ImpactAlpha, November 22 — UC San Francisco, which operates a major medical center, allocated a total of $5 million in debt to organizations providing low-interest loans to underserved borrowers in the Bay Area.
San Francisco Housing Accelerator Fund received $1.5 million to tackle homelessness through affordable housing loans; Pacific Community Ventures received $1.5 million to launch a fund for small business loans with no fees and zero percent interest; REDF Impact Investing Fund received $1 million to lend to businesses hiring recently incarcerated people; and ASIAN Inc. received $1 million to lend money for housing projects and minority contractors, as well as low-income minority small business owners.
Community finance
UCSF is tapping its $7 billion operating budget to strengthen its role as an anchor institution and invest in health and economic equity in the Bay Area. The three-year community investment pilot is the first such program in the University of California system.