NCALL Loan Fund to Receive $6.75 Million in New Capital
Part of $587 Million in Funding to Serve Economically Distressed Communities Across the Nation The NCALL Loan Fund is pleased to announce two new sources of capital that it will use to increase the impact of its community development lending on the Delmarva Peninsula. The U.S. Department of the Treasury’s CDFI Fund named the NCALL Loan Fund as a recipient of a $1.75 million award under the fiscal year 2016 Community Development Financial Institutions (CDFI) Program. More than $185 million was awarded to high-performing CDFIs such as the Loan Fund, which will leverage its award to continue providing mission-driven financing for high-impact projects such as affordable housing, community facilities, and neighborhood revitalization. The United States Department of Agriculture (USDA) approved the NCALL Loan Fund as a re-lender under the Community Facility Loan Program. As such, the Loan Fund will re-lend its $5 million loan from USDA for the development of critical community facilities in high poverty, rural areas. The Loan Fund, with a successful track record of such lending, was one of only 26 CDFIs and community lenders selected to receive more than $400 million under the program. The Loan Fund’s role as a re-lender provides additional opportunities for it to finance facilities in rural areas that provide crucial community services. The Loan Fund is honored to have been selected to receive this capital. We look forward to the tremendous impact it will have on our borrowers and the communities they serve.