Press Release: CIC Certified as Community Development Finance Institution (CDFI)February 12, 2021
For Immediate Release
CIC’s CDFI certification will support increased financing opportunities for low-income populations and minority communities
CHARLOTTESVILLE, VA — The Community Investment Collaborative (CIC) announced today that it had been certified as a Community Development Finance Institution (CDFI). CDFIs are mission-driven financial institutions dedicated to providing financial services that meet the needs of economically disadvantaged businesses and individuals within underserved communities. CIC’s certification will allow the organization to seek larger government and private funding opportunities – bringing more resources to the region to assist small businesses.
CIC’s certification is specifically to serve a target market that includes businesses owned by individuals from low-income households along with businesses owned by African Americans. These populations historically have trouble accessing business credit from traditional sources. “We’re thrilled to receive this certification and the opportunity it brings to advance our mission of helping under-resourced entrepreneurs grow businesses,” said Stephen Davis, President of CIC.
CDFIs are certified by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund – known as the CDFI Fund. The application process requires organizations to have two years of lending history showing they make at least 60% of their loans to individuals in the target market they desire to serve. CIC has been lending to small businesses for 8 years, making nearly $1.6 million dollars in loans, including nearly $900,000 in the last 12 months and over $1 million to these target communities.
CIC joins more than 1,100 certified CDFIs that are part of a national network promoting economic growth in America’s underserved communities by financing businesses, creating jobs, and rebuilding infrastructure. Other CDFI’s in central and western Virginia include Piedmont Housing Alliance, Staunton Creative Community Fund, Virginia Community Capital, and Foodshed Capital.
Community Investment Collaborative (CIC) is a Community Development Finance Institution with a mission to strengthen our community and contribute to economic development by fueling the success of under-resourced entrepreneurs through education, mentoring, financing, and networking. Learn more about CIC at www.cicville.org.