Capital District Community Loan Fund (CDCLF) is a nonprofit community development financial institution facilitating positive social and economic change throughout the Capital Region of New York State. Since 1985, CDCLF has made over 480 loans to community and economic development projects, totaling over $22 million, and resulting in over 690 units of affordable housing created or preserved, over 140 minority and women owned businesses started or expanded, and over 850 jobs created or retained. CDCLF also complements its lending activities with training and technical assistance services, helping to maintain a cumulative loan loss rate of less than 1.5% and a 100% repayment rate to all of its investors.
CDCLF uses its various loan programs to benefit low-income, disadvantaged or special needs communities and individuals:
- Affordable housing loans up to $350,000 are used for rental, lease purchase, homeownership, and transitional or single room occupancy projects.
- Community facility loans up to $350,000 are used by nonprofit groups to expand their space and programs.
- Nonprofit loans up to $350,000 for bridge, start-up, expansion or cash flow needs.
- For-profit loans are available to small businesses run by women, minorities, and low-income individuals. Start-up loans are available up to $10,000, and loans up to $35,000 are available for existing businesses.
- Energy efficiency loans finance environmentally beneficial improvements.
- Training and Technical Assistance: CDCLF provides technical assistance in financial matters and is a referral resource for microenterprises and nonprofits, including groups developing housing and community facilities. In partnership with the College of Saint Rose and the Legal Project, CDCLF co-sponsors 8-week business plan courses and legal clinics, respectively, throughout the year.
- Outreach and Public Education: CDCLF actively reaches out to potential borrowers and investors through a series of presentations, articles, site visits, and local networks.
Investments by individuals, as well as institutions such as Calvert Foundation, provide the lending capital to CDCLF.
CDCLF serves New York State's Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington counties. CDCLF concentrates its lending activity in urban communities, while 23% of the clients are in rural communities. Microenterprise borrowers include 67% people of color (54% African American, 4% Asian/ Pacific Islander, 9% Latino, and 32% White). In addition, 52% of microenterprise borrowers are female. CDCLF does not track gender and ethnicity outside of its microenterprise loans.
Loan beneficiaries include senior citizens, children, teenagers, first-time homebuyers, homeless people, low-income entrepreneurs, developmentally disabled adults, substance abuse recoveries, AIDS patients, and single mothers.
Since inception, CDCLF has made over 480 loans for a total of over $22 million and CDCLF's efforts have also resulted in the creation of more than 690 housing units. In 2008 alone, 26 loans were made totaling over $1.6 million. Some highlights from 2008 include increased efforts to make financing available to microenterprises,
- Developed and managed a unique loan product that allows local Habitats for Humanity to build more affordable homes (with the same amount of resources)
- Managed the Albany County Job Creation Partnership program that made 3 loans to small businesses and 1 to a nonprofit group, creating over 50 jobs to date
- Developed and managed a loan program for minority contractors that provides them with sufficient cash flow and allows them to access larger jobs
- Grew our total amount of loans currently outstanding to over $6 million and managed a community development loan portfolio of over 120 loans
The word “green” takes our minds in many directions, depending on whether you are a golfer, a banker, a frog, or someone who thinks about producing real results, while sustaining the natural resources of our planet. To the Capital District Community Loan Fund (CDCLF), “lending the green” to non-profits developing green, affordable housing was a no-brainer. Full Story