MetaFund Receives Award to Assist Underinvested Communities with Pandemic Recovery

Media Release: May 17, 2023

OKLAHOMA CITY — Oklahoma-based nonprofit MetaFund was recently awarded $2.4 million in federal Equitable Recovery Program (ERP) funding to help low- and moderate-income (LMI) communities of color recover from the COVID-19 pandemic and invest in long-term prosperity. These communities have endured long-standing disparities that were only worsened by the pandemic.

The award was made by the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. More than $1.73 billion in grants were awarded to 603 CDFIs across the country. These institutions specialize in delivering responsible capital, credit, and financial services to underinvested communities. MetaFund is one of six Oklahoma-based organizations to receive ERP funds.

Historically, 83 percent of MetaFund's dollars have been deployed in LMI majority-minority census tracts. Since the start of the pandemic, the nonprofit has diversified its lending capital to offer more flexible financing in terms of lower origination fees, accepting non-standard collateral and cash flow sources, interest-only periods, and other loan modifications that meet the needs of diverse borrowers.

"We recognize that we need to tap into new capital sources to offer new financial products in communities that haven't recovered at the same rate as those with better access to traditional financing," said Maurianna Adams, MetaFund’s Chief Community Investment Officer.

MetaFund will utilize the award to provide equitable access to capital for Oklahoma small businesses and nonprofits that meet ERP eligibility requirements and serve LMI communities of color with targeted outcomes that include quality jobs, affordable housing, improved access to healthcare, improved access to healthy food, and child development services and supports.

To learn more about MetaFund or to inquire about financing, please visit www.metafund.org