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Community Foundation of Greater Greensboro and Phillips Foundation Announce New Revolving Loan Fund for COVID-19 Recovery
Greensboro, NC (October 13, 2020) – The Community Foundation of Greater Greensboro (CFGG) today announced that it is implementing a $250,000 grant from the Phillips Foundation to catalyze a new Revolving Loan Fund (RLF). This grant capital will provide friendly loans to eligible nonprofit organizations and social enterprises recovering from the challenges of COVID-19.
The RLF enables CFGG to partner with Piedmont Business Capital (PBC), the first and only Greensboro-based Community Development Financial Institution (CDFI). Assistance will be provided in the form of loans to eligible nonprofit organizations and social enterprises based in Guilford County.
“On behalf of the Board of Directors of Piedmont Business Capital and staff, we are ecstatic for this opportunity to partner,” said Wilson Lester, Executive Director of PBC. “The Community Foundation of Greater Greensboro helped us get underway as a CDFI back in 2011, and we look forward to stewarding these assets to impact our community in an era of tremendous need.”
“The capital that Philips Foundation has invested will close critical gaps for organizations that create vibrancy and equity in our community,” said Lester.
“Our goal will be to attract additional investors to this fund to create a new resource for nonprofits and other social enterprises,” said Walker Sanders, President of CFGG. “Ultimately our goal is to increase this Fund to over $1 million, and this gift from the Phillips Foundation allows us to get started on that effort”.
“The needs for many nonprofits and impact-oriented businesses will likely continue well into 2021, so we will need to continue to raise additional capital to be able to provide assistance to as many as possible,” said Sanders. “Piedmont Business Capital is the best resource and local expert regarding small business loans in Greensboro.”
This April, Phillips Foundation announced an out-of-cycle Generational Grant in the amount of $500,000 to United Way of Greater Greensboro (UWGG) and CFGG for COVID-19 relief and recovery efforts in Greensboro. UWGG deployed $250,000 of this grant for immediate relief and CFGG is implementing the other half of funds for investments in recovery through the new RLF.
“Phillips Foundation is pleased that the Community Foundation of Greater Greensboro and Piedmont Business Capital will maximize the impact of this Recovery Loan Fund as creative capital during these unprecedented times,” said Elizabeth Carlock Phillips, executive director of Phillips Foundation. “All of us must step up to support our communities however we can, outside of ‘business as usual.’”
PBC will provide technical assistance to RLF applicants and loan recipients as needed. Loan amounts will range from $5,000 to $25,000. For more information, please contact Tara Sandercock, SVP, Foundation and Community Relations at CFGG at [email protected].
About The Community Foundation of Greater Greensboro
The Community Foundation of Greater Greensboro is a charitable organization that inspires giving, maximizes opportunities and strengthens communities for present and future generations. With assets of approximately $215 million and 650 charitable funds under management, it promotes philanthropy by addressing emerging community issues, managing permanent endowments, and working with individuals, families, corporations, private foundations, and nonprofit organizations in achieving their charitable objectives. In 2019, it received $41.2 million in contributions and granted $44.0 million. For more information, please visit cfgg.org.
About Piedmont Business Capital (PBC)
Piedmont Business Capital (PBC) is a 501c3 non-profit committed to empowering small business development and sustainability through equitable lending practices in the Piedmont region of North Carolina. It works to create parity in access to capital for women and minority borrowers and focuses on building public and private partnerships to demonstrate fiscal equity with local public dollars and corporate employers to impact the scalability of small businesses. PBC is a certified as a Community Development Financial Institution and Community Development Entity designated by the Department of Treasury. For more information, please visit piedmontbusinesscapital.org.
About Phillips Foundation
Phillips Foundation is a private family foundation and catalytic capital platform that leverages its assets to maximize social, environmental and financial value. For more information visit PhillipsFdtn.org.