the Finance Justice Fund to address long-standing issues of disinvestment, the racial wealth gap, and persistent poverty nationwide. The socially responsible investment aims to bring $1 billion in capital from corporate and philanthropic partners to rural, urban, and Native communities most underestimated and underserved by mainstream finance. To date, the Finance Justice Fund has committed $15.5 million in financing and issued $625,000 in grants to five CDFIs, including these three.