OFN's Finance Justice Fund is $210 million We have over 100 members across the country, serving rural, urban and Indigenous communities
Washington, February 26, 2024 /PRNewswire/ — Today, Opportunity Finance Network (OFN), the nation's leading investment intermediary and network of mission-driven financial institutions, announced new policies. 10 million dollars Charles Schwab Bank's investment in OFN's Finance Justice Fund advances OFN's goal of financing economic opportunity.Above 1 billion dollars Based on total assets under management, OFN manages a network of more than 400 members nationwide, making it the nation's largest network of Certified Community Development Financial Institutions (CDFIs) serving rural, urban, and Indigenous communities. It represents.
“By leveraging the impact and success of the Financial Justice Fund, OFN mobilizes catalytic investments to support our members and the communities they serve,” said OFN President and CEO. I am deeply committed to doing so.” Harold Pettigrew. “We are excited to welcome Charles Schwab Bank to this effort and celebrate their commitment to providing funding to communities that need it most.”
Mobilizing investment from philanthropists, corporate investors, and individual investors, OFN has developed a wide range of businesses. $210 million We provide loans and grants to more than 100 members serving rural, urban, and Indigenous communities across the country. 8 million dollars Targeted climate change-focused investments announced at the end of 2023.
“Charles Schwab Bank is proud to invest in OFN to create additional economic opportunity in a community that has historically been underinvested.” neha shah, head of community development lending at Charles Schwab Bank. “At Charles Schwab Bank, we recognize the need to deploy capital into markets that mainstream financial institutions cannot reach. We are confident in OFN's ability to identify and fund high-impact emerging CDFIs across our national network. I have.”
The Finance Justice Fund highlights OFN's success in delivering impact and opportunity to underserved communities. 40% of the investment in the Finance Justice Fund is distributed to his OFN members in the following amounts: $25 million This strengthens OFN's commitment to reaching deep into the community and leveraging members who need it most. Her CDFI received Finance Justice Fund loans and grants. $650 million We provided small business capital to 27,000 small businesses, financed 14,000 owner-occupied homes, and created or retained nearly 120,000 jobs.
Charles Schwab Bank is among a growing number of Finance Justice Fund investors committed to leveraging OFN and its network. Since the foundation's launch, OFN has mobilized almost everyone. $270 million Inject private capital to finance economic opportunities.
For more information about OFN’s Finance Justice Fund, please visit https://www.ofn.org/current-initiatives/finance-justice-fund/.
About OFN
The Opportunity Finance Network (OFN) is a national network of mission-driven community lenders, including Certified Community Development Financial Institutions (CDFIs). With more than 400 member mission lenders, we are dedicated to providing affordable and responsible financial products and services to rural, urban, and Indigenous low-income communities across the country. As a trusted intermediary between CDFIs and the public and private sectors, OFN works with partners including banks, philanthropy, businesses and government agencies to strengthen CDFIs and increase economic opportunity for all by investing in CDFIs. We are creating.
Since its establishment in 1986 and until 2022, the network has $111 billion Created or retained more than 3 million jobs, supported the creation or expansion of more than 850,000 businesses and microenterprises, and approximately 2.4 million housing units in financing in rural, urban, and Indigenous communities. and assisting in the development or rehabilitation of more than 14,000 community facilities. project.
Source Opportunity Finance Network
