A new report from the Federal Reserve Bank of New York highlights several major private sector investments to financial intermediaries, such as CDFIs, that drove large amounts of capital to underserved communities during the global pandemic and beyond. The report cites examples of large corporations, private investors and foundations that make “impact investments” to generate positive–and measurable–social, economic and environmental outcomes, alongside a financial return. During the global pandemic, these investments increased significantly, often through innovative funding structures.

The report referred to RCAC’s work in partnership with Ceniarth, Olamina Fund, Packard Foundation and Schmidt Family Foundation to raise Paycheck Protection Program funds. The organization raised more than $14 million for zero interest loans in a matter of weeks to keep small rural businesses operational.

You can read the executive summary and full report at: https://www.newyorkfed.org/outreach-and-education/community-development/emerging-sources-of-community-investment