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.
Opportunity Finance Network (OFN), the national network of community development financial institutions (CDFIs), strives to ensure low-income and other under-resourced communities have access to affordable, responsible financial products and services. Through 2017, OFN’s network originated $65 billion in financing in rural, urban, and Native communities. OFN is assisting in the coordination of the partners.