Calvert Foundation and U.S. Bancorp Community Development Corporation have backed a new $20 million fund for small business lending in U.S. communities.
Greenline Ventures, a minority-controlled and employee-owned firm in Denver, will manage the fund.
The fund leverages New Markets Tax Credits, a federal program that incentivizes business and real estate investment in low-income U.S. communities with a federal tax credit.
The new fund will provide credit to women, veteran, and minority business owners.
Small businesses have created more than half of all new jobs since the seventies but have been hit hard by post recession bank consolidation and risk aversion.
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