Our 2022 Impact, Industry Recognition, New Loans, and More!
Building Momentum
In 2022, RIIF laid the groundwork for further scaling operations and lending volume. RIIF closed four new loans and increased or provided renewals for two existing loans, totaling $1.65M, all while doubling-down on its commitment to originate core loan products to high-impact social enterprises through an equity-centered approach. Read our report!
RIIF Receives Top Industry Recognition
REDF Impact Investing Fund was recognized by Impact Assets and Integrated Capital Investing for efforts to reduce bias in underwriting and for keeping borrowers well-capitalized and well-supported for growth. RIIF was once again named among Integrated Capital Investing’s 2023 Transformative 25 Funds and as an Emerging Impact Manager by Impact Assets. Both lists feature funds that go beyond basic impact investing by engaging in work to advance social and economic justice and create a positive impact.
US Treasury Awards $500K to RIIF
REDF Impact Investing Fund is a proud recipient of funds from CDFI Fund’s Equitable Recovery Program! The US Treasury awarded RIIF $500,000 to support lending to businesses that reveal and reinforce the talent of people breaking through barriers to employment.
New Borrower: Usource
Headquartered in Washington, D.C., Usource is a female and minority-owned business providing residential and commercial general contracting services to private and public sector clients. Usource provides on-the-job construction training and upskilling opportunities to its employees, including refugees and opportunity youth. A $500k line of credit from RIIF will bridge the cash flow gap between the timing of incurring material and payroll expenses and when Usource receives the funds for completed construction contracts and projects.
New Loan: Kitchens for Good
San Diego-based employment social enterprise Kitchens for Good (KFG) has secured its second loan from RIIF. KFG’s state approved apprenticeship programs train and employ individuals across a variety of hospitality disciplines, and apprentices receive ongoing mentorship and support to ensure that wages and skills continue to grow as they progress in their careers. A $500k line of credit will be used to bridge grant and contract receivables so that KFG can continue to grow its programming and business lines while maintaining smooth operations.
RIIF Staff Share Industry Best Practices
RIIF Senior Portfolio Manager Megan Christenson joined current borrower Rebuilding Exchange‘s Executive Director Aina Gutierrez and Casey J. Bell, Pacific Community Venture’s Chief Impact Officer, at the Opportunity Finance Network Small Business Forum to discuss the role of borrower voice in expanding access to capital for underestimated communities.
Emilie Linick, Director of Impact Lending and Opportunity Construction’s Chief Visionary Officer Wallace Macon joined Elizabeth Nguyen of Village Capital and Tom Woelfel of HCAP Partners at Impact PHL to discuss tactics for creating resilient economic growth. Attendees learned how a loan from RIIF, paired with capacity-building support, helped Opportunity Construction create quality jobs and a more vibrant community.
