Crossroads Impact Corp. - CRSS STOCK NEWS

Crossroads Impact Corp (CRSS) announced that its subsidiary, Capital Plus Financial (CPF), made an initial draw of $8 million from a $125 million bond granted by the U.S. Treasury's CDFI Bond Guarantee Program.

This funding is aimed at refinancing higher-cost leverage used for mortgages, supporting homeownership in Hispanic communities. CPF is one of only five Community Development Financial Institutions (CDFIs) to receive this bond, part of a broader $355 million initiative by the Treasury to assist distressed communities, enhancing their capacity to provide affordable housing.

Capital Plus Financial has successfully closed a $125 million bond under the U.S. Treasury's CDFI Bond Guarantee Program, marking the largest bond allocation of 2022. This bond contributes to a record total of $355 million guaranteed this year, aimed at revitalizing distressed communities. With this funding, Capital Plus aims to enhance affordable housing opportunities and support minority-owned businesses. The bond enables better service to borrowers by providing long-term, fixed-rate capital, following rigorous selection from a competitive pool of applicants.

Capital Plus Financial has been awarded a $125 million bond guarantee from the U.S. Treasury's CDFI Bond Guarantee Program, the largest of three guarantees totaling $355 million for fiscal year 2022. This marks the first time Capital Plus has received such a guarantee, enabling it to provide long-term, fixed-rate capital and expand support for first-time homebuyers. The funding allows for reduced interest rates and risk mitigation during uncertain economic times, emphasizing the public-private partnership in financing community development.

Crossroads Impact Corp (OTCQX: CRSS) reports its fiscal third quarter results for 2022, ending July 31. The company achieved $13.5 million in total revenue, down significantly from $487 million in Q3 2021 due to one-time fees from PPP participation. Operational expenses included a $4.2 million noncash stock option compensation. Net earnings per share were negative 2 cents, while adjusted EPS was $0.56 compared to $27.70 the previous year. The company expanded its capital with $180 million in new equity investments, enhancing its $500 million loan pipeline.

Crossroads Impact Corp (OTCQX: CRSS) announced a strategic partnership with Enhanced Capital Group, receiving a combined $180 million equity investment from funds managed by P10 and Conversant Capital. The investment will be deployed at $10.76 per share, with a potential additional $310 million. Concurrently, Crossroads is finalizing a $150 million debt facility, enhancing its ability to support underserved communities through impact loans, which total $500 million in the pipeline. The developments position Crossroads for a potential up-listing on a national exchange.

Crossroads Impact Corp (OTCQX: CRSS) reported significant changes in its fiscal second quarter results for the period ending April 30, 2022. Total revenue fell to $16.6 million, down from $476.5 million year-over-year, primarily due to a reduction in PPP fee income of approximately $461.5 million. Net operating income before taxes also declined to $5.1 million from $150.3 million. The company added $20 million in impact loans, totaling $70 million year-to-date. Despite challenges, they maintain a positive outlook on supporting minority and women-owned businesses.

Crossroads Systems (OTCQX: CRSS) reported its fiscal first quarter results for the period ending January 31, 2022. The company added $42M in impact loans, contributing to increased interest and fee income. Total home sales revenue rose by $500K amid rising housing demand, while loan forgiveness from PPP programs led to $50M recognized in income. The book value per share is reported at $7.97, projected to increase to $11.68 post-deferred income adjustment. Crossroads launched a $2M social impact venture to support minority-owned businesses.

Crossroads Systems (OTCQX: CRSS) announced an agreement to acquire Fountainhead, a prominent non-bank lender focused on small to midsize businesses. Fountainhead has facilitated over $28 billion in financing and ranked as the nation's sixth most active PPP lender in 2021. The deal, unanimously approved by both companies' boards, is pending SBA approval and expected to close in H1 2022. This acquisition aims to diversify Crossroads' small business financing offerings, enhancing its market potential alongside existing partnerships with Enhanced Capital Group and Rise Line Business Credit.

Crossroads Systems (CRSS) reported financial results for the fiscal fourth quarter and year ended October 31, 2021. In Q4, the company added $3.1 million in new single-family mortgages, growing its portfolio to $133.1 million. Total revenues were negative at $37.8 million, down from $9.2 million in 2020 due to a GAAP adjustment for PPP origination fees. However, total interest income surged 407% to $16.7 million. For the fiscal year, revenues skyrocketed 2,446% to $932.7 million, with an operating income rise of 4,127% to $243.4 million. Management emphasizes growth and social impact initiatives.