OFN Awards Small CDFI Grants to 19 Members
OFN is pleased to announce the 19 awardees of the Small CDFI Unrestricted Grant Program. The Small CDFI Unrestricted Grant Program provided $50,000 grants to OFN members with less than $10 million in assets, with all but one grant going to Native CDFIs or those led by people of color. Additionally, 8 of the organizations are women-led, and 13 joined OFN within the last three years. These grants are intended to help smaller CDFIs withstand the COVID-19 crisis.
The Small CDFI Unrestricted Grant Program was generously supported by Capital One.
Learn more about the 19 awardees:
ACT! Albany Community Together, Inc. – Albany, GA
The mission of Albany Community Together, Inc. (ACT!) is to build wealth and create economic opportunities in Georgia by providing affordable access to capital and business support services for aspiring entrepreneurs and small business owners. Many of ACT!’s clients are minorities and women.
African Development Center – Minneapolis, MN
The Mission of the African Development Center is to grow businesses, build wealth, and increase reinvestment in the African communities of Minnesota.
African Economic Development Solutions – St. Paul, MN
The mission of African Economic Development Solutions (AEDS) is to build wealth and prosperity within African immigrant communities by empowering entrepreneurs and small business owners and fostering financial independence among families and individuals across St. Paul.
Beaufort County Black Chamber of Commerce – Beaufort, SC
Established in 2002, the Beaufort County Black Chamber of Commerce (BCBCC) is dedicated to the economic empowerment of African American communities and small businesses. The individuals and businesses that BCBCC serves are federally recognized as disadvantaged business enterprises and/or have been denied access to capital in traditional finance markets.
Black Business Investment Fund – Orlando, FL
The Black Business Investment Fund (BBIF) has served Central Florida’s business community for more than 20 years through the provision of direct loans, loan guarantees, technical assistance, and advocacy. The BBIF’s core business is specializing in providing direct loans and developing business owner’s management skills.
Chehalis Tribal Loan Fund – Oakville, WA
The Chehalis Tribal Loan Fund (CTLF) is a nonprofit organization of the Confederated Tribes of Chehalis Reservation and a certified Native CDFI (community development financial institution). The CTLF provides training, technical assistance, business incubation, and small loans to support the economic development of the Tribal reservation and surrounding communities in Grays Harbor, Thurston, and Lewis Counties of Washington State.
Chicago Neighborhood Initiatives Micro Finance Group, Inc. – Chicago, IL
In collaboration with City of Chicago, the Chicago Neighborhood Initiatives launched a small business micro-lending program in October 2012: Chicago Neighborhood Initiatives Micro Finance Group (CNIMFG). CNIMFG focuses on low- and moderate-income neighborhoods throughout Chicago and the surrounding suburbs.
Common Capital, Inc. – Springfield, MA
Common Capital’s mission is to strengthen communities by creating economic opportunities for low- and moderate-income people in western and central Massachusetts. They focus on developing tailored financing and technical assistance to microenterprises, small businesses, and nonprofits that do not qualify for traditional loans.
Community Fund of North Miami Dade – Opa-Locka, FL
Part of the Opa-Locka Community Development Corporation, Community Fund of North Miami Dade was launched to support small minority-owned businesses located in low- and moderate-income communities in South Florida.
La Fuerza Unida Community Development Corporation – East Norwich, NY
La Fuerza Unida Community Development Corporation is dedicated to promoting community development by providing economic growth opportunities to enterprises owned by low-income and minority and women entrepreneurs. La Fuerza Unida Community Development Corporation focuses on low-income minority neighborhoods where the barriers of language, culture, and conventional lending have hindered the growth of small businesses.
Lakota Funds – Kyle, SD
Lakota Funds’ mission is to promote economic sustainability on the Pine Ridge Reservation and geographic service area through business loans, technical assistance, and wealth-building education for families and businesses.
Latino Economic Development Corporation (DC) – Washington, DC
Latino Economic Development Corporation (LEDC) works to improve the wealth-building capacity of low- and moderate-income Latinos and other underserved communities in the Washington D.C. Metropolitan Area. LEDC works with Latinos and other groups that are underserved and underrepresented to help them navigate the formal U.S. financial systems and manage the conditions that impact their financial stability.
Lummi CDFI – Bellingham, WA
Lummi Community Development Financial Institution (LCDFI) offers a trusted, safe place for tribal members who are considering entrepreneurship, building a business, and/or strengthening their credit by providing access to education, financing, and asset growth in order to improve the prosperity and well-being of Native American families.
Mission Community Loan Fund LLC – San Francisco, CA
Mission Community Loan Fund LLC is a San Francisco-based CDFI launched by Mission Economic Development Agency (MEDA) in 2015 to serve low- and moderate-income Latino communities in the Bay Area. They provide microloans and small business loans up to $100,000, primarily to Latino-owned businesses, with an intermediary real estate financing program also preparing to launch.
Native360 Loan Fund, Inc. – Grand Island, NE
Native360 Loan Fund’s mission is to provide affordable credit, capital, technical assistance, and related programs to help build strong and self-sufficient Native American business owners, families, and citizens. They serve the citizens of all tribes in Nebraska, Iowa, and southeast South Dakota.
Nimiipuu Community Development Fund – Lapwai, ID
The Nimiipuu Community Development Fund (NCDF) provides financial opportunities to stimulate economic development on and near the Nez Perce Indian reservation.
Northwest Native Development Fund – Coulee Dam, WA
The Northwest Native Development Fund seeks to foster economic and financial independence for Native people by assisting in the development of personal assets through financial and entrepreneurial education as well as providing access to capital through creative lending products.
People Trust – Little Rock, AR
Established in 2008, People Trust’s primary purpose is to promote community development by providing access to capital, financial education, and technical assistance for communities that would otherwise not receive these opportunities.
River City Capital Investment Corporation – Memphis, TN
River City Capital Investment Corp’s mission is to increase economic development in underserved neighborhoods by attracting and leveraging investment capital for community revitalization. River City Capital (RCC) strategically provides loans to businesses that operate within its targeted neighborhoods of Binghampton, Highland Heights, Frayser, South Memphis/Soulsville USA, Whitehaven, and the Memphis Medical District/Edge District. RCC also provides loans to community development corporations and charter schools citywide.