Black-Led Organization Recognized for Responsible
Lending and Community Building
PHOENIX, May 1, 2024
/PRNewswire/ -- The UPI Loan Fund (UPILF) is
pleased to announce its 2024 recertification as a Community
Development Financial Institution (CDFI). This U.S. Department
of Treasury designation recognizes UPI as a private financial
institution providing low-cost consumer and business loans to
underserved communities.
"UPI Loan Fund is CDFI-certified to operate nationally and
provides 60% of our loans to Black Americans and 40% to other
communities who lack access to capital," said Frank E. Crump, founder and president of
UPILF. "Along with our partners, UPI's long-term vision includes
plans to enter the construction and real-estate sectors to create
affordable housing. We're following the paths forged by Black Wall
Street and, in the name of economic uplift, leveraging the
estimated $1.8 trillion dollars in
today's Black buying power."
The UPI Loan Fund was incorporated in 2004 and
modeled on the Jewish Free Loan Program, which
began in the 1940s. "Because UPI Loan Fund takes social impact and
community development into consideration, borrowers outline how
their loan will benefit their community and contribute to positive
social change," said Charmeachealle Moore, founder of
ProLiving Inc. in Dallas
and UPILF partner. "This socially conscious approach to lending
translates into communities that are actually enriched by a loan
organization—not the other way around."
For NEST in Connecticut—a community development
organization founded in 1980—partnering with UPILF was symbiotic
and intentional. "UPILF is Black-led, and that's a key point of
difference, said Kevin
Taylor, executive director of NEST and UPILF
partner. "We're proud to be part of a network that provides
responsible lending services to low- and moderate-income
communities which have historically been denied access."
This perspective is also echoed in Webster, Texas, where the Multi-Cultural
Center (MCC) provides hunger relief, health, legal
services, and interest-free micro-loans. "African Americans
lead UPI Loan Fund with a vision to help financially
marginalized folks in communities where more traditional
institutions have long forgotten them," said Hamza Reed, Director of Operations for MCC
and UPILF partner.
For Dallas-based Services of
Hope, which assists with food insecurity, financial
literacy and first-time homebuying, UPI's capacity for handling
back-office operations has been invaluable. "Partnering with UPILF
enables us to tap into networks of nonprofit partners across the
country and UPILF's back-office support allows us to focus on
serving our community," said Dr. Daniel
B. Prescott, Jr., CEO for Services of Hope and UPILF
partner.
"We believe that equity begins where inequality ends," said
Crump. "Through our CDFI certification and ever-expanding
partnerships, UPI is working to close the racial wealth gap by
cultivating financial empowerment within our community."
To get involved with UPILF, please visit
https://upiloanfund.us/. For press inquiries and more information,
please contact Heather Taylor of Mad
Hat Maven: htaylor@madhatmaven.com or 323.839.4488.
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SOURCE UPI Loan Fund