The U.S. Department of the Treasury recently recognized the Nonprofit Loan Fund of Tucson and Southern Arizona (NPLF), a Supporting Organization of the Community Foundation for Southern Arizona (CFSA), as a Certified Community Development Financial Institution (CDFI). With this certification, NPLF joins more than 500 nonprofit CDFI loan funds across the country committed to providing affordable financing to promote economic and community development in underserved and distressed communities.
“Lack of access to capital and financial expertise has limited the potential of many of our nonprofits,” says Clint Mabie, CFSA President and CEO and a co-founder of NPLF with Helaine Levy of the Diamond Foundation. “In the past, most nonprofits had to fund growth through lengthy fundraising campaigns. Now with NPLF, they can invest today and repay loans with future grants, pledges or earned income.”
Although there are a number of CDFIs nationally, there are only two other non-Native CDFI loan funds serving southern Arizona; one focuses exclusively on economic development in Nogales and the other on individuals in Pima County. NPLF is the only local CDFI to target nonprofit organizations throughout southern Arizona.