Loans for Community Investments
Posted by Kresge Foundation on April 11, 2016
Kresge Foundation Issues RFP for Loans for Community Investments
The Kresge Foundation’s Social Investment Practice works to influence and advance how markets work on behalf of low-income people, and those who serve them, in partnership with practitioners, investors, policymakers, and government. In 2015, Kresge committed to invest $350 million by 2020 through social and mission-related investments and to leverage $1 billion toward the expansion of opportunities in America’s cities.
To that end, the foundation will invest a portion of this new commitment in standardized loans of up to $3 million to community development finance institutions and community finance development agencies working to expand opportunities for low-income people in America’s cities. Projects must support work that aligns with Kresge’s six programs — Arts & Culture, Detroit, Education, Environment, Health and Human Services — and their strategic focus areas. Loans offered through the program will structured with a minimum interest rate of 2 percent and a maximum repayment period of ten years. Successful applicants also will receive a net asset grant equal to 5 percent of the amount of their loan.
The program is open exclusively to certified CDFIs and quasi-public or private CDFAs.
Letters of Inquiry must be received no late than April 29, 2016. Upon review, selected applications will be invited to submit full proposals by May 27, 2016.
The foundation will hold an informational webinar for prospective CFDA applicants on April 13, 2016, at 2:00 p.m. (EST). Kresge also will hold an informational webinar geared toward interested CDFIs on April 15, 2016, at 1 p.m. (EST).
See the Kresge Foundation website for complete program guidelines and application instructions
DEADLINE: APRIL 29, 2016
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