The NCALL Loan Fund was selected to receive a capital grant of $557,000 by the Community Development Financial Institutions Fund, a program of the U.S. Department of the Treasury.
Mission-driven CDFIs such as the loan fund use the capital grants to increase lending and investment activity in low-income and economically distressed communities across the nation.
“We are grateful for this grant and the wonderful impact it will have on the Delmarva Peninsula,” said Karen Speakman, NCALL executive director. “It will allow us to continue to provide lending for much-needed housing and community facilities.”
The loan fund will use its award to provide loans and technical assistance to nonprofit organizations on the Delmarva Peninsula that have been acutely affected by COVID-19. “Our borrowers have been providing critical services to their communities during the pandemic,” said Dave Callahan, loan fund manager. “We have been working closely with them to help ensure their sustainability, and this award will be of great assistance in that effort.”