Communities at Work Fund™
The Communities at Work Fund™ was established to create jobs, drive economic recovery, and provide hope and opportunity to thousands of Americans living in disadvantaged communities.
The Fund will accomplish this goal by making affordable loans available on a timely basis to Community Development Financial Institution (CDFI) loan funds that finance small businesses, not-for-profits, charter schools, and other community service organizations in low-income and low-wealth communities. The Fund will primarily offer unsecured, interest-only loans with terms up to five years to CDFI loan funds and CDFI affiliates participating in the New Markets Tax Credit Program.
The Fund is initially capitalized with $200 million, and is structured as a limited partnership—with Citi as the Limited Partner, and Calvert Foundation and Opportunity Finance Network as General Partners. Calvert Foundation and Opportunity Finance Network will jointly manage the Fund, with Calvert Foundation responsible for managing lending and fund administration and Opportunity Finance Network responsible for marketing and compliance.
Citi Plans to Start a Small-Business Fund for Lower-Income Areas
It’s look like you cover every thing in this Article. This is great and finally got something to learn after roming around the other blogs.
ReplyDelete