Woodforest National Bank and American Express National Bank Commit $8.8 Million to CDFIs
Opportunity Finance Network (OFN) is pleased to announce new flexible capital resources available to CDFIs through the expansion of the CDFI Community Investment Fund (CCIF). First established in 2017 with an investment from Woodforest National Bank, CCIF is expanding with an additional $8.8 million, which includes a new $5 million commitment from Woodforest National Bank and $3 million from new partner American Express National Bank.
American Express National Bank joined the Fund through the recruitment efforts of Woodforest, who aimed to increase the overall impact of CCIF by encouraging like-minded institutions to invest in the Fund. This capital will be deployed to CDFIs in equity equivalent (EQ2) investments, which provide patient capital that CDFIs can leverage to finance small businesses, affordable housing, and other community development projects. Priorities of the fund include CDFIs serving people of color, CDFIs led by people of color, and/or CDFIs serving the banks’ footprint (see list of priority states below).
To streamline and simplify the process, OFN member CDFIs can take advantage of this opportunity through our Finance Justice Fund application.
- For members that have already submitted an FJF application, your application is in OFN’s applicant pool, and no further action is necessary.
- If you have not applied, complete the online FJF application. The online application and this PDF copy of the application require the password: “FJF2021.”
OFN will accept new applications and select member CDFIs from its applicant pool for CCIF and Finance Justice Fund capital on an ongoing basis. We encourage OFN members to submit applications by July 30, 2021, for this limited pool of CCIF EQ2 capital. OFN will consider all applicants for CCIF and all FJF products — senior debt, grants, and EQ2s.
Thank you to our community partners Woodforest National Bank and American Express National Bank for making this capital opportunity available!
Please contact Lisa Wright at FJF@ofn.org if you have questions about the application process.
CCIF Priority States
- New Mexico
- New York
- North Carolina
- South Carolina
- West Virginia
- Washington, D.C.