Yes, my friend, you have heard it right. Twitter and The Opportunity Finance Network (OFN) have launched a socially responsible investment fund aimed at raising $1 billion in capital to address racial injustice and persistent poverty in the United States.
To be managed by OFN, the fund will provide financial assistance through a nationwide network of more than eleven hundred community development financial institutions (CDFIs) working to support and strengthen small businesses, affordable housing, critical community services, quality jobs, and economic opportunity, with a focus on Black, Latinx, Indigenous, and rural borrowers.
As the first corporate investor in the Finance Justice Fund, Twitter is committing $100 million to the fund for long-term, below-market-rate loans and will provide a grant of $1 million and additional contributions in support of the disbursement of loans and administrative costs.
