How RDF stepped up for small businesses during COVID-19.
In early 2020, as the world shut down because of COVID, small businesses faced an uncertain future. Storefronts went dark, customers stayed home, and revenues plummeted overnight. Across the country, business owners scrambled for solutions, desperate to keep their doors open and their employees on payroll. The need was urgent, but for many, the financial lifelines available were out of reach—especially for minority-owned businesses and those in under-resourced communities.
At RDF, the crisis presented a challenge unlike any they had faced before. RDF had spent decades financing large-scale community projects—clinics, affordable housing developments, charter schools, and community centers—helping organizations build the infrastructure that strengthens communities. But now, as the pandemic wreaked havoc on local economies, the need wasn’t for new buildings. It was for something more immediate: small business relief.
Without hesitation, RDF stepped into unfamiliar but urgent territory. There was no remote infrastructure in place—no systems, no processes, and no experience working outside the office. Staff scrambled to adapt, making late-night trips to gather equipment, transforming kitchens and living rooms into makeshift offices, just as so many others across the world had to do. But there was no time to dwell on the challenge. Businesses needed help, and RDF was determined to deliver.
The team moved quickly, launching an effort to distribute emergency capital to businesses in crisis. The hours were relentless—days started at 7 a.m. and stretched late into the night. Staff filled out applications, answered frantic calls, navigated complex federal guidelines, and worked with business owners struggling to gather the necessary paperwork.
Just before the pandemic, Wells Fargo had provided RDF with $3 million to lend to small businesses. But as the crisis unfolded, RDF knew traditional loans alone wouldn’t be enough. They went back to Wells Fargo with a bold ask: allow them to distribute the funds as grants instead. Wells Fargo agreed, and almost overnight, RDF was issuing up to $10,000 grants to struggling businesses, offering not just financial relief but a lifeline.
A few months later, as the federal government rolled out the Paycheck Protection Program (PPP), RDF expanded its efforts again—this time delivering critical PPP funds to businesses that had been shut out of other financial relief.
It was grueling work, but this moment was exactly why RDF existed. It wasn’t just about managing resources—it was about showing up when it mattered most. In times of crisis, organizations either prove their commitment to the community or reveal themselves as just another financial institution. This was RDF’s chance to put its mission into action.
It was grueling work, but this moment was exactly why RDF existed. It wasn’t just about managing resources—it was about showing up when it mattered most.
It wasn’t easy. But along the way, there were moments that made it all worth it—the times a staff member handed over a check and watched a business owner, who had fought so hard to survive, finally exhale, knowing they would make it. Those moments were everything. They were proof that this work, this mission, was more than just numbers. It was about people. It was about survival. It was about RDF being exactly where it needed to be.
The result? Nearly more than 500 small businesses—from family-owned restaurants to barbershops and childcare centers—received the capital they needed to stay afloat, keep employees on payroll, and weather the storm. The pandemic may have pushed RDF into uncharted territory, but it also reaffirmed its purpose.
