By Ellis Carr, President & CEO
Friends and Partners –
Since I last reached out on behalf of the team here at Capital Impact, our country has changed dramatically as a result of the unprecedented health crisis we are all facing.
“Those closest to the problem are closest to the solutions.” Bryan Stevenson
Community Development Financial Institutions (CDFIs) were first certified by the U.S. Treasury 25 years ago to provide financing in communities left behind by the mainstream financial system. CDFIs have long been “first responders” to many small and growing businesses in communities throughout America and are very much on the front lines of the economic response to coronavirus (COVID-19). There are more than 1,000 CDFIs at work in all 50 states managing $185 billion in loans and investments to historically underserved small businesses, nonprofits, affordable housing projects, unbanked consumers building credit, and farms and grocery stores which provide healthy food.
American small businesses and nonprofits are facing an unprecedented economic disruption due to the COVID-19 outbreak. The Paycheck Protection Program is open again to small businesses across the country, including nonprofits. This time, lenders proximate to communities have the opportunity to lend to businesses and organizations that need the funding before it opens up to others.
In addition, a number of programs are being offered by state governments and local municipalities to assist businesses and nonprofits with whatever needs they have right now. This page will be updated continually through this economic crisis to provide you with links to programs and resources you can investigate as a way to support your operations.
