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One year growth with Google Small Business Fund Marks

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Since the first day of COVID-19, CDFI has been at the forefront of the pandemic, providing financial support and services to SMEs, homeowners and community developers. Companies like Google have also turned to CDFI to help communities that have been hit hardest by the economic impact of the pandemic. Community CDFI has historically survived and is in a position to recover.

March marks the first anniversary of Google’s partnership with OFN on the Grow with Google Small Business Fund and the Google.org Grant Program. This unique collaboration will invest $ 180 million in Google’s corporate and philanthropic capital in CDFI nationwide through OFN. With this funding, Google, OFN, and member CDFIs are helping small and medium-sized businesses in the Americas support their short-term recovery and long-term funding needs.

If the COVID-19 crisis has a silvery backing, there is widespread recognition that American SMEs, especially those owned by blacks, Latins, women and indigenous peoples, are the backbone of a healthy American economy. Said Amir Kirkwood, Chief of the. Lending and investment officer. Google knew this, and in the early days of the pandemic, they realized that they needed a professional lender like CDFI to uplift these small businesses. Corporate investment has helped members not only survive the crisis, but also reach the smallest and most vulnerable entrepreneurs to prosper after the pandemic.

Since April 2020, OFN has paid $ 118 million to 38 CDFIs with a Grow with Google Small Business Fund loan and $ 5.7 million to 33 CDFIs with a Google.org-funded grant. Most recently, the following CDFIs have received funding to support SMEs:

Companion Capital (Loans and Grants) AltCap (Loans) Appalachian Community Capital (Loans and Grants) Community First Fund (Loans and Grants) Harlem Entrepreneurial Fund, LLC (Loans and Grants) Hope Enterprise Corporation (Grants) Justine PETERSEN Housing and Reinvestment Corporation ( Loans and Grants) Loans and Grants) Latin Economic Development Centers (Loans and Grants) LiftFund (Loans and Grants) Main Street Launch (Loans and Grants) Natural Capital Investment Funds (Loans) Enterprise Center Capital Corporation (Loans and Grants) Reinvestment Funds (Loan) WomenVenture (Loan)

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