CRF FY20 Annual Report
2020 challenged all of us to create and inspire change where it was most needed: our marginalized small business communities. Together with our partners, CRF has worked to deliver bigger, better and more effective business lending solutions for underserved entrepreneurs across the country.
Income and opportunity gaps are wide and are continuing to widen. But our collective strengths – as financial institutions, mission-driven organizations, community partners and innovators – can help create real and lasting change at a time when our communities are struggling.
We’re proud to present this annual report to highlight the work CRF has done – with help from innumerable partners – to achieve this change and how we will press forward into the future. On behalf of everyone at CRF, thank you for your ongoing support and partnership.
Co-founder and CEO
Enabling Access to the Paycheck Protection Program (PPP)
Using our established network of CDFIs and community partners, our financial technology solutions, and our expertise in deploying capital to underrepresented small businesses, CRF created a process designed to speed access to PPP capital for community-based, women- and minority-owned small businesses and nonprofit organizations.
Forging Public/Private Partnerships
When the City of Chicago created its $100 million Chicago Small Business Resiliency Fund (CSBRF) to provide small businesses and nonprofits with emergency cash flow during the COVID-19 pandemic, CDFI partners like CRF responded immediately to speed access to the program for underserved small business owners.
Leveraging CDFI Partnerships
The State of New York, along with funders and five CDFIs, made more than $100 million in emergency capital available as part of the New York Forward Loan Fund. CRF created and supported the loan application interface for the fund, which provided low-interest loans to small businesses, landlords and nonprofits.