Forward Community Investments

What Forward Community Investments does

Forward Community Investments (FCI) is a Wisconsin-based nonprofit Community Development Financial Institution (CDFI) founded in 1994, headquartered in Madison with a secondary office in Milwaukee. The organization provides flexible loans, grants, and advisory services to mission-driven nonprofits, affordable housing real estate developers, and small businesses across Wisconsin, with the explicit goal of addressing capital access gaps in underserved communities.

FCI's product portfolio centers on three core offerings: a flexible lending program providing below-market rate loans for community facilities, affordable housing, and small business growth; the New Markets Tax Credits (NMTC) program, through which FCI has deployed over $180 million in Qualified Low-Income Community Loans since 2014; and a granting program funding nonprofit capacity building and equity-focused initiatives. The organization complements these with impact investment products for banks, foundations, religious institutions, and individual investors seeking CRA-eligible and mission-aligned returns.

The business model is that of a 501(c)(3) community loan fund rather than a commercial enterprise. Revenue and operating capacity derive from a combination of loan interest income, NMTC-related fee and allocation economics, institutional grants (notably a $5.9 million FHLBank Chicago award in October 2025 and a $525,000 Zilber Family Foundation award in June 2022), individual donations, and recycled capital from prior borrowers. Distribution is direct — FCI works with borrowers through a loan inquiry process and cultivates investor and community organization relationships across Wisconsin, achieving an 8:1 leverage ratio on deployed dollars versus dollars raised.

Name

Forward Community Investments

Legal name

Forward Community Investments

Website

https://forwardci.org

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Forward Community Investments is a Wisconsin-based nonprofit CDFI founded in 1994 that provides flexible loans, New Markets Tax Credit financing, and grants to mission-driven nonprofits, affordable housing developers, and small businesses across the state, having deployed over $287 million in capital since inception.

Ownership category

akta.pro rank

Product category

Community Development Financial Institution (CDFI) Services

NAICS

Grantmaking and Giving Services (81321)

akta.pro primary industry

Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)

akta.pro secondary industries

Community Development & Neighborhood Revitalization (CDBG, Place-Based Initiatives) (BPAIANAE), Community Foundations (BPAGAKAB)

Keywords

• Community development lending
• New markets tax credits
• Affordable housing financing
• CDFI loan funds
• Nonprofit grant programs

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Loan Interest Income: FCI provides loans to community organizations, real estate developers, and small businesses, generating revenue through interest on loans. They offer flexible, low-cost financing for affordable housing, community facilities, and small business development.
2. New Markets Tax Credits: FCI utilizes the NMTC program to provide financing for community facilities projects, deploying over $180 million in Qualified Low-Income Community Loans since 2014.
3. Donations and Grants: FCI is a 501(c)(3) nonprofit organization that accepts donations to strengthen its capacity to work with borrowers and expand grant programs for organizations addressing equity issues.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Forward Community Investments is a Wisconsin-based Community Development Financial Institution (CDFI) that provides flexible loans, New Markets Tax Credit (NMTC) allocations, and grants to mission-driven nonprofits, real estate developers, and small businesses. Since 1994 it has deployed over $287 million in capital statewide, including $180+ million in Qualified Low-Income Community Loans through the NMTC program since 2014.

Product overview

Forward Community Investments operates as a Wisconsin-based Community Development Financial Institution (CDFI) offering a portfolio of financial products and services. The core offerings include flexible lending products for mission-driven organizations, developers, and small businesses; a New Markets Tax Credits Program providing low-cost financing for community facilities; and granting programs for nonprofit capacity building. Additional services include the Forward Thinking Newsletter for stakeholder communication and impact investment opportunities for various investor types. The organization has deployed over $287 million in capital throughout Wisconsin since 1994, with over $180 million in NMTC allocations since 2014.

Differentiator

Problem solved

Functional benefit

Products and services

• Lending Products Flexible loans provided to community organizations, real estate developers, and small businesses to support mission-driven projects across Wisconsin, including affordable housing, community facilities, and small business development.
• New Markets Tax Credits (NMTC) Program Low-cost, low-interest financing using New Markets Tax Credit allocation for community facilities projects in qualified census tracts throughout Wisconsin, including childcare facilities, YMCA facilities, community health centers, and charter schools.
• Granting Programs Grant funding opportunities for nonprofit organizations, including capacity building grants, mission grants, and equity-focused grantmaking programs addressing community equity issues.
• Impact Investment Opportunities Investment products for individuals, small businesses, religious institutions, and foundations to fund community development projects in Wisconsin, with CRA-eligible options for bank investors.

Quantifiable outcome

• $287+ million deployed in Wisconsin since 1994
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor.

• Boys & Girls Club of Dane CountyminorOthersFCI has financed the McKenzie Regional Workforce Center project in Madison, WI, supporting community youth services.
• Safe and SoundminorOthersFCI supports Safe and Sound programs in Milwaukee, WI, focused on youth and community development.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Oweesta Corporation: Native CDFI intermediary providing capital, training, and capacity-building to Native CDFIs and tribal community development entities; comparable intermediary CDFI role, subaward grantmaking, and capacity-building support functions to FCI's grantee support programs.

Direct peers

• IFF (formerly Illinois Facilities Fund): Midwest-based CDFI providing real estate and working capital loans plus child development and facility support to nonprofits; shares FCI's neighborhood-based community facility focus, NMTC activity, and nonprofit capitalization thesis.
• Wisconsin Women's Business Initiative Corporation (WWBIC): Wisconsin-based CDFI providing loans, grants, and technical assistance to small businesses and entrepreneurs, with overlapping geography (Madison/Milwaukee), product set (flexible, below-market loans), and mission-driven nonprofit borrower focus directly comparable to FCI.
• Capital Impact Partners: National CDFI providing loans, NMTC, and capacity-building grants for community development, health centers, and affordable housing; closely comparable CDFI operating model, NMTC allocation activity, and nonprofit borrower focus as FCI.
• Nonprofit Finance Fund (NFF): National CDFI focused exclusively on lending to nonprofits and social enterprises, offering flexible capital, NMTC, and advisory services — directly comparable in target customer (mission-driven nonprofits) and product mix to FCI's lending + granting business.
• Coastal Enterprises Inc. (CEI): Maine-based CDFI deploying loans, NMTC equity, and grants to small businesses and community facilities; comparable in CDFI structure, multi-product offering (loans + NMTC + grants), and community facility project underwriting to FCI.
• Hope Enterprise Corporation / Hope Credit Union: Deep South CDFI providing community development loans, deposits, and financial services in underserved Mississippi, Alabama, Louisiana, and Tennessee; directly comparable CDFI lending and community development mission to FCI, though operating in a different regional market.

Regional players

• Wisconsin Housing and Economic Development Authority (WHEDA): Wisconsin state-chartered housing finance agency providing affordable housing loans, tax credits, and grants throughout Wisconsin; overlapping state-level mandate and financing activity for affordable housing developers and community projects in FCI's core geography.

Broad incumbents

• Enterprise Community Partners: National CDFI and affordable housing/community development organization deploying loans, NMTC equity, and grants into affordable housing and community facilities; overlapping NMTC program activity and target borrower types (mission-driven nonprofits, charter schools, community facilities) as FCI.
• Local Initiatives Support Corporation (LISC): Largest US CDFI, delivering loans, NMTC allocations, grants, and capacity-building support to community development projects nationwide; directly comparable business model (CDFI with multi-product lending, NMTC deployment, and grantmaking) though at far larger scale and broader geography than FCI.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/forwardcommunityinvestments
• LinkedInlinkedin.com/company/forward-community-investments
• Xx.com/forwardci

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forward Community Investments