Local Enterprise Assistance Fund (LEAF)

Quick Stats

Annual Giving (Grants): ~$78,558 (2024)
Total Assets: $31.1 million
Total Lending/Investment Impact: $122+ million leveraged since founding
Grant Range: $10,558 - $150,000
Number of Grants: 4-5 annually
Geographic Focus: Massachusetts (regional programs); National (cooperative lending)
Primary Focus: Loans and financing (CDFI), with limited grant-making

Contact Details

Website: leaffund.org
Phone: (617) 232-1551
Email: Leaf@leaffund.org
Address: 386 Western Ave, Boston, MA 02135

Overview

The Local Enterprise Assistance Fund (LEAF) is an immigrant-led Community Development Financial Institution (CDFI) founded in 1982 and headquartered in Boston, Massachusetts. With total assets of approximately $31 million, LEAF's mission is to promote human and economic development by providing financing and development assistance to cooperatives and social purpose ventures that create and retain jobs for low-income people.

LEAF is primarily a lender rather than a grant-maker, having deployed $32 million in direct loans since 2002 across 365 transactions, and leveraged over $122 million total, resulting in the creation or retention of more than 10,300 jobs. However, LEAF does make a small number of grants annually (4-5 grants totaling approximately $78,000 in 2024). The organization has earned ImpactAssets 50 2024 recognition and maintains a 3-star rating on Charity Navigator. LEAF is B-Corp certified and a UN PRI signatory.

Funding Priorities

Primary Programs

1. Cooperative Lending (National)

Loans to food cooperatives, worker cooperatives, housing cooperatives, and community land trusts
Financing for working capital, fixed assets, business expansion, and new business lines
Focus on democratically-owned enterprises and the "solidarity economy"
Examples of funded organizations: Co-op Market (Fairbanks, AK), Belfast Food Co-op (ME), Democracy Brewing (Boston)

2. Massachusetts Small Business Lending

Loans to underserved small businesses in communities of color
Focus on Minority- and Women-Owned Business Enterprises (M/WBEs)

3. Massachusetts Food Trust Program (MFTP)

Partnership with Mass Department of Agriculture and Franklin County CDC
Grants: $5,000 - $25,000
Loans: $15,000 - $300,000 at 4-5% interest
Supports food retailers, distributors, farm stands, and food access organizations
Focus on increasing healthy food access in low-income communities

4. Elevate Small Business

Free advisory services and technical assistance
Financial analysis, growth opportunity evaluation, credit improvement
UpLift Procure: Platform connecting small businesses with institutional buyers

Priority Areas

Food cooperatives and healthy food enterprises
Worker-owned cooperatives and employee-owned businesses
Housing cooperatives and community land trusts
Small businesses in underserved Massachusetts communities
Mission-aligned nonprofits
Social enterprises creating living wage jobs

What They Don't Fund

LEAF's limited grant-making appears focused on specific program areas (health care, research, employment). As a CDFI, their primary mechanism is lending rather than grants. Organizations seeking pure grant funding may find limited opportunities outside the Massachusetts Food Trust Program grants.

Governance and Leadership

Executive Leadership

Gerardo Espinoza - Executive Director (9+ years tenure; 25+ years banking/investment background; Harvard Business School)
Carol Ann McAuliffe - Chief Financial Officer (30+ years financial services)
Amine Benali - Managing Director, Strategy & Development (CFA; 19+ years investment management)
Jose Luis Rojas - Chief Lending Officer
Christopher Hunter - Director of Advisory Services

Board Leadership

Dr. Chris Clamp - Board Chair (inducted into Coop Hall of Fame)
The board consists of eleven members who vote on all credit and investment decisions
Annual conflict-of-interest reviews and inclusive recruitment processes
Only non-staff board members are eligible to vote on lending decisions

Leadership Background

LEAF's senior leadership team brings extensive banking experience and cultural competencies to community development. The organization emphasizes its identity as an immigrant-led CDFI.

Application Process & Timeline

How to Apply

For Loans (Primary Offering):

Step 1: Initial Inquiry Submit information about your organization through LEAF's website. LEAF evaluates alignment and schedules a consultation to discuss financial goals, social mission, use of funds, credit, equity, and collateral.

Step 2: Underwriting Complete full application with supporting documents. LEAF analyzes based on:

Mission alignment
Low-income individuals served relative to investment size
Financial viability
Available collateral

The lending team prepares a credit memorandum for board review.

Step 3: Board Decision The LEAF board votes on all credit and investment decisions. They may request additional due diligence or make loans conditional on specific requirements.

Step 4: Loan Closing Post-approval, LEAF provides closing requirements. Timeline varies from a few days to a few weeks depending on project complexity.

Step 5: Reporting All borrowers provide quarterly financial reports and social impact metrics (housing units created, jobs saved/created, community demographics served).

Eligibility Requirements

You must be one of the following:

A cooperative (nationwide)
An underserved small business in Massachusetts
A Massachusetts-based healthy food enterprise

Decision Timeline

Initial consultation to board decision: Varies by complexity
Loan closing: A few days to a few weeks post-approval

Grant Applications

LEAF's limited grant-making does not appear to have a public application process. The Massachusetts Food Trust Program grants ($5,000-$25,000) are accessible through the MFTP application at massfoodtrustprogram.org.

Application Success Factors

What LEAF Looks For

Mission Alignment LEAF prioritizes organizations that:

Create or retain living wage jobs for low-income people
Promote shared ownership and democratic governance
Serve underserved communities and communities of color
Advance economic democracy and racial equity

Financial Viability

Strong financial statements and projections
Clear use of funds
Adequate credit history
Available collateral

Social Impact

Number of low-income individuals served relative to investment size
Job creation/retention potential
Housing units created
Community benefit metrics

Sectors Where LEAF Has Deep Expertise

Natural food cooperatives
Worker-owned enterprises
Housing cooperatives and community land trusts
Resident-owned manufactured home parks
Small businesses owned by immigrants and people of color

Recent Examples of Funded Organizations

Friends of Gardens (Revere, MA) - Landscape services firm founded by immigrant entrepreneur; received equipment loans, credit lines, and advisory services
Co-op Market (Fairbanks, AK) - Alaska's first food cooperative
Nubian Markets (Roxbury, Boston) - Food access
Democracy Brewing (Boston) - Worker cooperative

Key Takeaways for Grant Writers

LEAF is primarily a lender, not a grant-maker. Their core business is providing low-cost loans to cooperatives and underserved small businesses. Pure grant opportunities are limited to the Massachusetts Food Trust Program ($5,000-$25,000).
Strong cooperative focus. Organizations structured as worker cooperatives, food cooperatives, or housing cooperatives have the strongest alignment with LEAF's mission and history.
Massachusetts businesses have dedicated programs. The Elevate Small Business program provides free advisory services, and MFTP offers both loans and grants for food enterprises.
Mission alignment is critical. LEAF evaluates impact on low-income individuals, job creation, and alignment with economic democracy and racial equity goals.
Relationship-building approach. The application process involves consultations with LEAF staff who work closely with applicants to structure appropriate financing.
Board approval required. All credit decisions go to the full board, so applications should be thoroughly prepared with complete documentation.
Quarterly reporting expected. All borrowers must provide ongoing financial and social impact reports, demonstrating LEAF's emphasis on measurable outcomes.

References

Research conducted December 2025

Local Enterprise Assistance Fund Inc (LEAF)