South Carolina Community Loan Fund is a member of the Opportunity Finance Network (OFN), the leading national network of community development financial institutions (CDFIs) investing in opportunities that benefit disadvantaged communities across America.
CDFIs exist to align capital with social and political justice; that is, to employ the levers of the free market to increase opportunities for low-income families. Melding their social goals with prudent lending practices, CDFIs often partner with organizations that lack access to traditional financing. While the majority of CDFIs are community development loan funds, like SCCLF, other industry sectors include community development banks, credit unions, and venture capital funds.
CDFIs are designated by the U.S. Treasury and finance a range of community businesses—including small businesses, microenterprises, nonprofit organizations, and affordable housing to spark economic development in under-served communities. SCCLF, specifically lends in the areas of affordable housing, healthy food enterprises, community facilities and small businesses.
Over 220 CDFIs across the country belong to Opportunity Finance Network. SCCLF is one of two member organizations in South Carolina. OFN members made $3.8 billion in loans in 2014, with a delinquency rate less than 1%. That financing helped create or maintain more than 934,000 jobs and start or expand nearly 143,000 businesses.
“Being a member organization of OFN provides us access to industry best practices and the leverage of a network of like-minded organizations across the country,” said Michelle Mapp, CEO of the South Carolina Community Loan Fund.