Community Development Finance Organizations
The Appalachian Regional Commission
wished to evaluate the needs and effectiveness of its revolving loan fund grantees. Assisting with a comprehensive study, Community Investments surveyed RLFs, conducted select interviews, and contributed to a report of the findings.
Brightwood Development Corporation
, a CDC serving the Hispanic neighborhoods in Springfield's Enterprise Community, wished to assist disadvantaged entrepreneurs. Community Investment planned operations of a micro-lending and training program, and composed successful funding applications for the Minority Micro-Business Program.
The City of Gloucester, MA
had a portfolio of challenging loans, funded by HUD 108s. Community Investments reviewed the portfolio and restructured deals to make them more sound and in compliance with HUD regulations.
The City of Haverhill, MA
understood that lack of access to capital was obstructing business start-up and growth. Community Investments analyzed the market, structured a loan program, and composed a successful application for $4 million HUD 108 loan pool.
The City of Lowell, MA Community Investments
conducted an economic and capital analysis to identify development opportunities and financing needs, planned the structure of the Lowell Economic Development Loan Fund, and completed applications for capitalizing the Fund. The City established a $10,000,000 fund, complemented by $500,000 for technical assistance and loan subsidies to support business growth.
The City of Springfield, MA
, experiencing severe job loss in manufacturing sectors, wished to assist community organizations create businesses and jobs. Community Investments planned and composed an application to SBA's Microloan Program, generating $750k and technical assistance funds to assist micro-entrepreneurs.
Fleet Bank Boston
(now merged with Bank of America) wished to establish a pre-development assistance fund to facilitate community development projects. Community Investment analyzed the market/need to inform Fleet's development of a suitable product.
Fleet Development Ventures
, an affiliate of Fleet Financial Corporation, wished to obtain a New Markets Tax Credit allocation to support more risky and affordable loan products, including a Second Look program for denied small business applicants and EQ2 investments in CDFIs. Community Investment assisted FDV to establish a CDE, plan its products and financial strategy, and compose an application seeking $50 MM in NMTCs.
The Ford Foundation
received applications from the Enterprise Corporation of the Delta, a CDFI in Jackson, MS, for Program Related Investments to launch a residential secondary market program and a recapitalization project utilizing New Markets Tax Credits. Collaborating the firm, Brody, Weiser, Burns, Community Investment conducted due diligence for the investment requests and advised Ford how to proceed.
Jewish Vocational Service
, wished to provide micro-loans to serve Boston neighbor-hoods. Community Investment assisted JVS to plan for larger micro-loans, assemble a financial plan, substantially compose the SBA Microloan Program application, and negotiate assistance from the City and a collaborative relationship with Boston CDCs. JVS subsequently established a $750m microloan fund.
The Massachusetts Community Development Finance Corporation
, established in 1979 and expanding to serve new markets, needed a strategic plan. Community Investment assembled 2 subcontractors to conduct a strategic planning process entailing a market analysis, a comparative profile of parallel organizations, a preliminary financial plan assuming defined scenarios, and a SWOT analysis. The strategic plan identified new products, approaches to capitalization, and management objectives. Based on this plan, the Commonwealth of Massachusetts invested $5mm.
Merrimack Valley Economic Development Corporation
, sponsored by the Planning Commission, wished to explore how a loan fund could help relieve unemployment. Community Investments assembled a task force of bankers, agencies, and public officials, conducted a market analysis, planned the RLF, and assembled financial plans and success-ful applications to the Economic Development Administration and Mass. Small Cities CDBG to obtain over $1,000,000 in development capital to assist manufacturers.
, a quasi-public development finance entity serving Schenectady, NY, wished to gain access to NMTCs. Community Investments assisted Metroplex to achieve CDE certification and obtain investment from NMTC recipients.