Timeline

1988

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.

1989

CRF issues first debt offering.

Early 1990s

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.

2000

Altman and others create the New Markets Tax Credit program.

2003

Federal government allocates $162.5 million to CRF under tax credit. Allocations continue.

2004

CRF issues first rated debt offering.

2007

CRF becomes a Standard & Poor’s Select Loan Servicer.

2008

CRF and Altman receive the Social Capitalist Award (“45 Social Entrepreneurs Who Are Changing the World”) from Fast Company Magazine.

2010

Sam’s Club selects CRF as one of four finalists in the entrepreneurship category for its first-ever Giving Made Simple online charity initiative.

2012

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.

2014

CRF approved as SBA 7(a) Preferred Lender under U.S. Small Business Administration's Preferred Lenders Program (PLP).