We build funds to support the big dreams of small businesses

Addressing credit gaps across the US

In collaboration with our partners, we have structured several small business recovery funds to support community-based businesses across the US. These programs bring together state and local governments, banks, corporations, foundations, and Community Development Financial Institutions (CDFIs) to scale affordable lending. Throughout the pandemic, CDFIs have been a financial lifeline for small businesses and nonprofits, especially those owned by people of color and women or that operate in low-income communities. The recovery funds provide crucial financing to small businesses.

Access to affordable credit is key to creating an inclusive, diverse, and more equitable economy.

To learn more, click on the individual fund pages below. In addition to the recovery funds launched in response to the pandemic, Calvert Impact is the sponsor and lead servicer for several Loan Participation Programs launched pursuant to the State Small Business Credit Initiative. Calvert Impact’s model simplifies fund deployment for states and their community lenders and builds on the successful implementation of our recovery fund structure to reach and deploy capital to small business owners.

New York Forward Loan Fund

California Rebuilding Fund

Southern Opportunity and Resilience (SOAR) Fund

Washington State's Small Business Flex Fund

Connecticut Small Business Boost Fund

We build funds to support the big dreams of small businesses

Experience to date

With our partners, we have expanded the recovery funds to serve businesses across 19 states and Washington, DC. As of November 2023, we have raised $332 million in commitments from a wide variety of lenders and funders. The participating CDFIs have disbursed nearly 5,805 loans to small business borrowers including restaurants, early childhood centers, retail stores, health service providers, local produce farms, arts and cultural centers, and florists.

Participating CDFIs

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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, prospectus supplement(s) and pricing supplements, as applicable, 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, prospectus supplement(s) and pricing supplement or by calling 800-248-0337.

This is not an offer to sell you our securities and we are not soliciting you to buy our securities. The offering is made solely by the Prospectus. We will offer and sell our securities only in states where authorized.

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