The Harry and Jeanette Weinberg Foundation has announced grants totaling $7.5 million to three community development financial institutions (CDFIs) working to support nonprofits serving low-income communities impacted by COVID-19.
As part of its long-term COVID-19 response strategy, the foundation awarded grants to the Hawai'i Community Reinvestment Corporation; IFF, a mission-driven lender, real estate consultant, and developer; and the Nonprofit Finance Fund to help provide nonprofits with three types of support: affordable and flexible loans, technical assistance and financial counseling, and increased access to affordable capital for Black, Indigenous, and people of color (BIPOC) and Native Hawaiian communities and nonprofit leaders.
"By making grants to these CDFIs, we are excited to be able to provide a new, additional resource for nonprofits and the communities they serve, which have been disproportionately affected by the COVID-19 pandemic," said Aaron Merki, the foundation's managing director for programs and grants. "This new funding approach will not replace the foundation's current grantmaking process and funding priorities. It simply allows us to expand our approach to grantmaking in a unique way."
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