CDFIs are Transforming Ohio’s Communities
CDFIs help businesses, nonprofits, and real estate developers invest in Ohio by providing community-responsive loan products and technical assistance.
COMMUNITY DEVELOPMENT
CDFI lending was critical to the dramatic revitalization of Cincinnati’s Over-the-Rhine neighborhood. Lending by Cincinnati Development Fund, a CDFI, has provided financing for 438 development projects in the neighborhood including two parks and two theaters.
SMALL BUSINESS DEVELOPMENT
In Youngstown, Village Capital Corporation closed on two separate loans to start and expand business incubators. The new incubator and expanded facility are both geared toward retooling the manufacturing base in the Mahoning Valley to be more competitive in future markets.
BUSINESS COACHING & TECHNICAL ASSISTANCE
ECDI funds business start-ups all over the state. Additionally, it established Food Fort, a food-based business incubator, which provides training and facilities for establishing businesses. It also operates a Women’s Business Center. Through these and other avenues, ECDI has provided thousands of hours of coaching for clients.
MINORITY CONTRACTOR LOAN PROGRAMS
Three Ohio CDFIs, ECDI, Village Capital Corporation, and Western Reserve Community Fund, are pioneering the development of minority contractor loan programs. These programs provide gap financing and technical support to minority contractors and support increasing minority business representation within the construction sector.
EMERGING & MINORITY DEVELOPER PROGRAMS
Affordable Housing Trust for Columbus & Central Ohio and a partnership between Village Capital Corp. and Cleveland Development Advisors are providing capital and technical assistance to people of color, women, and GLBTAQ+ Ohioans ready to undertake real estate development.
AFFORDABLE HOUSING
Columbus Scholar House is a unique housing tax credit community combining housing and education. The Columbus Scholar House was made possible through a partnership between The Affordable Housing Trust for Columbus and Franklin County and the Ohio Capital Corporation for Housing.
SENIOR HOUSING
Through its local office in Toledo, national AA-rated CDFI LISC and its affiliate, National Equity Fund, contributed almost $10M in low income housing tax credits to help fund a 70-unit affordable senior housing complex.
RURAL BUSINESS DEVELOPMENT
In its first year, Appalachian Growth Capital helped 12 clients obtain credit totaling $12.7MM with local commercial banks and secondary lenders. AGC provides small to large business clients with advisory, networking, and financing options to create solid and sustainable businesses plans.
HIGH TECHNOLOGY BUSINESS
In Dayton, CDFI lending by Dayton Region New Market Fund supported the development of Tech Town as a tool to support the attraction and growth of high technology business and promote technology commercialization. The campus provides state-of-the-art facilities to live, work, and play.
COMMUNITY FACILITIES DEVELOPMENT
IFF, a regional-serving CDFI, has funded Lower Lights Christian Health Center in Franklin County to build a grocery store and demonstration kitchen in a health facility where dietitians train patients on healthy food shopping and preparation.