CSDC APPROVED FOR $2 MILLION IN PROGRAM RELATED INVESTMENTS
(Hanover, MD, October 21, 2010) CSDC has received approval for $2 million in Program Related Investments (PRI), half of which will come directly from the Calvert Foundation, and the other half from the Communities at Work Fund, a $200 million fund launched by Citi Bank, the Opportunity Finance Network and Calvert.
In announcing its funding of CAWF, Citi CEO Vikram Pandit said, “Citi’s investment in the Communities at Work Fund underscores our commitment to the economic life of the communities we serve and to the U.S. economic recovery. We recognize that too many small businesses, microenterprises, charter schools and community service institutions simply do not have access to credit, yet they are engines for economic growth. The Communities at Work Fund will leverage the expertise of the leaders in the Community Development finance sector and provide much-needed financing in these markets.”
The combined $2 million will provide initial partial capitalization of CSDC Direct, and will be used to make direct loans to charter schools in low-income and low-wealth communities nationwide for their facilities needs. CSDC plans to close its first loans under the program in Spring 2011.