ImpactAlpha, May 20 – The $40 million Olamina Fund fund was launched by Candide Group in November to address a persistent lack of capital in low-income communities as well as the few financial institutions that serve them.
In its first six months, it has made low-interest loans to five lenders, including Oweesta, a community development financial institution, or CDFI, serving Native populations and UP Community Fund, a Black-led organization that lends to entrepreneurs of color in the southeast.
The COVID pandemic has only underscored Olamina’s mission. It was part of a group of family offices that rushed capital to CDFIs Hope Credit Union and Rural Community Assistance Corporation in April to expand their capacity to offer loans via the federal Paycheck Protection Program.
The Olamina Fund also extended a six-month interest payment deferment option for all of its borrowers, allowing them to be flexible, in turn, with their own borrowers.