Kresge makes record $10 million loan commitment to community development financial institutions working in underserved communities
Support for NEXT Awards for Opportunity Finance encourages strong community-based lenders to expand in low- and moderate-income communities.TROY, Mich. – The Kresge Foundation will provide $10 million to a loan fund that makes financing available to small businesses and nonprofit organizations in low- and moderate-income communities. The largest in Kresge’s history, the loan represents a milestone in the foundation’s move to augment its grantmaking with a more aggressive use of program related investments, loan guarantees, and other forms of social investments. The Troy, Mich.-based