Getting Started. I AM A... Community Development Organization
Your community development project is important, and you're not alone in wanting to see it succeed. Today's economy makes it tough for even strong, successful nonprofits to get access to credit and grants to fund programs and services that meet important community needs.
Who is Eligible
Nonprofit community development corporations and community action agencies focused on affordable housing and/or economic development in low- to moderate-income communities are eligible. Funding is available for projects that strengthen an area’s economic base by:
- Improving neighborhood commercial areas through rehabilitation or construction of industrial, retail or office space
- Creating permanent, private sector jobs
How We Can HELP
Finance Fund offers grants, loans, credit enhancements and other services designed to create a better quality of life for people living in urban and rural communities in economic distress.
- Predevelopment Grant: This program offers grant funding up to $30,000 to community-based non-profit CDCs for eligible activities that include feasibility studies, environmental review, legal research, engineering and architectural drawings, site plans, business plans, market studies, zoning and permit fees. Click here for the Predevelopment Grant program materials.
- Economic Development Grant: These grants provide funding for community-based nonprofit CDCs that create long-term private sector jobs to strengthen the area’s economic base. Grants up to $150,000 are made primarily for fixed assets such as real estate, machinery, equipment, furniture, fixtures, etc. A portion of the funding may be used for administration. Click here for the Economic Development Grant program materials.
- Linked Deposit Fund: This program provides access to affordable financing from local lenders for housing and economic development projects. The deposit term is usually shorter than the loan term, which allows for reuse of capital. These low-interest loans enable organizations to make project financing affordable to the lowest income people in their communities. Click here for the Linked Deposit Fund program materials.
We have a dedicated program team who would like to learn about your project. They can recommend the best approach for achieving your goals such as:
- Funding through our programs
- Partnering with others to increase access to additional funding
- Tailoring a program specific to your unique needs
We'll also ensure that you receive funding application help, business planning advice and bank networking assistance, as needed. To get started, please contact: Omar Elhagmusa, Lending Officer, at firstname.lastname@example.org.