USDA Rural Development helps improve the economy and quality of life in rural America through loans, grants and loan guarantees to support essential services such as housing, economic development, health care, first responder services and equipment, and water, electric and communications infrastructure. Uplift America is an effort to deepen its record of partnerships that serve as sustainable resources to rural communities most in need.
Bank of America is a leading provider of capital for community development financial institutions (CDFIs); with a portfolio of more than $1.3 billion in loans, investments and capital grants to more than 240 CDFIs operating in all 50 states, the District of Columbia and Puerto Rico. Bank of America is a Participating Guarantor in this USDA Community Facilities Program, willing to provide the required guarantees to allow CDFIs to qualify for $500 million in USDA loan capital.
The Mary Reynolds Babcock Foundation is a private, non-operating family foundation based in Winston-Salem, North Carolina, helping to move people and places out of poverty across the South. The Foundation is experienced in grantmaking and investing for the purpose of bolstering the capacity of development lenders in low-wealth areas. MRBF serves as Uplift America’s grants manager, reviewing applications and distributing funds to qualifying community lenders.
Prosperity Now supports the efforts of community leaders across the country to advance economic opportunity for all. Prosperity Now scales innovative, practical solutions that empower low- and moderate-income people to build wealth, and drives responsive policy change at all levels of government. Prosperity Now has conducted research for USDA to inform the rule-making process and is assisting in the coordination of the partners.