Christopher Gil
Associate Director of Marketing and Communications
Mission Economic Development Agency (MEDA)
(415) 282-3334 ext. 152
cgil@medasf.org
FOR IMMEDIATE RELEASE
September 19, 2018
Fondo Adelante Receives $300,000 CDFI Financial Assistance Award
Will strengthen sustainability of MEDA’s San Francisco Bay Area community loan arm
San Francisco — The nonprofit Mission Economic Development Agency (MEDA) has announced that its community loan arm, Fondo Adelante, is a recipient of a $300,000 Financial Assistance award from the U.S. Department of the Treasury Community Development Financial Institutions (CDFI) Fund. In total, CDFI loaned $202.2 million to 302 organizations to foster economic growth in low-income communities.
“The FY 2018 CDFI Program awardees will provide vital financial services and lending to low-income communities nationwide,” said CDFI Fund Director Annie Donovan.
Of note is that Fondo Adelante is now a recipient of such CDFI awards in each of its initial three years since its launch.
In those three years, Fondo Adelante has already disbursed 70 loans totaling $2,168,190. With a concentration on serving businesses in Latino neighborhoods experiencing gentrification and displacement throughout the region, Fondo Adelante has built a portfolio of borrowers reflective of its target market: 73 percent Latino-owned businesses; 71 percent female-owned; and nearly 80 percent immigrant-owned.
“This Financial Assistance award of $300,000 will help MEDA’s Fondo Adelante CDFI to sustain our small-business lending, which provides some of the most flexible and affordable loans available in our region,” explained Director Nathanial Owen of the award. “This funding is especially critical at this time, when Fondo Adelante is expanding such small-business lending.”
If you are interested in supporting Fondo Adelante, please contact Director Nathanial Owen: (415) 282-3334 ext. 153; nowen@medasf.org.
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About Fondo Adelante
Fondo Adelante’s mission is to provide equitable access to capital for housing, microenterprise and small business, advance economic opportunities through community ownership and advance the Latino community in the Mission District and beyond. See Fondo Adelante’s Business Plan here.
About Mission Economic Development Agency (MEDA)
Rooted in the Mission and focused on San Francisco, MEDA’s mission is to strengthen low- and moderate-income Latino families by promoting economic equity and social justice through asset building and community development. medasf.org
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