NewCorp Geography Served: New Orleans, LA Project: BuildNOLA Mobilization Fund The BuildNOLA Mobilization Fund launched in 2016 as a pilot to test the efficacy of a revolving loan pool to support Disadvantaged Business Enterprises (DBEs) working on public sector projects with a focus on African American-owned DBEs. This program-related investment will support a $10 million fully capitalized fund that over the long-term will strengthen disadvantaged businesses’ ability to bid and execute on a pipeline of public contracts, access roles as prime contractors and, over time, build wealth among these business owners and their employees. View Website Amount Up to $2 million loan Year 2018 Location New Orleans, Louisiana Program American Cities, Human Services, Social Investment Practice Focus Area
Pathway Lending Geography Served: Memphis, TN Project: Memphis Small Business Mezzanine Fund Pathways Lending is a CDFI that provides lending solutions and educational services to support the development, growth, and preservation of underserved small businesses, affordable housing, and sustainable communities. With this program-related investment loan, Pathways will team with Epicenter Memphis, an entrepreneur hub focused on the underserved, to provide Pathway’s small business investment services to black-led businesses in Memphis, helping them to grow their businesses and drive social and economic mobility for business owners, their employees and communities. View Website Amount Up to $2.5 million loan Year 2018 Location Nashville, TN Program American Cities, Human Services, Social Investment Practice Focus Area
Aura Mortgage Advisors Geography Served: Connecticut, Massachusetts, Rhode Island, Maryland, Pennsylvania, Chicago and urban areas of New Jersey Project: Stabilizing Urban Neighborhoods (SUN) Aura Mortgage Advisors helps families who have a steady income – but can’t make their monthly mortgage payments due to hardship – remain in their homes. This guarantee supported SUN’s application to the CDFI Bond Guarantee Program (BGP). The successful application unlocked $100 million of long-term fixed-rate financing to scale SUN and encouraged the BGP to adjust its structure and underwriting criteria to permit a wider range of community development projects for financing. View Website Amount $3 million guarantee Year 2017 Location Boston, Massachusetts Program American Cities, Social Investment Practice Focus Area