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 has helped make it possible for millions of people, especially people of color and those of limited incomes, to achieve financial security, stability and, ultimately, prosperity. Prosperity Now offers a unique combination of scalable practical solutions, in-depth research and proven policy solutions, all aimed at building wealth for those who need it most. It has conducted research for USDA to inform the rule-making process and is assisting in the coordination of the partners.