HIGHLIGHTS 12 organizations selected to collectively receive $50 million to advance the field of community finance and create positive impact for low-income communities and communities of color

12 organizations selected to collectively receive $50 million to advance the field of community finance and create positive impact for low-income communities and communities of color

New York &ndash; The Citi Foundation today announced the 12 nonprofit organizations selected as the recipients of the $50 million Community Finance Innovation Fund. Building on Citi and the Citi Foundation's long history of promoting financial inclusion, these grants will help bolster the work of these specialized organizations that have been an economic lifeline for communities across the U.S. hardest hit by the economic impact of the pandemic.
According to the <a href="https://urldefense.com/v3/__https:/finhealthnetwork.org/research/financial-health-pulse-2022-u-s-trends-report/__;!!Jkho33Y!nrDSgx-3a3XNDWvSrIU4zwrJHaMxEASnOIV-w4w67LBv45eQofeEpgWTtR5_73SgC3Zdj0Ed1LyPxmlN_HqYhw8MGZUxZw$" target="blank">Financial Health Pulse 2022 U.S. Trends Report</a>, also supported by the Citi Foundation, financial health in America declined across many demographic and socioeconomic groups over the past year. As the economic challenges of American households increase, Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) play a critical role delivering credit and other asset-building financial services to unbanked and underbanked households and entrepreneurs in low-income communities and communities of color.
"Investing in Community Development Finance Institutions has been a long-time priority," said Brandee McHale, President of the Citi Foundation and Head of Citi Community Investing and Development. "Through this new initiative, the Foundation is deepening this commitment by investing in the groundbreaking ideas that will help scale the community finance sector through innovation and capacity building."
"With the Citi Foundation's game-changing support, the National Bankers Community Alliance will have the resources and encouragement to invest in the crucial technological advancements MDIs need to better serve their communities," said Nicole A. Elam, Executive Director of National Bankers Community Alliance and President and CEO of the National Bankers Association. "We are honored to work alongside the other visionary organizations of our cohort to pursue and run with the big ideas that will push the community finance sector forward."
Through the Community Finance Innovation Fund, these organizations will work across four key areas to help positively transform community finance: technology and operational efficiencies; financial and risk-sharing models; human capital and talent development; and thought leadership and research.
"Like the constituents they serve, many community finance organizations have been challenged by the pandemic and need more resources and capacity to have greater impact." said Donna Gambrell, CEO of Appalachian Community Capital and Board Chair of Opportunity Finance Network. "The Community Finance Innovation Fund is seeding bold ideas that have the potential to transform community finance in ways that will create exponential positive impact for these CDFIs, their clients, and the communities they serve."
The following organizations and projects, listed by focus area, have been selected for the Community Finance Innovation Fund:
Technology and Operational Efficiency 
<ul>
<li><a href="https://www.aerisinsight.com/" target="blank">Aeris Insight</a> will add new functionality to its Aeris&reg; Cloud, the most comprehensive database of CDFI loan fund performance. The new functionality will enable collection of custom datasets, aggregation and querying at the industry level that will provide the data necessary to meaningfully evaluate the effectiveness of CDFIs in delivering capital to diverse communities and projects.</li>
<li><a href="https://cameonetwork.org/" target="blank">California Association for Microenterprise Opportunity (CAMEO)</a> will launch the country's first CDFI shared services center offering emerging and mid-sized CDFIs a centralized resource to build their internal capacity in the areas of Human Resources, IT and Finance.</li>
<li><a href="https://www.creditbuildersalliance.org/" target="blank">Credit Builders Alliance</a> will establish a consumer lending bootcamp to work with CDFIs serving consumers located in credit deserts and interested in offering a responsible small dollar loan product to address the lack of affordable, entry-level, small dollar loan products for consumers with no or low credit scores.</li>
<li><a href="https://www.nationalbankers.org/alliance" target="blank">National Bankers Community Alliance (NBCA)</a> will launch a groundbreaking effort to help MDIs pursue digital modernization through access to tailored consulting, technical assistance, and custom technology solutions that are designed to reduce operational costs and increase product offerings for underserved communities and small businesses.</li>
</ul>
Financial and Risk Sharing
<ul>
<li><a href="https://calvertimpactcapital.org/" target="blank">Calvert Impact Capital</a> will launch a small business program that will provide a set of resources, including liquidity, lending technologies, and technical assistance, to help CDFI small business lenders do 100x their pre-pandemic small business lending volume.</li>
<li><a href="https://www.capitalimpact.org/" target="blank">Capital Impact Partners</a>, part of Momentus Capital, is developing a first-of-its kind mission-driven investment bank to better connect investors with community organizations through community-centric securities offerings.</li>
</ul>
Human Capital
<ul>
<li><a href="https://www.aaacdfi.org/" target="blank">African American Alliance of CDFI CEOs</a> will increase membership in its growing network of Black-led CDFIs; and launch a new technical assistance and human capital development program to increase the capacity of its members.</li>
<li><a href="https://www.inclusiv.org/" target="blank">Inclusiv</a> will assist minority-designated credit unions to securing CDFI certification and implement plans to improve their operations and financial viability, increasing access to responsible products at the community level.</li>
<li><a href="https://www.lisc.org/" target="blank">Local Initiatives Support Corporation (LISC)</a> will implement a two-pronged human capital strategy to expose diverse candidates to the field of community development finance. The Economic Mobility Corps, in partnership with AmeriCorps and the CDFI Fund, will place adult professionals in one- year positions at certified CDFIs. Additionally, LISC created an innovative internship program with HBCUs that will place students of color in paid internships with LISC offices and other CDFIs.</li>
<li><a href="https://nalcab.org/" target="blank">National Association for Latino Community Asset Builders (NALCAB)</a> will launch a technical assistance program to assist Latino-led nonprofit loan funds in securing CDFI certification, a critical first step in building credibility for future investments from funders to help them grow and serve their community.</li>
<li><a href="https://www.ofn.org/" target="blank">Opportunity Finance Network</a> will establish a new CDFI career center to help attract the next generation of a talented and diverse CDFI workforce, as well as create tailored training and professional development opportunities to help existing CDFI professionals advance within the industry.</li>
</ul>
Research and Thought Leadership
<ul>
<li><a href="https://carsey.unh.edu/center-for-impact-finance" target="blank">The Center for Impact Finance at the University of New Hampshire's Carsey School of Public Policy</a> will launch a groundbreaking CDFI research consortium that will convene CDFI practitioners, intermediaries, policy groups, funders, government entities, and academic institutions to define and drive an industry-wide community finance research agenda.</li>
</ul>
The organizations were selected following a competitive RFI process earlier this year. The Citi Foundation's support for a number of the fund's organizations and projects contributes to Citi and the Citi Foundation's <a href="https://www.citigroup.com/global/our-impact/diversity-equity-inclusion/action-for-racial-equity">Action for Racial Equity</a>, which has already <a href="https://www.citigroup.com/global/news/press-release/2021/citi's-action-for-racial-equity-initiative-invests-1-billion-to-address-the-racial-wealth-gap-in-the-us">invested</a> more than $1 billion in strategic initiatives to help close the racial wealth gap in the U.S. since its launch in 2020.
<hr />
<div style="font-size:14px">Citi Foundation The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit <a href="http://www.citifoundation.com/">www.citifoundation.com</a>.</div>

HIGHLIGHTS 12 organizations selected to collectively receive $50 million to advance the field of community finance and create positive impact for low-income communities and communities of color New York &ndash; The Citi Foundation today announced the 12 nonprofit organizations selected as the recipients of the $50 million Community Finance Innovation Fund. Building on Citi and the Citi Foundation's long history of promoting financial inclusion, these grants will help bolster the work of these specialized organizations that have been an economic lifeline for communities across the U.S. hardest hit by the economic impact of the pandemic.
According to the <a href="https://urldefense.com/v3/__https:/finhealthnetwork.org/research/financial-health-pulse-2022-u-s-trends-report/__;!!Jkho33Y!nrDSgx-3a3XNDWvSrIU4zwrJHaMxEASnOIV-w4w67LBv45eQofeEpgWTtR5_73SgC3Zdj0Ed1LyPxmlN_HqYhw8MGZUxZw$" target="blank">Financial Health Pulse 2022 U.S. Trends Report</a>, also supported by the Citi Foundation, financial health in America declined across many demographic and socioeconomic groups over the past year. As the economic challenges of American households increase, Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) play a critical role delivering credit and other asset-building financial services to unbanked and underbanked households and entrepreneurs in low-income communities and communities of color.
"Investing in Community Development Finance Institutions has been a long-time priority," said Brandee McHale, President of the Citi Foundation and Head of Citi Community Investing and Development. "Through this new initiative, the Foundation is deepening this commitment by investing in the groundbreaking ideas that will help scale the community finance sector through innovation and capacity building."
"With the Citi Foundation's game-changing support, the National Bankers Community Alliance will have the resources and encouragement to invest in the crucial technological advancements MDIs need to better serve their communities," said Nicole A. Elam, Executive Director of National Bankers Community Alliance and President and CEO of the National Bankers Association. "We are honored to work alongside the other visionary organizations of our cohort to pursue and run with the big ideas that will push the community finance sector forward."
Through the Community Finance Innovation Fund, these organizations will work across four key areas to help positively transform community finance: technology and operational efficiencies; financial and risk-sharing models; human capital and talent development; and thought leadership and research.
"Like the constituents they serve, many community finance organizations have been challenged by the pandemic and need more resources and capacity to have greater impact." said Donna Gambrell, CEO of Appalachian Community Capital and Board Chair of Opportunity Finance Network. "The Community Finance Innovation Fund is seeding bold ideas that have the potential to transform community finance in ways that will create exponential positive impact for these CDFIs, their clients, and the communities they serve."
The following organizations and projects, listed by focus area, have been selected for the Community Finance Innovation Fund:
Technology and Operational Efficiency 
<ul>
<li><a href="https://www.aerisinsight.com/" target="blank">Aeris Insight</a> will add new functionality to its Aeris&reg; Cloud, the most comprehensive database of CDFI loan fund performance. The new functionality will enable collection of custom datasets, aggregation and querying at the industry level that will provide the data necessary to meaningfully evaluate the effectiveness of CDFIs in delivering capital to diverse communities and projects.</li>
<li><a href="https://cameonetwork.org/" target="blank">California Association for Microenterprise Opportunity (CAMEO)</a> will launch the country's first CDFI shared services center offering emerging and mid-sized CDFIs a centralized resource to build their internal capacity in the areas of Human Resources, IT and Finance.</li>
<li><a href="https://www.creditbuildersalliance.org/" target="blank">Credit Builders Alliance</a> will establish a consumer lending bootcamp to work with CDFIs serving consumers located in credit deserts and interested in offering a responsible small dollar loan product to address the lack of affordable, entry-level, small dollar loan products for consumers with no or low credit scores.</li>
<li><a href="https://www.nationalbankers.org/alliance" target="blank">National Bankers Community Alliance (NBCA)</a> will launch a groundbreaking effort to help MDIs pursue digital modernization through access to tailored consulting, technical assistance, and custom technology solutions that are designed to reduce operational costs and increase product offerings for underserved communities and small businesses.</li>
</ul>
Financial and Risk Sharing
<ul>
<li><a href="https://calvertimpactcapital.org/" target="blank">Calvert Impact Capital</a> will launch a small business program that will provide a set of resources, including liquidity, lending technologies, and technical assistance, to help CDFI small business lenders do 100x their pre-pandemic small business lending volume.</li>
<li><a href="https://www.capitalimpact.org/" target="blank">Capital Impact Partners</a>, part of Momentus Capital, is developing a first-of-its kind mission-driven investment bank to better connect investors with community organizations through community-centric securities offerings.</li>
</ul>
Human Capital
<ul>
<li><a href="https://www.aaacdfi.org/" target="blank">African American Alliance of CDFI CEOs</a> will increase membership in its growing network of Black-led CDFIs; and launch a new technical assistance and human capital development program to increase the capacity of its members.</li>
<li><a href="https://www.inclusiv.org/" target="blank">Inclusiv</a> will assist minority-designated credit unions to securing CDFI certification and implement plans to improve their operations and financial viability, increasing access to responsible products at the community level.</li>
<li><a href="https://www.lisc.org/" target="blank">Local Initiatives Support Corporation (LISC)</a> will implement a two-pronged human capital strategy to expose diverse candidates to the field of community development finance. The Economic Mobility Corps, in partnership with AmeriCorps and the CDFI Fund, will place adult professionals in one- year positions at certified CDFIs. Additionally, LISC created an innovative internship program with HBCUs that will place students of color in paid internships with LISC offices and other CDFIs.</li>
<li><a href="https://nalcab.org/" target="blank">National Association for Latino Community Asset Builders (NALCAB)</a> will launch a technical assistance program to assist Latino-led nonprofit loan funds in securing CDFI certification, a critical first step in building credibility for future investments from funders to help them grow and serve their community.</li>
<li><a href="https://www.ofn.org/" target="blank">Opportunity Finance Network</a> will establish a new CDFI career center to help attract the next generation of a talented and diverse CDFI workforce, as well as create tailored training and professional development opportunities to help existing CDFI professionals advance within the industry.</li>
</ul>
Research and Thought Leadership
<ul>
<li><a href="https://carsey.unh.edu/center-for-impact-finance" target="blank">The Center for Impact Finance at the University of New Hampshire's Carsey School of Public Policy</a> will launch a groundbreaking CDFI research consortium that will convene CDFI practitioners, intermediaries, policy groups, funders, government entities, and academic institutions to define and drive an industry-wide community finance research agenda.</li>
</ul>
The organizations were selected following a competitive RFI process earlier this year. The Citi Foundation's support for a number of the fund's organizations and projects contributes to Citi and the Citi Foundation's <a href="https://www.citigroup.com/global/our-impact/diversity-equity-inclusion/action-for-racial-equity">Action for Racial Equity</a>, which has already <a href="https://www.citigroup.com/global/news/press-release/2021/citi's-action-for-racial-equity-initiative-invests-1-billion-to-address-the-racial-wealth-gap-in-the-us">invested</a> more than $1 billion in strategic initiatives to help close the racial wealth gap in the U.S. since its launch in 2020.
<hr />
<div style="font-size:14px">Citi Foundation The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit <a href="http://www.citifoundation.com/">www.citifoundation.com</a>.</div>

New York – The Citi Foundation today announced the 12 nonprofit organizations selected as the recipients of the $50 million Community Finance Innovation Fund. Building on Citi and the Citi Foundation's long history of promoting financial inclusion, these grants will help bolster the work of these specialized organizations that have been an economic lifeline for communities across the U.S. hardest hit by the economic impact of the pandemic. 

Citi Foundation Announces Recipients of $50 Million Community Finance Innovation Fund

In particular, we seek to increase the number of youth, primarily aged 16-24, who become employed or start an income-generating business through leadership and skills training, experiential learning, and access to professional networks. Further, we believe that consistent and meaningful engagement of young people in the design and execution of programs that are intended to benefit them can help ensure that those programs are addressing their priorities and aspirations and improving their economic prospects.

The Citi Foundation supports efforts that help boost the employability of low-income, vulnerable young people around the world. 

Youth Economic Opportunities

Access to capital and financial products empowers adults and young people to build financial assets, enables entrepreneurs to grow or launch businesses that create jobs, and helps community-based organizations strengthen and transform communities. Accordingly, the Citi Foundation supports community-based lenders, including Community Development Financial Institutions (CDFIs) that provide access to capital, financial products and wrap-around services to small businesses. However, we believe access to capital and products alone is not enough. Financial capability&mdash;the ability to establish financial plans and develop strategies for preserving a strong financial position during times of both economic prosperity and instability&mdash;is critical to the financial well-being and upward economic mobility of individuals and communities.

The Citi Foundation supports efforts to develop a more inclusive financial system that provides greater access to financial products, services and capital to low-income communities and individuals.

Financial Inclusion

By investing in nonprofit organizations&rsquo; capacity to be change agents, and supporting partnerships and networks, we seek to transform communities into sustainable and thriving epicenters of equitable economic opportunity for all. We support collaborations among stakeholders such as local government, community-based organizations and residents, the private sector, and research institutions and invest in efforts that spur innovation in key areas, including affordable housing, environmental sustainability and resilience, adult workforce training and small business development. Further, the Citi Foundation seeks to partner with community organizations that are working to advance racial equity within these key areas.

The Citi Foundation supports efforts that break down silos and bring stakeholders together to develop and scale solutions to the most pressing challenges confronting disfranchised communities around the world.

Community Solutions

The word "unprecedented" has been used time and again to describe the last two years and the many ramifications of a once-in-a-generation pandemic. A similar description may also be applied to the once-in-a-generation response to racial disparities that have, for too long, limited social and economic opportunities for low-income and underserved communities in the U.S. But moving the needle on these long-term challenges won't happen without change agents raising awareness of the challenges but also innovative solutions that can break the status quo.
National and community-based organizations have always played an instrumental role in building coalitions that highlight community needs, producing research to inform policymakers, community stakeholders, private sector leaders, and testing new solutions to some of the country's most entrenched social and economic challenges. According to a recent <a title="https://ir.citi.com/gps/PbiS4Od4W%2FNRuvV6VOLadL8gCGK7Tt3iG8tbiP2NajQB0XnWt2ROm0T1wq7ufuuGIvIfyWZJG7k%3D" href="https://ir.citi.com/gps/PbiS4Od4W%2FNRuvV6VOLadL8gCGK7Tt3iG8tbiP2NajQB0XnWt2ROm0T1wq7ufuuGIvIfyWZJG7k%3D" target="_blank" rel="noopener">report</a> from Citi Global Perspectives &amp; Solutions, multiyear, unrestricted funding is one of the most effective ways to support these organizations and their leaders, giving them the space to innovate and scale.
The Citi Foundation has long been an investor in community-based change agents and innovative, flexible grantmaking through initiatives like Community Progress Makers and its support of research such as <a title="https://www.citigroup.com/rcs/citigpa/storage/public/funding_from_a_place_of_trust.pdf" href="https://www.citigroup.com/rcs/citigpa/storage/public/funding_from_a_place_of_trust.pdf" target="_blank" rel="noopener">Funding from a Place of Trust</a>. To deepen our commitment in this space and to help drive an equitable economic recovery, the Citi Foundation launched the $10 million Strengthening Community Leadership initiative, which is providing flexible funding to 10 of the country's leading nonprofit organizations that are jumpstarting economic activity in hard-hit communities. Each organization will receive a $1 million grant over two years to advocate for fairer housing, strengthen and protect civil rights, and reimagine workforce development programming. The 10 organizations that form the $10 million initiative are:
<ul>
<li>Lawyers' Committee for Civil Rights Under Law increases economic stability, wealth and health for Black communities by advocating for worker protections and addressing inequities in access to healthcare, housing choice, quality employment opportunities and credit.</li>
<li>The Leadership Conference Education Fund builds public will for federal and state policies that promote and protect the civil and human rights of all persons in the United States. It serves as the education and research arm of The Leadership Conference on Civil and Human Rights, representing more than 200 national organizations.</li>
<li>NAACP Empowerment Programs engages in training, education and advocacy and works to build inclusive criminal justice policies, healthcare systems, economies and classrooms for Black people and all persons of color.</li>
<li>National Coalition for Asian Pacific American Community Development (National CAPACD) is a coalition of nearly 100 community-based organizations spanning 21 states, working to improve the lives of the Asian Americans and Pacific Islanders living in poverty nationwide.</li>
<li>National Disability Institute (NDI) empowers people with disabilities and their families to build a better financial future through education, public policy, pioneering research and the delivery of training and technical assistance.</li>
<li>National Fair Housing Alliance (NFHA) is the country's only national civil rights organization dedicated solely to eliminating all forms of housing and lending discrimination, and through its education and outreach, member services, public policy, advocacy, housing and community development, tech equity, enforcement, and consulting and compliance programs, NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.</li>
<li>National Urban League collaborates at the national and local levels with community leaders, policymakers and corporate partners to elevate the standards of living for African Americans and other historically underserved groups.</li>
<li>PolicyLink is a national research and action institution dedicated to advancing racial and economic equity, focusing specifically on policies that help the 100 million people in America living at or near poverty become economically secure.</li>
<li>Smart Growth America helps create healthy, prosperous, and resilient places to live for all people through research, advocacy, and direct community support. Our work spans housing and land use, transportation, and economic development to find solutions to communities' most pressing needs.</li>
<li>UnidosUS seeks to transform the economic trajectory for Latinos by building Latino wealth, reshaping the homeownership landscape, scaling proven housing and financial empowerment programs and narrowing the homeownership gap.</li>
</ul>
As economic recovery efforts continue to take shape, there is an opportunity to invest in efforts that will help people of all backgrounds to rebound and advance. Working alongside these leading community organizations, the Citi Foundation aims to bring local solutions to the national stage and amplify the voices of a diverse set of stakeholders as part of our ongoing <a title="https://www.citigroup.com/global/our-impact/diversity-equity-inclusion/action-for-racial-equity" href="https://www.citigroup.com/global/our-impact/diversity-equity-inclusion/action-for-racial-equity" target="_blank" rel="noopener">Action for Racial Equity</a> efforts. It is also an opportunity for the Citi Foundation to collaborate with on-the-ground organizations that are attuned to the evolving needs of underserved communities and the best solutions which are helping to close income and wealth gaps. But most of all, through this new initiative, the Foundation hopes to play a supportive role in creating stronger networks that will accelerate measurable impact at scale.

The word "unprecedented" has been used time and again to describe the last two years and the many ramifications of a once-in-a-generation pandemic. A similar description may also be applied to the once-in-a-generation response to racial disparities that have, for too long, limited social and economic opportunities for low-income and underserved communities in the U.S. But moving the needle on these long-term challenges won't happen without change agents raising awareness of the challenges but also innovative solutions that can break the status quo.

Strengthening Community Leadership Through Trust-Based Funding

Citi Foundation

It's going to take all of us, working side-by-side, to tackle the world's biggest challenges. 

Empowering Change Makers

GpaHeroBanner

Spacer

 We partner with community organizations across more than 80 countries globally.

GpaCard

We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities.

GpaArticle

The Latest from Citi Foundation

GpaArticlesCarousel

FOCUS AREAS

GpaCardCarousel

gpa-footer

GpaFooter

gpa-menu

GpaMenu

Citi, the leading global bank, serves more than 200 million customer accounts and does business in more than 160 countries and jurisdictions. Learn more today.