Frequently Asked Questions
- Low-income housing development
- 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
- Environmental and sustainability projects
Who can qualify?
Loans are made to nonprofit organizations, financial institutions and for-profit organizations that benefit the poor and underserved. Loans are not made to individuals. Some of the criteria considered in reviewing applications include:
- Will the poor and/or underserved benefit?
- Is conventional or other financing unavailable?
- Is there adequate financial stability and business planning?
- Are just management practices in place?
- Are the economically disadvantaged empowered to develop themselves and their communities?
- Are low-income persons represented in management and board-level positions?
What are the terms of Fund loans?
The maximum loan is $150,000. The average loan is $100,000. Monies are loaned at a low interest rate (usually 3 percent per year) for a maximum of five years. All monies are available as loans—not grants.