ImpactAlpha, June 14 – The $40 million Olamina Fund was launched by Candide Group to provide flexible, low-cost loans to lenders serving high-need communities (see, “Candide Group raises $40 million fund for community lenders advancing racial justice“). Seven new loans bring total investments from the 18-month-old fund from to $28.5 million.
Olamina’s newest borrowers include NDN Fund and Native Community Capital, which will use the capital to invest in regenerative agriculture, manufacturing, residential construction and mortgage lending in Native communities. PSE and the Historic Clayborn Temple are developing community centers to advance racial justice in Atlanta and Memphis, respectively. Appalachian Community Capital is expanding rural business lending. The National Association for Latino Community Asset Builders focuses on preserving affordable housing in gentrifying neighborhoods and lending to minority-owned businesses. Community Housing Capital provides flexible loans to nonprofit affordable housing developers.
Candide’s Leslie Lindo steps up to managing director of Olamina Fund on July 1, succeeding Lynne Hoey. “I’m excited to continue exploring how we deepen this work to truly invest in racial justice,” Lindo said.
Added Hoey: “It has always been the intention for Olamina to be a home for developing fund managers of color.”