Capital Fund Receives $2 Million Loan and $150,000 Grant from OFN's Finance Justice Fund
Community Health Center Capital Fund was recently awarded a $2 million program-related investment loan and a $150,000 grant from Opportunity Finance Network’s Finance Justice Fund to support its direct loan program. The award will enable Capital Fund to increase its capacity to offer affordable loans to Federally Qualified Health Centers (FQHCs) across the US for construction, renovation, and expansion of health center facilities and related equipment. As a key component of the primary care safety net in the United States, in 2020, FQHCs served almost 30 million patients annually, 58% of whom were racial and/or ethnic minorities, 30% of whom lived in rural communities and 91% of whom had low-incomes.
“Congratulations to Community Health Center Capital Fund for its Finance Justice Fund award. This capital will help address long-standing issues of disinvestment, the racial wealth gap, and persistent poverty in our country,” said Opportunity Finance Network (OFN) President and CEO Lisa Mensah. “CDFIs, like Capital Fund, and Finance Justice Fund partners and investors are helping to advance social, economic, and racial justice one loan at a time.”
Launched by OFN in 2020, the Finance Justice Fund is a new socially responsible investment that aims to bring $1 billion in capital from corporate and philanthropic partners to individuals and communities in America most underestimated and underserved by mainstream finance. Twitter was the Fund's first investor, followed this summer by Wells Fargo. The goal of the Finance Justice Fund is to drive affordable, responsible capital to Black, Latinx, Indigenous, and rural communities. To learn more about the Finance Justice Fund and view a full list of Fund partners and awardees, please visit OFN.org.