The Weinberg Foundation today announced $7.5 million in grants to three Community Development Financial Institutions (CDFIs) as part of the Foundation’s long-term COVID-19 response, which is focused on meeting the increased demand by direct services nonprofits for accessible and affordable loan funds.
There are many communities, particularly communities of color, whose residents’ aspirations cannot be fully realized due to systemic, long-term disinvestment. CDFIs provide loans and financial services tailored to these communities where conventional financing is typically unavailable or unaffordable. These institutions are critical to supporting economic and cultural opportunity by investing in nonprofit organizations such as local health centers, schools, and community centers; supporting black, Indigenous and people of color (BIPOC)-owned businesses; and expanding affordable housing options.
The Foundation is partnering with three CDFIs—Hawaiʻi Community Reinvestment Corporation (HCRC), IFF, and Nonprofit Finance Fund (NFF)—to provide three specific types of support for nonprofits serving low-income communities most severely impacted by COVID-19:
- Affordable and flexible loans
- Technical assistance and financial counseling
- Increased access to affordable capital for BIPOC and Native Hawaiian communities and reduced structural barriers for BIPOC and Native Hawaiian nonprofit leaders
To learn more about this new grantmaking space, click here.