Creating new opportunity for communities with innovative lending
In 2016, Fahe, a regional Network, financial intermediary, and CDFI, received $50 million in loan awards from the USDA Community Facilities Relending Program to pursue its mission: ending persistent poverty in Appalachia. Among its numerous initiatives, Fahe sought to build several community facilities, including daycare and opioid-addiction rehabilitation centers. However, borrowers may not use awards for construction projects. The timing was also sensitive, as these USDA funds must be drawn by September 30, 2021. Fahe needed construction money, and it turned to Virginia Community Capital to accomplish its goals.