Neighborhood Impact Investment FundNIIF is proud to partner with non-bank, mission-oriented lenders to serve market segments that the Fund is less well positioned to serve on its own, including loans for small businesses and small developers. See below for more information on programs currently offered.
In January 2020, NIIF closed a $1 million commitment to Arctaris Impact Investors to establish the Arctaris Baltimore initiative. Arctaris, a national business-lending fund, provides larger loans of $1 to $5 million for small business expansion. NIIF’s loan supplemented a $4 million commitment from the Abell Foundation. The combined commitment supports a $25 million fund for investment in Baltimore City. For the NIIF funds to be fully drawn, Arctaris must invest at least $12.5 million in Eligible Neighborhoods.
In December 2019, NIIF closed a $2 million low-interest loan to Baltimore Community Lending (BCL). With a 30-year history of providing loan capital for development, BCL is an established CDFI and leader in mission lending in Baltimore. BCL has extensive construction finance experience and now offers unsecured small business loans. NIIF is pleased to support both areas of BCL’s work with additional capital for Eligible Neighborhoods.