Frank Altman, along with Warren Hanson, President and CEO of the Greater Minnesota Housing Fund, conceive the CRF concept in response to uncertain community development funding.
CRF issues first debt offering.
Norwest Area Foundation, Norwest (now Wells Fargo), Dayton-Hudson (now Target), and US West (now Qwest) foundations give $5.6 million in seed money to jump-start CRF.
Altman and others create the New Markets Tax Credit program.
Federal government allocates $162.5 million to CRF under tax credit. Allocations continue.
CRF issues first rated debt offering.
CRF becomes a Standard & Poor’s Select Loan Servicer.
CRF and Altman receive the Social Capitalist Award (“45 Social Entrepreneurs Who Are Changing the World”) from Fast Company Magazine.
Sam’s Club selects CRF as one of four finalists in the entrepreneurship category for its first-ever Giving Made Simple online charity initiative.
CRF is selected as one of only 14 nationwide non-banking institutions to offer the US Small Business Administration’s (SBA) 7(a) loan program.
CRF approved as SBA 7(a) Preferred Lender under U.S. Small Business Administration's Preferred Lenders Program (PLP).