The $8 million draw will further CPF’s mission of providing homeownership within Hispanic communities
DALLAS – Capital Plus Financial, a community development financial institution, certified B Corp and wholly owned subsidiary of Crossroads Impact Corp, made the first draw on its $125 million bond from the United States Treasury Department’s CDFI Bond Guarantee Program.
CPF made the $8 million draw Feb. 28. The cash proceeds will be used to refinance higher-priced leverage originally used to fund mortgages originated by the company.
“The cash proceeds from our initial draw will continue our efforts of expanding opportunities to qualified homebuyers within the Hispanic community,” said Farzana Giga, the company’s chief financial officer. “We are excited to continue the mission-driven work of CPF and provide the opportunity for underrepresented populations to own affordable homes.”
CPF was awarded the bond last year, one of three guarantees totaling $355 million that the U.S. Treasury agreed to issue under the fiscal year 2022 round of the program, which injects new and substantial capital into the nation’s most distressed communities.
As a bond recipient of the highly selective and competitive program, CPF will better serve its borrowers by providing long-term, fixed-rate cost of debt capital. Capital Plus Financial is one of only five CDFIs nationwide selected.
About Capital Plus Financial
Certified by the U.S. Treasury as a CDFI, Capital Plus Financial believes minority-owned small businesses and people of color are entitled to equal opportunities in the banking system and is committed to breaking down barriers in communities that have been disenfranchised, underserved, underbanked, and underfunded. Capital Plus is the wholly owned subsidiary of Crossroads Impact Corporation (OTCQX: CRSS), a holding company focused on investing in businesses that promote economic vitality and community development.
About Crossroads Impact Corp
Crossroads Impact Corp (OTCQX: CRSS) Crossroads Impact Corp’s mission is to promote economic vitality through community development and equitable access to capital; harnessing the power for good to tackle systemic issues within underserved communities. Building on our history of serving minority individuals and small businesses through environmental and responsible social lending, we look to be the leader in providing innovative and sustainable lending solutions.