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 States

Low-income housing developments:

Affordable Homes of South Texas
McAllen, TX

Cincinnati Housing Partners
Cincinnati, OH

Federation of Appalachian Housing Enterprise
Berea, KY

MANNA Inc.
Washington DC

Tierra Madre
Sunland Park, NM

Savings and loans, banks and credit unions:

Blackfeet National Bank
Browning, MT

Cincinnati Central Credit Union
Cincinnati, OH

Elk Horn Bank & Trust Company
Arkadelphia, AR

Louisville Community Development Bank
Louisville, KY

ShoreBank Pacific
Ilwaco, WA

Community development efforts such as co-ops and land trusts:

Cooperative Fund of New England
Hartford, CT

Loan Fund
Albuquerque, NM

Michigan Interfaith Trust Fund
Lansing, MI

Northcountry Cooperative
Minneapolis, MN

Southern Financial Partners
Arkadelphia, AR

Working In neighborhoods
Cincinnati, OH

Business ventures that directly benefit low-income communities:

Citizen Potawatomi Community Development Corporation
Shawnee, OK

Four Directions Development Corporation
Orona, ME

Enterprise Corporation of the Delta
Jackson, MS

Portland Youth Builders
Portland, OR

Employment opportunities developed for worker-owned
or minority enterprises:

Commonwealth Revolving Loan Fund
Kent, OH

Women’s Economic Self-Sufficient Team
Albuquerque, NM

Funds developed to assist in countries outside the United States:

Accion International
Washington DC

Fonkoze
Washington DC

Pro Mujer (for Women in Latin America)
New York, NY

Shared Interest
New York, NY

SosteNica
West Chester, PA

 

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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?

 

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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.

 

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