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Community Reinvestment Fund’s Largest Security Offering Ever
Minneapolis-based Community Reinvestment Fund USA (CRF) reports that its largest ever issue
equaling $62 million has been fully subscribed, showing investor interest in community development
products. Community development funds are stepping in to fill the void left as more traditional
leaders are limiting their small business lending.
CRF bundles community-based lenders into security
offerings for capital markets. This is the 19th note in CRF’s series and consists of 153 loans from
37 community development lenders in 35 states.
$47 million of the $62 million offering
received an AAA rating from Standard & Poor’s. The offering was placed through the securities firm
Piper Jaffray & Company.
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