Grant will provide transformational support to strengthen social and economic justice for under-resourced small business communities
MINNEAPOLIS – Dec. 16, 2020 – Community Reinvestment Fund, USA (CRF) – a national non-profit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions – has received a $15 million grant from philanthropist MacKenzie Scott. The donation is the largest single grant in the organization’s 30-year history.
In order to further its commitment to the people, communities and industries it serves, CRF will utilize the grant to fuel continued program and product innovation in pursuit of social and economic justice. These innovations will help thousands of diverse small businesses access the capital and support resources they need to overcome systemic inequities.
“To say we are grateful for this grant is an understatement. We are thrilled and humbled by this generous support for CRF’s work and mission,” said Frank Altman, CEO of CRF. “This grant will help us cultivate new income growth, build community wealth, create quality jobs, and maximize economic mobility for all.”
The COVID-19 crisis has further revealed deep systemic inequities and racism that prevent women and people of color from accessing the same economic opportunities as others. By bringing together public, private, nonprofit, and philanthropic resources, CRF utilizes its technology and expertise to connect under-resourced small businesses to the capital and technical assistance they need to survive and thrive.
This grant will accelerate CRF’s ability to innovate capital products and programs and enhance CRF’s platform, which will deliver more value to the people it serves. CRF’s approach to lending and delivering partner capacity-building services enables greater value to the industry as a whole, improving access to capital and serving our mission. Working with community partners across the country, CRF will be able to leverage these investments for outsized community impact.
“Our under-resourced communities and businesses are essential for recovery,” said Altman. “This grant will help support social and economic justice – with an emphasis on racial equity – for under-resourced small business communities and help CRF and its partners lead the way toward a stronger and more equitable economy.”
About Community Reinvestment Fund, USA (CRF)
Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF supports other mission-driven organizations, increases economic mobility, and builds strong local economies through the development of solutions aimed at creating an equitable financial system. CRF has injected more than $3 billion to stimulate job creation and economic development and support community facilities. For more information, visit www.crfusa.com.