Congratulations CAMEO Grantees!
We are pleased to announce the grantees of CAMEO’s Loan Loss Reserve Program sponsored by Union Bank. Five microlenders will receive grants of $9,000 each for loan loss reserves to support their microlending to entrepreneurs of color in California.
We know that CDFI’s need access to flexible grant dollars for loan loss reserves to mitigate risk while maximizing impact. To address this, we created this innovative new program as the latest offering from our CDFI Incubator and through MUFG Union Bank’s Community Recovery Program (CRP). The grantees were selected through a competitive and public RFP
process.
The five lenders will use the grant funds to mitigate risks involved with financing underserved entrepreneurs. Congratulations to:
Accessity (formerly Accion serving Southern California): for $5,000 loans for trainees who complete Accessity’s Academy for Entrepreneurial Success/Academia de Accessity para el Éxito Empresarial; and $300 to $8,000 Rapid Loans Microloan product
Feed The Hunger: to build its street vendor program to primarily low-income Latinas and African American
entrepreneurs;
First Community Capital: to expand its lending efforts in Los Angeles, Riverside and San Bernardino Counties in southern California;
Fresno Area Hispanic Foundation: to mitigate risks involved with financing higher risk, underserved entrepreneurs who may lack the assets to back their loans with this grant funding.
TMC Community Capital: to expand statewide lending efforts to entrepreneurs of color.
TMC Community Capital: to expand statewide lending efforts to entrepreneurs of color.
If you are interested in learning more about CAMEO’s CDFI Incubator, please contact Emily Gasner at egasner@CAMEOnetwork.org.