The Impact of CDFI Lending in Ohio’s Communities
CDFIs provide critical capital for neighborhood revitalization, affordable housing development, and the establishment of other community assets. CDFIs also help individuals start businesses, create jobs, and build wealth.
A robust CDFI sector delivers many benefits to Ohio communities and residents and helps to strategically position our state for the future. More information on Ohio’s CDFI industry can be found in Greater Ohio Policy Center’s report, “Building Assets: Ohio’s CDFI Industry.”
From 2005 to 2017, Ohio’s CDFIS:
Attracted Additional Investment
Every $1 of CDFI capital leveraged over $5 in private investment.
Created Jobs
Ohio's CDFI’s have created or retained over 14,280 jobs.
Supported Small Businesses
Ohio's CDFI’s have made more than 2,040 micro business loans, providing essential capital to Ohio’s small businesses.
Worked All Over Ohio
CDFIs lend to urban and rural counties alike. CDFI lending has occurred in 79 Ohio counties.
Featured Projects
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.
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.
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.
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.
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.
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.
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.
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.