ImpactAlpha, September 21 — Oakland-based Common Future earlier this year merged with nonprofit impact accelerator Uncharted.
Now, the organization led by Rodney Foxworth is acquiring Seattle-based nonprofit lender Community Credit Lab, which since 2019 has raised $6 million in promissory notes and recoverable grants for affordable lending programs for underserved small businesses (CCL’s returnable grants vehicle was featured on The LIIST this month).
“There are very few organizations that work directly with community partners to facilitate capital on behalf of those most excluded from our economic and financial systems — and Community Credit Lab is best-in-class” said Foxworth.
Common Future and Community Credit Lab have worked together on projects, including character-based lending in BIPOC communities. Common Future raised $800,000 for the project; CCL was the facilitating partner. CCL’s executive leadership and staff members will join Common Future, which will retain the nonprofit as an affiliated entity.
CCL will bring its loan design, loan management, loan servicing and capital facilitation to Common Future, which has helped shift $280 million toward community investment via a network of more than 200 local institutions.
“We view our role as a facilitator, from following the guidance of the community in building lending programs to raising impact-first capital needed to pilot these programs,” said CCL’s Sandhya Nakhasi. “Common Future has the history, relationships, know-how and, most importantly, trust required to truly meet the moment.”