Closing the Gap with Three Main Pillars
Equitable Path Forward Growth Fund
The $350 million Growth Fund aims to attract an additional $3.1 billion in financing from loans, investments, and grants. This capital will support both organizations and individual projects. Enterprise has contributed $10 million of our own funds to seed the initiative. The Growth Fund products include:
- Entity-level lending is provided through the Enterprise Community Loan Fund, our nationally recognized Community Development Financial Institution (CDFI). This includes unsecured lines of credit —one of the hardest types of capital to access. Due to wealth disparities, many developers of color lack access to "friends and family" growth capital. That changes with our unsecured lines of credit.
- Entity-level grants are available through Enterprise’s Solutions division, which raises and deploys philanthropic capital. Includes support for organizational growth.
- Project-level equity is provided through our Housing Credit, Preservation Equity, New Markets Tax Credit and Opportunity Zones products, among other sources.
- Project-level debt is available through Enterprise’s CDFI, among other sources.
To make this capital go further, Enterprise has created a first-of-its kind Standby Guaranty Facility. This credit enhancement tool creates access to new sources of investments for developers whose balance sheets don't meet traditional investor requirements. It also allows these developers to avoid third-party co-guarantor requirements. That way, we level the playing field for developers of color so they can hold on to more of their profits and growth potential.
Equitable Path Forward Developer Advisory Service
This $15 million program delivers consulting services, networking opportunities, business services, and evaluation support, helping BIPOC organizations expand their capacity and invest and leverage capital.
Equitable Path Forward Leadership Program
This $10 million, two-year rotational program is for future BIPOC leaders in real estate and is modeled after distinguished programs at major industrial and financial firms.
Read Our 2023 Annual Impact Report
Read about the foundational success of Equitable Path Forward in our 2023 Annual Impact Report.