New York Forward Loan Fund Insights
March 14, 2022
Calvert Impact Capital, Community Reinvestment Fund, USA, and more than 25 Community Development Financial Institutions (CDFIs) came together during the pandemic to build recovery programs that expanded access to credit for un- and under-banked small businesses. These programs were built to strengthen and grow CDFIs, which acted as critical economic first responders throughout the last two years.
60 Decibels, a leading impact evaluation firm, was engaged to evaluate the impact of expanding access to credit during periods of economic hardship by speaking directly with the small businesses that were affected by COVID. 60 Decibels studied how access to credit contributes to income creation and wealth building for entrepreneurs, particularly businesses owned by women and under-represented racial and ethnic groups.
By hearing directly from small business owners about their experience and outlook, banks, investors, and policymakers can be responsive and supportive in preserving businesses and jobs.
Read 60 Decibels report on the impact of one of the recovery funds, the New York Forward Loan Fund, here: 60 Decibels - New York Forward Loan Fund Insights