Nonprofit Finance Fund Receives $200,000 to Support Lending to California Nonprofits
OAKLAND, CA, March 27, 2024 – Nonprofit Finance Fund (NFF) is pleased to announce it was awarded $200,000 from the California Investment & Innovation Program (Cal IIP) to support NFF’s lending to nonprofits across California.
NFF was one of 63 Community Development Financial Institutions (CDFIs) receiving a collective $14.2 million from the first round of grants through the $50 million Cal IIP. The program aims to leverage CDFIs’ programs and services to generate economic development in underserved communities.
“CDFIs are essential vehicles for expanding access to capital to build more equitable and inclusive communities,” said Jennifer Kawar, Vice President, Investor Relations, NFF. “CDFIs provide capital to businesses and nonprofits, affordable and supportive housing, healthcare and other community facilities. We appreciate this support and recognition from the state.”
The $50 million in funding establishing Cal IIP – the state’s first CDFI Fund – was secured through the work of the California Coalition for Community Investment (CCCI), a statewide coalition dedicated to supporting the work of California CDFIs, with the support of California state senators Anna M. Caballero and Monique Limón.
“NFF is proud to be part of this diverse statewide coalition providing credit and financial services to underserved communities,” said Kawar. “Funding for CDFIs at the state level is rare. This is a true accomplishment that sets a precedent for funding California CDFIs that support community wealth and well-being.”
Programs like Cal IIP represent crucial and ongoing support for CDFIs and their vital work. “CDFIs support small businesses and working families, and create unique programs and services to meet the needs of their communities,” said California State Treasurer Fiona Ma in an announcement. “I encourage everyone to seek out what programs and services their local CDFI offers.”
NFF’s financing supports organizations in education, community improvement, health, homelessness and housing, human services, social justice, workforce development, youth development, and more in California and beyond. Learn more about our tailored approach to lending.
About Nonprofit Finance Fund
Nonprofit Finance Fund® (NFF®) is a nonprofit lender, consultant, and advocate. For more than 40 years, we’ve worked to strengthen nonprofit organizations and improve the way money flows to social good. We believe that alongside others we must build a more equitable and just social sector and are committed to helping community-centered organizations led by and serving people of color access the money and resources they need to realize their communities’ aspirations. To learn more, visit https://nff.org.