Home
Focus Areas
About Us
About 4.5% of US households were "unbanked" in 2021, meaning they didn't have access to checking or savings accounts, per research from the Federal Deposit Insurance Corporation.
While that's down from 4.5% in 2009, it still left nearly 6 million people without a bank or credit union account, per the FDIC.
The agency has been working to address this unbanked population over the past two years, launching a "tech sprint" in July last year to invite innovative ways to bring basic financial services to underserved groups.
Now, the FDIC has appointed managers for its impact investment fund aimed at supporting "mission-driven" US banks, CNBC reports.
Elizabeth Park Capital Management and Calvert Impact have been appointed joint managers of the Mission Driven Bank Fund, which aims to reach between $500 million and $1 billion in assets.
"These institutions play a vital role in their communities, offering small businesses and families access to critically needed financial products and services," says Betty Rudolph, director of the FDIC's Office of Minority and Community Development Banking.
"These institutions are essential in expanding access to credit in traditionally unbanked and rural communities and communities of color."
The fund was first announced in September 2021, with capital commitments from Truist Financial Corporation, Microsoft, and Warner Bros Discovery
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Haril Kazindra and wife Andrea are the co-founders of Musana, a community development NGO that runs 19 social enterprises across Uganda.Musana has offices in Denver and London and employs 700 staff,...more
Foundation: Lilly Endowment
All In Kosciusko exists to promote and accelerate the economic and community development already happening across the county.Concerns about economic diversification, talent retention and quality of...more
The Bill Gatton Foundation supports K-12 and higher education, health, and community development in Kentucky, Upper East Tennessee, and Southwest Virginia.Large education grants include $13.5 million...more
Local organizations win $9 million for new affordable housing, social services.Connecticut's Community Investment Fund grants come amid a deluge of cuts to federal funding.The fund was established in...more
Foundation: Parasol Tahoe Community Foundation
Parasol Tahoe Community Foundation has proudly supported Bread & Broth for the past 10 years.In 2024, the Community Foundation was able to introduce the mission of Bread and Broth to a donor who is...more
Foundation: Latino Community Foundation
Latino Community Foundation Awards $3.88M in Grants Across California and Nevada.NewsBreak: Latino Community Foundation awards $3,000,000 in grants across California andNevada.Newsbreak: $1.5 million...more
Alejandro Betancourt Lopez rejects traditional corporate social responsibility models that separate business operations from community impact.Rather than limiting community engagement to corporate...more
Thoughtful giving isn't just about making a donation, it's about creating meaningful impact.Community foundations exist to connect generosity with need, ensuring that charitable giving is both...more
Kareem Thomas most recently served as Chief Credit and Lending Administration Officer at Reinvestment Fund.Bhavani Daryanani has more than 20 years of experience in the sector, bringing deep...more
SECU Foundation has been named a recipient of the 2024 Carolinas Credit Union Foundation Hero Award for Partner in Philanthropy.The SECU Foundation promotes local community development in North...more
Community Building News from...
Wells Fargo Foundation
New Hampshire Charitable Foundation
Community Foundation of Southeast Kansas
Dallas Foundation
Oak Park-River Forest Community Foundation
Greater Washington Community Foundation
Rhode Island Foundation
Community Foundation for Greater Atlanta
California Community Foundation
Arizona Community Foundation
Social Entrepreneurship
Spotlight
When it Comes to Social Enterprises, Failure is the Best Platform for Innovation
In the world of social enterprises, failure is a cringe-worthy moment nobody wants to talk about. But, social entrepreneurs can benefit from their failures.
