BETHESDA, Md.--(BUSINESS WIRE)--

Calvert Impact today announced the launch of Access by Calvert Impact, a national public-private partnership to support small businesses, with the closing of an $140 million warehouse credit facility from the Urban Investment Group (UIG) at Goldman Sachs Alternatives. Access is Calvert Impact’s national program that leverages government funds from the State Small Business Credit Initiative (SSBCI) with private investment dollars to provide access to capital for the country’s smallest businesses with and through a network of community lenders.

The design and development of the Access program was originally made possible by grants from the Citi Foundation and the Wells Fargo Foundation, which supported Calvert Impact and its program partners -- Community Reinvestment Fund USA and Grow America -- to build out a new community finance tool that enables state governments to leverage the expertise of community lenders to reach hard-to-serve small businesses. The program aggregates business loans originated by community lenders to be seasoned and sold onto the secondary market, generating a new source of capital access for the community finance sector. The Access program is highly replicable and currently active in the states of New York, New Jersey, Nevada and Washington.

“The Access program is working to address the liquidity and balance sheet constraints that have hamstrung the CDFI industry for decades and unleash CDFI lenders' full potential to serve their communities,” said Jenn Pryce, CEO of Calvert Impact. “The ability to warehouse assets afforded by this new credit facility is going to be critical to our ability to stand up new funds and achieve the national scale we are targeting with the Access program.”

“Goldman Sachs has deep experience supporting small businesses through our 10,000 Small Businesses program, and we know that the combination of education and capital is critical to accelerating their success. We’re proud to anchor and fund this powerful public-private partnership that unlocks capital for America’s economic growth engines and we hope this facility will serve as a blueprint that can be replicated across the country,” said Asahi Pompey, Goldman Sachs’ global head of Corporate Engagement and president of the Goldman Sachs Foundation.

The Treasury Department's SSBCI brings access to capital and technical assistance to historically un- and under-banked small businesses through community lenders like community development financial institutions (CDFIs) and credit unions. Access, which leverages capital available to participating states via the SSBCI, was designed to serve business owners from socially and economically disadvantaged (SEDI) backgrounds – a policy priority of the SSBCI program – and to date, more than 80 percent of businesses supported identify as SEDI businesses.

The program will work with a range of community lenders– including CDFIs, credit unions, and Minority Deposit Institutions – to provide them with an additional source of liquidity and client acquisition while reducing challenges with data collection and reporting.

“CDFIs are often a financial lifeline for small businesses that otherwise go unbanked,” said Kristen Scheyder, Senior Vice President at Citi Foundation. “Citi Foundation’s $10 million grant to Calvert to support the design and launch of the Access program demonstrates our commitment to helping expand community lenders’ ability to strengthen local economies through needed small business loans.”

“Access to affordable capital continues to be the number one need of small businesses,” said Gustavo Perez, Vice President of Philanthropy and Community Impact at Wells Fargo. “Programs like Access help expand community lenders’ ability to strengthen local economies by ensuring they have the resources to increase lending to small businesses. We are proud to provide philanthropic support to Calvert Impact Capital to enable them to leverage the State Small Business Credit Initiative to put more capital in the hands of small businesses so they can start, operate, and expand.”

More information about the Access program can be found on the . States interested in partnering with Access to support their small businesses can reach out through the contact form on the website.

About Calvert Impact

Calvert Impact is a global nonprofit investment firm that helps investors and financial professionals invest in solutions that people and the planet need. During its 29-year history, Calvert Impact has mobilized approximately $5 billion to build and grow local community and green finance organizations through its flagship Community Investment Note™ and other products and services. Calvert Impact recently launched the Cut Carbon Note, a product that aims to reduce carbon emissions and transform the way we build. Calvert Impact uses its unique position to bring the capital markets and communities closer together. More at .

Calvert Impact Capital, Inc., a 501(c)(3) nonprofit and a subsidiary of Calvert Impact, Inc., offers the Community Investment Note. Calvert Impact Climate, Inc., a 501(c)(3) nonprofit and a subsidiary of Calvert Impact, Inc., offers the Cut Carbon Note. The Community Investment Note and Cut Carbon Note are subject to certain risks, are not mutual funds, are not FDIC or SIPC insured, and should not be confused with any Calvert Research and Management-sponsored investment product. The Community Investment Notes and the Cut Carbon Notes are debt securities subject to the terms, conditions and risks described in the current prospectus and prospectus supplement(s), including risk of possible loss of the amount invested. Payment is dependent on the issuer’s financial condition at the time payment is due. Any decision to invest in these securities through this Site should only be made after reading the applicable prospectus or by calling 800-248-0337.

About the Urban Investment Group at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $10 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families. Follow us on .

About Citi Foundation

The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit .

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at . Additional information may be found at

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