OFN launched this grant program with funding from Google.org to provide critically needed funds to CDFIs lending to businesses in the most financially underserved communities across America. These grants enabled member CDFIs to offer lower cost, more flexible loan products, and build capacity to support both the short-term recovery and long-term financing needs of the small businesses they serve, including nonprofits.
OFN awarded $8.5 million in grants on a rolling basis to member CDFIs in conjunction with a new loan or loan renewal from OFN. Awardees used grant proceeds for operations, loan capital, loan loss reserves, capacity building, or other purposes that supported the objectives of the grant programs.
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