Calvert Impact unveiled Access by Calvert Impact, a nationwide initiative aimed at bolstering small businesses, supported by a $140 million warehouse credit facility from Goldman Sachs’ Urban Investment Group (UIG). Access leverages the State Small Business Credit Initiative (SSBCI) alongside private investments to facilitate capital access for small businesses through a network of community lenders.
The program’s inception was made possible by grants from the Citi Foundation and the Wells Fargo Foundation, which empowered Calvert Impact and partners like Community Reinvestment Fund USA and Grow America to develop a new tool for community finance. This tool enables state governments to harness community lenders’ expertise in reaching underserved small businesses. Access aggregates loans originated by these lenders, preparing them for sale on the secondary market to generate fresh capital streams for the community finance sector. Currently active in New York, New Jersey, Nevada, and Washington, Access aims for national scalability.
Jenn Pryce, CEO of Calvert Impact, highlighted, “The Access program addresses long-standing liquidity challenges within the CDFI industry, empowering CDFI lenders to fully serve their communities.”
Asahi Pompey, Goldman Sachs’ Global Head of Corporate Engagement and President of the Goldman Sachs Foundation, emphasized the importance of combining education and capital to accelerate small business success. Goldman Sachs anchors this public-private partnership, setting a precedent for nationwide replication.
The SSBCI, administered by the Treasury Department, targets historically underbanked small businesses through community lenders like CDFIs and credit unions. Access aligns with SSBCI priorities, serving socially and economically disadvantaged businesses, with over 80% of supported businesses falling into this category.
The program collaborates with a variety of community lenders, including CDFIs, credit unions, and Minority Deposit Institutions, to enhance liquidity and client acquisition capabilities, while easing data collection and reporting challenges.
Kristen Scheyder, Senior Vice President at Citi Foundation, affirmed, “CDFIs serve as critical financial lifelines for unbanked small businesses,” underscoring Citi Foundation’s $10 million grant to support Access’s development.
Gustavo Perez, Vice President of Philanthropy and Community Impact at Wells Fargo, noted, “Access addresses the top priority of small businesses—affordable capital,” expressing Wells Fargo’s commitment to expanding community lenders’ capacity to support local economies.
