In December 2019, NIIF extended a $2 million low cost loan to Baltimore Community Lending (BCL), an established Community Development Financial Institution with a 30-year history of providing loan capital for development projects in Baltimore neighborhoods. BCL has extensive experience with development partners and non-profits of all sizes and the financing will support additional lending within NIIF’s eligible neighborhoods.
In addition, BCL has launched an innovative small business lending subsidiary, Baltimore Business Lending focused on meeting the capital needs of emerging small businesses in Baltimore. $1 million of the NIIF commitment will be dedicated to support Baltimore Business Lending.
“NIIF is committed to being a partner, not a competitor, with the mission lenders who are already working hard to meet credit needs in our City. In particular, Baltimore Business Lending has developed a unique and needed product and lending infrastructure to support small businesses, and we are thrilled to help leverage and expand their capacity, ” said Mark Kaufman, President of NIIF.