Fast Company, March 8, 2022, The 10 most innovative companies with fewer than 10 employees
In the wake of a pandemic that hit Black, brown, and low-income communities disproportionately, the NCRC Community Development Fund (CDF)—a subsidiary of the National Community Reinvestment Coalition—amassed millions in capital to help these communities recover.
In May, when the U.S. Treasury awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions, CDF received the maximum grant, totaling $1.8 million. CDF was named one of five organizations to receive grants from Wells Fargo’s Open for Business Fund, in total bringing nearly $10 million to Washington D.C., to help underserved businesses stay open and preserve jobs.
In just under a year, CDF also facilitated more than $1 million in paycheck protection program loans, 96% of which went to borrowers who were Black, Hispanic, women, and immigrants, and $1.3 million in grants for 65 small businesses primarily from Black and brown communities. Now, the CDF is leading development and pilot of NCRC’s small business training program for entrepreneurs of color.
