Harry and Jeanette Weinberg Foundation (Owings Mills, MD)
The Harry and Jeanette Weinberg Foundation announced $7.5 million in grants to three Community Development Financial Institutions (CDFIs) as part of its long-term COVID-19 response, which is focused on meeting the increased demand by direct services nonprofits for accessible and affordable loan funds.
There are many communities, particularly communities of color, whose residents’ aspirations cannot be fully realized due to systemic, long-term disinvestment. CDFIs provide loans and financial services tailored to these communities where conventional financing is typically unavailable or unaffordable. These institutions are critical to supporting economic and cultural opportunity by investing in nonprofit organizations such as local health centers, schools, and community centers; supporting black, Indigenous and people of color (BIPOC)-owned businesses; and expanding affordable housing options.
The foundation is partnering with Hawaiʻi Community Reinvestment Corporation (HCRC), IFF, and Nonprofit Finance Fund (NFF) to provide three specific types of support for nonprofits serving low-income communities most severely impacted by COVID-19:
- Affordable and flexible loans
- Technical assistance and financial counseling
- Increased access to affordable capital for BIPOC and Native Hawaiian communities and reduced structural barriers for BIPOC and Native Hawaiian nonprofit leaders
The CDFIs will provide services in four of the foundation’s priority communities:
- HCRC—provides working capital lines of credit, bridge financing, and term loans for asset acquisition and capital improvements to nonprofits and mission-aligned businesses. ($500,000)
- IFF—helps nonprofits find, finance, and refurbish community facilities; develop affordable housing, grocery stores in food deserts, and other projects where the market has left a gap; and work with communities to implement systems-level changes. ($2 million)
- NFF—helps community-centered organizations gain control of the financial resources they need to realize their communities’ aspirations and advocates for improved funding practices to advance racial equity. ($5 million)
Contact: 410.654.8500.