Uplift America Fund

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