CCL Receives 1st Recoverable Grant from WES Mariam Assefa Fund to pilot Lending Programs
Updated: Apr 4, 2022
“As a funder focused on building more inclusive economies for immigrants, refugees, and communities of color, we know that access to inclusive financing is critical. We’re thrilled to support Community Credit Lab as they work to remove barriers to economic mobility.”- Smitha Das, Impact Investing Principal, WES Mariam Assefa Fund
Community Credit Lab (CCL) is excited to announce its first recoverable grant partnership with the World Education Services (WES) Mariam Assefa Fund!
The $100,000 recoverable grant from the WES Mariam Assefa Fund will enable Community Credit Lab to pilot and test new Lending Programs with input and direction from Lending Partners who know the needs of their communities best. CCL’s Lending Programs increase affordability of credit, increase access to credit, and shift decision-making power to communities who have been historically excluded from and often face discrimination in the financial system, including immigrants and refugees.
Per the terms of the recoverable grant, 50% of the grant funds is targeted to be returned to the WES Mariam Assefa Fund after a period of five years, and 50% will continue to leverage additional impact investment capital to resource CCL’s Lending Programs going forward. The partnership enables CCL to use a blended approach to resource equitable community investments through recoverable grants and impact investments and provide patient, flexible capital to individuals and small businesses to achieve their goals on their terms.
“As a funder focused on building more inclusive economies for immigrants, refugees, and communities of color, we know that access to inclusive financing is critical,” said Smitha Das, Impact Investing Principal at the WES Mariam Assefa Fund. “We’re thrilled to support Community Credit Lab as they work to remove barriers to economic mobility through flexible Lending Programs that provide consumer and commercial loans to historically underserved populations.”
“Recoverable grants are essential to enabling patient, affordable loans and unlocking impact investment capital that supports people and small businesses effectively,” said Sandhya Nakhasi, Chief Investment Officer at Community Credit Lab. “We are grateful for the partnership with the WES Mariam Assefa Fund as we expand CCL’s equitable Lending Programs at the direction of our Lending Partners. Thanks to Smitha Das and her team for making this opportunity a reality.”
Learn more about recoverable grants:
Recoverable Grants 101 (CapShift)
A philanthropic tool for amplifying impact (CapShift)
Recoverable Grants (Seattle Foundation)