Economic Justice Fund Receives $500,000 Federal Grant
Sacramento, Calif. (April 10, 2023) – Today, the Economic Justice Fund (EJF) was awarded a $500,000 grant by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The grant will enable EJF to expand its Lifeline Pandemic Recovery Initiative to support low-income borrowers who need financing to pay an emergency expense or to escape from a predatory loan obtained during the COVID-19 pandemic.
The CDFI Fund awarded the grant through the CDFI Equitable Recovery Program (CDFI ERP). The CDFI ERP is designed to strengthen the ability of CDFIs to help low- and moderate-income communities recover from the COVID-19 pandemic and expand support to borrowers with significant unmet financing needs that have experienced disproportionate economic impacts from the COVID-19 pandemic.
“We are honored that the CDFI Fund has recognized the Economic Justice Fund with this award,” said Scott Berman, president of the Economic Justice Fund’s governing board. “Through our Lifeline Pandemic Recovery Initiative, we will not only provide critically needed financing to borrowers in need, but we support them to rebuild strong financial foundations and credit histories to achieve their future goals.”
The Lifeline loans range from $500 to $10,000 and offer fair and affordable terms to meet the needs of a wide range of borrowers:
- Low, fixed-interest rates
- Fee-free financing—no application fees, no origination fees, no servicing fees, and no prepayment fees
- Flexible terms ranging from 12 to 60 months
- Complimentary credit building services
- ACH loan disbursements that enable next-day available funds
- Automatic recurring monthly loan payments
Lifeline loans feature flexible underwriting that allows EJF to approve borrowers that traditional lenders do not.
“Today’s awards represent a truly historic opportunity to accelerate efforts in America’s distressed and underserved communities to overcome the persistent economic effects of the COVID-19 pandemic,” said CDFI Fund Director Jodie Harris.
About the Economic Justice Fund
The Economic Justice Fund is a mission-driven, nonprofit financial institution dedicated to providing fair, affordable financing and free credit building services to empower borrowers to realize their dreams. Our loans have low fixed rates, no application fees, no origination fees, no servicing fees and no prepayment fees. We also offer flexible terms and flexible underwriting to meet the needs of a wide range of borrowers. For more information, visit www.economicjusticefund.org.