Supported by the Urban Investment Group at Goldman Sachs
Alternatives, Access by Calvert Impact focuses on increasing access
to credit for small businesses
Calvert Impact today announced the launch of Access by Calvert
Impact, a national public-private partnership to support small
businesses, with the closing of an $140 million warehouse credit
facility from the Urban Investment Group (UIG) at Goldman Sachs
Alternatives. Access is Calvert Impact’s national program that
leverages government funds from the State Small Business Credit
Initiative (SSBCI) with private investment dollars to provide
access to capital for the country’s smallest businesses with and
through a network of community lenders.
The design and development of the Access program was originally
made possible by grants from the Citi Foundation and the Wells
Fargo Foundation, which supported Calvert Impact and its program
partners -- Community Reinvestment Fund USA and Grow America -- to
build out a new community finance tool that enables state
governments to leverage the expertise of community lenders to reach
hard-to-serve small businesses. The program aggregates business
loans originated by community lenders to be seasoned and sold onto
the secondary market, generating a new source of capital access for
the community finance sector. The Access program is highly
replicable and currently active in the states of New York, New
Jersey, Nevada and Washington.
“The Access program is working to address the liquidity and
balance sheet constraints that have hamstrung the CDFI industry for
decades and unleash CDFI lenders' full potential to serve their
communities,” said Jenn Pryce, CEO of Calvert Impact. “The ability
to warehouse assets afforded by this new credit facility is going
to be critical to our ability to stand up new funds and achieve the
national scale we are targeting with the Access program.”
“Goldman Sachs has deep experience supporting small businesses
through our 10,000 Small Businesses program, and we know that the
combination of education and capital is critical to accelerating
their success. We’re proud to anchor and fund this powerful
public-private partnership that unlocks capital for America’s
economic growth engines and we hope this facility will serve as a
blueprint that can be replicated across the country,” said Asahi
Pompey, Goldman Sachs’ global head of Corporate Engagement and
president of the Goldman Sachs Foundation.
The Treasury Department's SSBCI brings access to capital and
technical assistance to historically un- and under-banked small
businesses through community lenders like community development
financial institutions (CDFIs) and credit unions. Access, which
leverages capital available to participating states via the SSBCI,
was designed to serve business owners from socially and
economically disadvantaged (SEDI) backgrounds – a policy priority
of the SSBCI program – and to date, more than 80 percent of
businesses supported identify as SEDI businesses.
The program will work with a range of community lenders–
including CDFIs, credit unions, and Minority Deposit Institutions –
to provide them with an additional source of liquidity and client
acquisition while reducing challenges with data collection and
reporting.
“CDFIs are often a financial lifeline for small businesses that
otherwise go unbanked,” said Kristen Scheyder, Senior Vice
President at Citi Foundation. “Citi Foundation’s $10 million grant
to Calvert to support the design and launch of the Access program
demonstrates our commitment to helping expand community lenders’
ability to strengthen local economies through needed small business
loans.”
“Access to affordable capital continues to be the number one
need of small businesses,” said Gustavo Perez, Vice President of
Philanthropy and Community Impact at Wells Fargo. “Programs like
Access help expand community lenders’ ability to strengthen local
economies by ensuring they have the resources to increase lending
to small businesses. We are proud to provide philanthropic support
to Calvert Impact Capital to enable them to leverage the State
Small Business Credit Initiative to put more capital in the hands
of small businesses so they can start, operate, and expand.”
More information about the Access program can be found on the
Calvert Impact website. States interested in partnering with Access
to support their small businesses can reach out through the contact
form on the website.
About Calvert Impact
Calvert Impact is a global nonprofit investment firm that helps
investors and financial professionals invest in solutions that
people and the planet need. During its 29-year history, Calvert
Impact has mobilized approximately $5 billion to build and grow
local community and green finance organizations through its
flagship Community Investment Note™ and other products and
services. Calvert Impact recently launched the Cut Carbon Note, a
product that aims to reduce carbon emissions and transform the way
we build. Calvert Impact uses its unique position to bring the
capital markets and communities closer together. More at
calvertimpact.org.
Calvert Impact Capital, Inc., a 501(c)(3) nonprofit and a
subsidiary of Calvert Impact, Inc., offers the Community Investment
Note. Calvert Impact Climate, Inc., a 501(c)(3) nonprofit and a
subsidiary of Calvert Impact, Inc., offers the Cut Carbon Note. The
Community Investment Note and Cut Carbon Note are subject to
certain risks, are not mutual funds, are not FDIC or SIPC insured,
and should not be confused with any Calvert Research and
Management-sponsored investment product. The Community Investment
Notes and the Cut Carbon Notes are debt securities subject to the
terms, conditions and risks described in the current prospectus and
prospectus supplement(s), including risk of possible loss of the
amount invested. Payment is dependent on the issuer’s financial
condition at the time payment is due. Any decision to invest in
these securities through this Site should only be made after
reading the applicable prospectus or by calling 800-248-0337.
About the Urban Investment Group at Goldman Sachs
Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in
alternatives globally, with over $450 billion in assets and more
than 30 years of experience. The business invests in the full
spectrum of alternatives including private equity, growth equity,
private credit, real estate, infrastructure, hedge funds and
sustainability. Clients access these solutions through direct
strategies, customized partnerships, and open-architecture
programs. The business is driven by a focus on partnership and
shared success with its clients, seeking to deliver long-term
investment performance drawing on its global network and deep
expertise across industries and markets. The alternative
investments platform is part of Goldman Sachs Asset Management,
which delivers investment and advisory services across public and
private markets for the world’s leading institutions, financial
advisors and individuals. Goldman Sachs has over $2.8 trillion in
assets under supervision globally as of December 31, 2023.
Established in 2001, the Urban Investment Group within Goldman
Sachs Asset Management has committed over $10 billion through real
estate projects, social enterprises and lending facilities for
small businesses and students, creating economic value and
opportunities for underserved communities and families. Follow us
on LinkedIn.
About Citi Foundation
The Citi Foundation works to promote economic progress and
improve the lives of people in low-income communities around the
world. We invest in efforts that increase financial inclusion,
catalyze job opportunities for youth, and reimagine approaches to
building economically vibrant communities. The Citi Foundation's
"More than Philanthropy" approach leverages the enormous expertise
of Citi and its people to fulfill our mission and drive thought
leadership and innovation. For more information, visit
www.citifoundation.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets. We
provide a diversified set of banking, investment and mortgage
products and services, as well as consumer and commercial finance,
through our four reportable operating segments: Consumer Banking
and Lending, Commercial Banking, Corporate and Investment Banking,
and Wealth & Investment Management. Wells Fargo ranked No. 47
on Fortune’s 2023 rankings of America’s largest corporations. In
the communities we serve, the company focuses its social impact on
building a sustainable, inclusive future for all by supporting
housing affordability, small business growth, financial health, and
a low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories. Additional
information may be found at www.wellsfargo.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240712396033/en/
Greg Joslyn, Lowe Group greg.joslyn@lowecom.com
(414)-376-7275
Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Jul 2023 to Jul 2024
