SAN FRANCISCO, Sept. 27, 2022 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has awarded $1.5 million in AHEAD economic development grants to help 55 local organizations boost economic opportunity in underserved communities in Arizona, California, and Nevada. The grants, delivered through FHLBank San Francisco member financial institutions, are aimed at advancing innovative economic and community development initiatives that bring greater opportunity to underserved populations.
“Today’s economic conditions have had a disproportionate effect on many communities. Addressing the complex challenges they face requires creative solutions and strong, productive relationships between our members and the nonprofits who know their communities best,” said Teresa Bryce Bazemore, president and chief executive officer at FHLBank San Francisco. “We are proud to help foster these relationships and fund innovative solutions through our AHEAD Program so that we all can better address the diverse needs of the underserved across Arizona, Nevada, and California.”
AHEAD grants are awarded annually and delivered though FHLBank San Francisco members to support local efforts to create new economic opportunity by expanding proven development models or piloting new interventions. This year’s grant recipients support a diverse array of underserved groups, including low-to-moderate-income households, people of color, women, seniors, youth, people with disabilities, people experiencing homelessness, domestic violence victims, and people who were formerly incarcerated.
“From creating jobs and supporting small businesses to providing resources for unhoused populations, this year’s grantees showcase all the ways nonprofits supported by the AHEAD Program are making a difference,” said Marietta Núñez, senior vice president and community investment officer at FHLBank San Francisco. “We are proud to partner with our member institutions to support initiatives that will strengthen the economic vitality of our communities.”
Since the program’s inception in 2004, FHLBank San Francisco has awarded more than $20 million in AHEAD grants to over 700 economic development projects in Arizona, California, and Nevada.
Examples of 2022 AHEAD Program grant recipients include:
- Arouet Foundation was awarded an AHEAD grant, through member Bank of America, to support formerly incarcerated women in Arizona, and their families, by providing wrap-around services, financial coaching, and training to help the women secure employment and successfully manage their personal finances.
- CIELO was awarded an AHEAD grant, through member Pacific Premier Bank, to develop an initiative serving people of color and low-income residents that is focused on supporting existing childcare businesses with training and assisting other entrepreneurs with launching successful childcare businesses in Orange County, California.
- Kitchen Table Advisors was awarded an AHEAD grant, though a member of First Republic Bank, to support an initiative serving 16 counties in California that provides tools and resources to enable low-income organic farmers and ecologically conscious ranchers to build thriving businesses.
- Nevada Business Opportunity Fund was awarded an AHEAD grant, through member First Foundation Bank, that will support job creation, job retention, and small business recovery for primarily low-income and minority communities in Clark County, Nevada, by providing access to affordable microloans and small business capital through a revolving loan fund.
To learn more about the AHEAD program and this year’s economic development grant recipients, visit the Bank’s website.
About the Federal Home Loan Bank of San Francisco
FHLBank San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada strengthen communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions promote homeownership, expand access to quality housing, and boost economic development. AHEAD grants are awarded annually and delivered through the Bank’s member financial institutions to local community organizations for projects and programs that benefit lower-income and underserved communities.