Uplift America Fund

Uplift America Fund

Status: Past initiative

Overview: A partnership that leveraged federal resources, bank financing, and private grants to target capital to persistently low-wealth areas. Made low-interest USDA loans and private grant support available to community lenders and CDFIs funding economically distressed areas.

Geographic Scope:

Appalachia

Texas-Mexico border

Rural South

Native American reservations

Focus Areas:

Community facilities projects including:

- Health clinics
- Schools
- Libraries
- Food banks
- Municipal buildings
- Childcare centers

Rural community development

Persistent poverty areas

Key Partners:

USDA Rural Development: Federal agency providing loans, grants, and loan guarantees

Bank of America: CDFI capital provider and Participating Guarantor; provided required guarantees allowing CDFIs to access $500 million in USDA loan capital

The Mary Reynolds Babcock Foundation: Private, non-operating family foundation supporting development lenders in low-wealth areas

Opportunity Finance Network: National CDFI network

Program Structure:

Community Facilities Relending Program: USDA provided up to $500 million in long-term, low-cost financing for CDFIs

Private Grants: Provided capacity building support (staffing, technical assistance, community planning) and net asset assistance

Bank Guarantees: Made community lenders more attractive to USDA

Eligible Applicants:

Community lenders

CDFIs

CDFIs serving rural areas

Program Examples:

Miles City, MT: MoFi provided $250,000 Community Facilities loan for fire training station

Orangeburg, SC: South Carolina Community Loan Fund committed $3.8 million loan for school facility

Central Lincoln County, ME: Coastal Enterprises provided $2.46M loan for YMCA renovation/expansion

Awardees (26 Community Facilities Loan Recipients, 20 also received Uplift America Fund Grants):
Arcata Economic Development Corporation, Carolina Small Business Development Fund, Citizen Potawatomi Community Development Corporation, Coastal Enterprises Inc., Community Ventures, Craft3, Dakota Resources, Fahe, Hope Credit Union, Hope Enterprise Corporation, Kentucky Highlands Investment Corporation, Local Initiatives Support Corporation, MoFi, National Council on Agricultural Life & Labor Research Fund, North Carolina Community Development Initiative, Prestamos CDFI LLC, Rural Community Assistance Corporation, Rural Electric Economic Development Inc., South Carolina Community Loan Fund, Southern Bancorp Community Partners, BCL of Texas, Building Hope, Farmers State Bank, First Southwest Bank, and others