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Black Onyx Lending
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Finance Fund in Columbus, OH
Ohio-based CDFI providing flexible financing, grants, and real estate development to underserved communities and small businesses, with $64.7M in loans issued since 2006.
Data compiled from public sources · Rating from CreditDoc methodology
Finance Fund Review
Finance Fund is a mission-driven nonprofit community development financial institution (CDFI) founded to serve low- and moderate-income communities across Ohio. The organization operates as a bridge between capital resources and underserved areas, focusing on sustainable economic and physical development rather than predatory lending. Since its first loan in 2006, Finance Fund has become a significant investor in Ohio's most distressed urban and rural communities, deploying over $491.5 million in direct investments while leveraging more than $2 billion in additional funding.
Finance Fund offers a diversified suite of services beyond traditional lending. Their CDFI arm (FCAP) provides flexible financing totaling $64.7 million to 105 borrowers, supporting small businesses, nonprofits, and community facilities. The organization also structures New Markets Tax Credits for businesses in severely distressed communities, awards competitive grants to community-based nonprofits, and develops real estate including affordable housing, mixed-use developments, and commercial spaces. They provide technical assistance including financial modeling, construction management, and planning services to support project success.
What distinguishes Finance Fund is its hybrid nonprofit model combining lending, real estate development, and grant-making rather than operating as a traditional lender. Their $64.7M in flexible financing has leveraged $182.4M in additional investments and created 4,341 direct jobs, demonstrating significant community multiplier effects. The organization's focus on underserved Ohio communities, combined with technical assistance and below-market financing, addresses capital gaps that traditional lenders ignore. Board governance and annual reporting indicate institutional transparency and accountability to their mission.
The primary limitation is geographic focus—Finance Fund operates exclusively in Ohio, making it unavailable to businesses in other states. While they position themselves as an alternative to predatory lending, the website provides no specific APR rates, loan terms, or qualification requirements, making it difficult to compare against payday alternatives or assess true affordability claims. Their lending volume (105 loans over 17+ years) suggests selective, relationship-based lending rather than accessible small-dollar credit for individuals facing immediate cash needs. This is fundamentally a business development and real estate organization, not a consumer lending platform.
Services & Features
CDFI flexible financing and loans to small businesses and nonprofits ($64.7M total issued)
Community facility financing (schools, health centers, food retail)
Competitive grants to community-based nonprofit organizations
Construction management services for development projects
Equity equivalent products for nonprofits and mission-driven organizations
Healthy food retail development and financing
Housing developer support and affordable housing creation
Manufacturing and industrial facility financing
New Markets Tax Credit structuring for businesses in severely distressed communities
Planning and development services for community projects
Real estate development including affordable residential, commercial, and mixed-use housing
Technical assistance services including financial modeling and feasibility analysis
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pros & Cons
Pros
- CDFI status with flexible lending terms designed for underserved small businesses and nonprofits unable to access traditional financing
- $64.7M deployed in loans with $182.4M in leveraged additional investment, demonstrating significant community multiplier effect
- Created and/or retained 4,341 direct jobs through CDFI financing alone, with cumulative investments supporting 21,624 permanent jobs across all programs
- Provides technical assistance including financial modeling, construction management, and planning—not just capital
- Transparent nonprofit structure with published annual reports, board of directors, and equal opportunity policies
- Diversified funding sources (New Markets Tax Credits, grants, loans) reduce pressure to maximize interest rates on borrowers
- 18,507 total housing units created through all programs, addressing affordable housing shortage in Ohio's underserved areas
Cons
- Geographic limitation: operates exclusively in Ohio, unavailable to businesses and organizations in other states
- Website lacks specific APR rates, loan terms, and qualification criteria, making it impossible to assess true affordability or compare to alternatives
- 105 loans over 17+ years suggests selective, relationship-based lending rather than accessible funding for small-dollar emergency needs or individual consumers
- No information on application timeline, approval rates, or underwriting standards for prospective borrowers
- Not designed for individual consumer lending—focuses on businesses, nonprofits, and real estate development rather than personal financial emergencies
Rating Breakdown
Value 5.0
Effectiveness 3.5
Customer Service 3.9
Transparency 3.5
Ease of Use 4.2
Frequently Asked Questions
Is Finance Fund legitimate?
Yes. Finance Fund is a registered company, headquartered in 366 E Broad St #101, Columbus, OH 43215.
Quick Facts
- Headquarters
- 366 E Broad St #101, Columbus, OH 43215
- BBB Accredited
- No
- Starting Price
- Contact provider
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on Finance Fund
Finance Fund is best for small businesses, nonprofits, and real estate developers in Ohio's underserved communities seeking flexible, mission-aligned capital with technical support—not for individual consumers needing emergency cash or payday alternatives. The primary caveat is that this is a selective, relationship-based CDFI serving institutional borrowers, not an accessible lending platform for consumers facing immediate financial needs.
Best For
- Small business owners in Ohio's low- and moderate-income communities unable to qualify for traditional bank financing
- Nonprofit organizations and community development corporations seeking mission-aligned capital with technical support
- Real estate developers building affordable housing or mixed-use projects in economically distressed Ohio areas
- Community facility operators (schools, health centers, food retailers) in underserved neighborhoods seeking flexible financing
Updated 2026-04-29
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Financial Wellness Guides
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Read guide →Financial Terms Explained (7 terms)
New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
Interest & Rates
APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Interest Rate
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Why it matters
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
How Loans Work
Cosigner — Loan Cosigner
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Why it matters
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
Loan Term (Tenor) — Loan Term / Tenor
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Why it matters
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
Origination Fee — Loan Origination Fee
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Why it matters
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
Principal — Loan Principal
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Why it matters
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
Underwriting — Loan Underwriting
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Why it matters
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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