Frequently Asked Questions
What kinds of projects does the Fund assist?
- Low-income housing development
- Savings and loans, banks and credit unions
- Community development efforts such as co-ops and land trusts.
- Business ventures that directly benefit low-income communities
- Employment opportunities developed for worker-owned or minority enterprises
- Funds developed to assist in countries outside the United State
Who can qualify?
Loans are made to not for profit organizations, financial institutions and for-profit organizations th at benefit the poor and underserved. Loans are not made to individuals. These criteria are considered in reviewing applications:
- Are low-income persons represented in management and board-level positions?
- Will the poor and/or underserved benefit?
- Are the economically disadvantaged empowered to develop themselves and their communities?
- Are just management practices in place?
- Is conventional or other financing unavailable?
- Is there adequate financial stability and business planning?
What are the terms of Fund loans?
The maximum loan is $250,000. The average loan is $100,000. Monies are loaned at a low interest rate for a maximum of five years. Our rates of interest are always significantly lower than market rates. All monies are available as loans - not grants.