In OFN’s most recent round of Grow with Google Small Business Fund loans and Google.org-funded grants, four CDFIs have received a total of $8.5 million in loans and $425,000 in grants to support the short-term recovery and long-term needs of America’s small businesses hardest hit by COVID-19.
People Trust Community Loan Fund
($500,000 Grow with Google Small Business Fund loan and $150,000 Google.org-funded grant)
People Trust promotes community development by providing credit counseling services, financial support, and literacy for communities that would otherwise not receive these opportunities. At least 75 percent of the CDFI’s loans are to African American borrowers and communities underserved by mainstream finance.
Disability Opportunity Fund
($5 million Grow with Google Small Business Fund loan)
Disability Opportunity Fund (DOF) provides technical and financial services to individuals and organizations serving the disability market throughout the U.S., with a focus on affordable housing, education, vocational training, and employment. Since its founding in 2007, DOF has financed projects in 23 states.
Renaissance Community Loan Fund
($2 million Grow with Google Small Business Fund loan and $125,000 Google.org-funded grant)
Renaissance Community Loan Fund offers unique, tailored lending services for mortgages, home improvement, and commercial loans for Mississippians. Of the CDFI’s total dollars loaned to small businesses in 2019, 50 percent were to women-owned businesses, 42 percent to African American-owned businesses, 11 percent to veteran-owned businesses, and 33 percent to rural businesses.
True Access Capital
($1 million Grow with Google Small Business Fund loan and $150,000 Google.org-funded grant)
True Access Capital empowers business owners and entrepreneurs in Delaware and southeastern Pennsylvania, especially women, minorities, and others underserved by traditional lenders, with technical expertise and access to capital. Since 1992, True Access Capital has provided more than $44 million to support more than 1,350 small businesses and community organizations. Of its total loans, 35 percent are to low-income borrowers, 58 percent are to minority borrowers, and 42 percent are to women.