Small CDFI Unrestricted Grant Program
The Small CDFI Unrestricted Grant Program focused on providing crucial flexible funds to the smaller CDFIs in OFN’s membership. These funds were intended to help smaller CDFIs withstand the COVID-19 crisis.
Priority was given to CDFIs that:
- Have the hardest time attracting resources from public and private sources of funding
- Are more vulnerable, with less operating and capital liquidity in hand than larger CDFIs
- Serve low-income, low-wealth, or traditionally under-resourced communities and populations
- Serve small and micro-businesses
The 2020 Small CDFI Unrestricted Grant Program awarded a total of $950,000 in unrestricted grants to 19 CDFIs. Applicants were required to have less than $10 million in total assets documented on their FY 2018 audited financial statements. Each of the 19 awards was a $50,000 unrestricted grant. Grant funds were used for operations, loan capital, loan loss reserve, or any other purpose.
Small CDFI Unrestricted Grant Program recipients were:
- ACT! Albany Community Together, Inc.
- African Development Center
- African Economic Development Solutions
- Beaufort County Black Chamber of Commerce
- Black Business Investment Fund
- Chehalis Tribal Loan Fund
- Chicago Neighborhood Initiatives Micro Finance Group, Inc.
- Common Capital, Inc.
- Community Fund of North Miami Dade
- La Fuerza Unida Community Development Corporation
- Lakota Funds
- Latino Economic Development Corporation (LEDC) (DC)
- Lummi Community Development Financial Institution
- Mission Community Loan Fund LLC
- Native360 Loan Fund, Inc.
- Nimiipuu Community Development Fund
- Northwest Native Development Fund (NNDF)
- People Trust
- River City Capital Investment Corporation