Leveraging local knowledge and access of NCIF Network of CDFI and Minority Banks to provide emergency support to small businesses

Tracking Our Impact by the Numbers

Our small business grants spurred far-reaching impact in areas of the country that need it most. Many of the businesses we worked with service LMI communities and employ minorities.

“Carver Federal Savings Bank and the NCIFCares initiative have been a boon to the Harlem Family Institute, which trains tomorrow’s diversity-sensitive psychoanalysts.”

Michael Connolly, President
Harlem Family Institute
New york, ny

“We are determined to let our village know that they are not allowed to give up because we will not give up on them. The NCIF grant allows us to be there for these families.”

Natasha Yates, Chief Executive
D.I.V.A.S. In Sistahood
Washington, dc

“Providing housing options to low- and moderate-income households is a needed service in all communities, but more so during this time of crisis.”

Kent Curtis, CEO & President
1st Southwest Bank
durango, CO

About NCIFCares

NCIF invited 10 partner CDFI and Minority Banks to identify small business customers that are integral to their local communities and needed support to sustain their respective businesses through the pandemic. NCIF used over $100,000 of its own funds to pilot an unrestricted microgrant program as gap funding to these customers.

Our first batch of microgrants was given to social entrepreneurs, retail businesses, community facilities, affordable housing organizations, arts nonprofits, and other small businesses across the country. The funding came at a time when businesses were trying to stay afloat during stay-at-home orders. The 48 small businesses used these funds to cover rent, provide access to nutritious food, and support their own employees as they worked to find their footing in a shaky economy. Most were part of communities with minority populations, high unemployment, and staggering poverty rates. And many of these small businesses also play a key role in their local support system, and their vitality is important to their entire community.

NCIF invited Network Bank partners to maximize the impact of our program’s seed round. We looked for high-growth partners in high-impact locations that demonstrated knowledge and commitment to their local markets. To increase the impact on local businesses, these CDFIs invested $55,200 in additional contributions, partnering with the NCIFCares initiative to help stabilize small businesses during a difficult time.

Our Partner Banks

“Many of our small business customers need assistance beyond the PPP. We are extremely thankful that the NCIF created this opportunity to help small businesses.”

— Kent Curtis, President & CEO, 1st Southwest Bank, Colorado

“NCIF is one of the nation’s most important impact investors and has demonstrated its commitment to improve services and promote economic development in low-income and underserved communities.”

— Michael T. Pugh, President & CEO, Carver Federal Savings Bank, New York City

“These grant funds will definitely have a direct impact on all of these organizations founded and led by inspiring Black women.”

— Cynthia Newell, Director of Impact & Strategy, City First Bank, Washington, DC

“We are honored to sponsor the Oakland Black Business Fund alongside the NCIF, a national nonprofit dedicated to advancing equality and opportunity and a long-time supporter and investor.”

— William S. Keller, President & CEO, Community Bank on the Bay, Oakland, California

“We are delighted to partner with NCIF and support the Erie Elementary graduates. It is our pleasure.”

— FaruK Daudbasic, Senior Vice President , First Eagle Bank, Chicago, Illinois

“NCIF is a collaborative family who cares about the little people in businesses.”

— Jacqueline Boles, Senior Vice President, Retail Banking, Industrial Bank, Washington, DC

“We appreciate the opportunity to partially match and help deploy funds allocated under NCIFCares to our organizations throughout Indian Country.”

— Thomas Ogaard, President & CEO, Native American Bank, Denver, Colorado

“The NCIFCares initiative answers the call to demonstrate care and compassion at a time when it is needed the most.”

— Ronald Milsap, Vice President, Mission Deposits & CRA Officer, Providence Bank & Trust, Chicago, Illinois

“NCIFCares initiative provides a much-needed injection of critical funding at a time when small businesses are struggling with the ongoing effects of the pandemic.”

— Karama Neal, President, Southern Bancorp Community Partners, Little Rock, Arkansas

“As part of an ongoing partnership, NCIF created a program providing grants that was intended to stabilize small businesses. The emphasis on providing monetary relief to these businesses gave them the resources they needed.”

— Robert R. Jones, III, President & CEO, United Bank, Birmingham, Alabama