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New $200 Million Fund Opens for Small Business CDFIs
May 5, 2010
Three CDFI industry leaders have created the $200MM Communities at Work Fund. The Fund will provide flexible capital to Community Development Financial Institution (CDFI) loan funds that lend to nonprofit and for profit small businesses, charter schools and other community service organizations in low-income and low-wealth communities.
The Communities at Work Fund will invest in opportunities to spur job creation and economic recovery in those communities that need it most. It is a partnership of Citi, Calvert Foundation, and Opportunity Finance Network.
The Fund will offer unsecured, interest-only loans at 4.30% for up to five years to CDFI loan funds, as well as to New Market Tax Credit affiliates of CDFIs.
Calvert Foundation and Opportunity Finance Network will co-manage the Fund. Citi is investing $199 million and Calvert Foundation and OFN are each investing $500,000 to capitalize the Fund.