Support for Businesses & Communities: Covid-19 Resources from our Portfolio Partners
March 27, 2020
Updated as of July 21
As the economic impact from COVID-19 unfolds, small businesses —those that underpin the economic, social, and cultural fabric of the United States— are facing extreme challenges.
Many of our portfolio partners serve small businesses and Community Development Financial Institutions (CDFIs) and are responding to the crisis by continuing to do what they do best - supporting community-driven development. Several have developed COVID-19 specific resources for small businesses and CDFIs which we have listed below.
Calvert Impact Capital and our partners are committed to supporting both investors and communities in creating near-term and long-term solutions to the crisis. While this blog is focused on highlighting relief efforts from our partners serving small businesses in the U.S., all our portfolio partners are working hard to support their communities. We will continue to share efforts from our portfolio partners working in a range of sectors and geographies in the coming weeks.
COVID-19 Resources from Some of our Small Business and Community Development Financial Institution (CDFI) Partners in the U.S.
Chicanos Por La Causa (CPLC): CPLC has created a dedicated COVID 19 Support page, which includes information in both English and Spanish. The page has specific sections on resources related to healthcare, food, resources for immigrants, workforce, small business, education & family, help with utilities, housing, and resources for seniors. Additionally, in response to information from the SBA indicating caps on both the EIDL and PPP Programs, CPLC Prestamos CDFI has made available a microloan product. Under their COVID19 Microloan program, each business is eligible to apply for up to $25,000. They are also accepting interest applications for the Paycheck Protection Program (PPP) in hopes that Congress will increase the cap for this program.
Community Reinvestment Fund (CRF): CRF has created a dedicated COVID 19 Support page, which includes information on financing options from CRF or the SBA, along with resources for current CRF borrowers. You can also refer a small business in need of financing. CRF is now also taking inquiries for low-interest and partially- to fully-forgivable loan as part of the U.S. Small Business Administration Paycheck Protection Program.
Colorado Enterprise Fund (CEF): Colorado-based small businesses can find COVID 19 Resources on CEF’s website, including a guide to lease payment negotiations during the COVID-19 outbreak, assistance for current CEF borrowers, and other helpful links to financing opportunities for CO-based small businesses.
Capital Impact Partners: Capital Impact Partners and the Washington Area Community Investment Fund are offering DC Coop Grants for local cooperative community-driven initiatives in the Washington D.C. area. Cooperatively owned food businesses at all stages of development are encouraged to apply, but all co-ops will be considered.
Local Initiatives Support Corporation (LISC): LISC created a comprehensive COVID 19 Resources page on their website, which includes dedicated pages for their current borrowers and grantees, along with a list of local funding opportunities by state. LISC is also partnering with Verizon on a “Small Business Recovery Fund” which provides grants to help small businesses fill urgent financial gaps as a result of COVID-19. LISC is also currently soliciting donations to its Rapid Relief & Resiliency Fund, which will inject much-needed, flexible resources into historically under-invested communities. They are aiming to raise up to $100 million in grants, loans and other investments for the COVID-19 specific relief fund.
Natural Capital Investment Fund (NCIF): NCIF is offering up to $50,000 loans for North Carolina-based small businesses through the North Carolina COVID 19 Rapid Recovery Loan program. NCIF is also offering small grants through their Small Business Loans program supported by Truist. Small businesses in Maryland, New Jersey, North Carolina, Ohio (Brown, Butler, Clermont, Hamilton and Warren counties), Pennsylvania, South Carolina, Virginia, West Virginia, and Washington D.C. can apply. NCIF also writes a COVID 19 Newsletter for Small Businesses, which will provide updates in real time.
Opportunity Finance Network (OFN): OFN and Google just launched the Grow with Google Small Business Fund, a $125 million fund that will enable OFN member Community Development Financial Institutions (CDFIs) to help thousands of small businesses hardest hit by the COVID-19 crisis. The Fund will provide loans ranging from $500,000 to $10 million, to OFN members to disburse across rural, urban, and Native communities. OFN also created a webpage dedicated to its COVID 19 Response, which outlines its COVID-19 related advocacy work for federal funding of CDFIs.
Greenline Ventures: In response to the COVID-19 pandemic, Greenline Ventures has established the Greenline Emergency Microloan Program to provide much-needed funds to minority, women, or veteran-owned small businesses throughout Colorado that have been economically impacted by the pandemic. Program Loans can be used in addition to the Paycheck Protection Program loans offered through the SBA. The goal of the Program is to enable disadvantaged small businesses to continue operations and retain/support employees through this challenging period of economic trouble and uncertainty
For updates from some of these portfolio partners in real time, follow them on Twitter: @crf_usa @NCIFund @COEnterpriseFnd