The US government has pulled the plug on many green and social programs serving low-income communities. San Francisco-based RSF has stepped up with $23 million in new loans this year to seven organizations via its Social Investment Fund.
RSF extended a $5 million loan to St. Louis-based Halo Funding, which uses alternative credit scoring methods to help households and small businesses secure financing to install solar systems. It also loaned $1.3 million to Green Power Ventures, which develops community solar projects for multifamily properties, historically-Black college and university campuses, and for faith-based institutions.
About $20 billion in federal funding committed by the Biden administration to support such green infrastructure and energy access projects is frozen while it is litigated in the courts.
“We can do much more to support enterprises like these that are proving out effective models for increasing community well-being and chipping away at systemic problems,” said RSF’s Jasper van Brakel.
Affordable housing
In Sebastapol, Calif., north of San Francisco, a $2 million loan will enable a community called Landwell to acquire the land it leases and build on its community education and arts programs, land restoration, small-scale regenerative agriculture, and affordable housing.
RSF and Mission Driven Finance jointly provided a $3 million loan to Hogar Hispano to acquire properties and create affordable housing in neighborhoods where housing prices are rising due to gentrification.
Separately, RSF made a $5 million investment in Mission Driven Finance’s Care Access Real Estate fund to help childcare providers in Nevada, California and Colorado renovate and eventually acquire the properties their businesses are based in.
Online services
A $6 million line of credit from RSF and Walden Mutual Bank will finance the expansion of Apothekary, an online shop for ancient medicine and herbal health products. A $750,000 line of credit to Boldr will provide digital skills training for underserved communities.
