CDFI Impact Blog



CDFI Fund Director Donovan Participates in National Small Business Week Fund Director Donovan Participates in National Small Business Week<div class="ExternalClassA53793876EB8467486890F17060B44BE"><p>Small businesses are key to our economy, significantly contributing to job growth and income in the U.S. According to the U.S. Small Business Administration (SBA), more than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year. </p><p>Community Development Financial Institutions (CDFIs) and Community Development Entities utilize the CDFI Fund’s various programs to finance small businesses and support entrepreneurship and job creation in underserved communities nationwide. Since 2009, CDFI Program awardees have originated 88,173 small business <a href="#loans">loans</a> totaling $3.28 billion. The New Markets Tax Credit Program has also provided funding for 691 projects for small businesses totaling $276,501,094 since Fiscal Year 2003.</p><p>In recognition of <a href="" target="_blank">National Small Business Week </a>and to highlight how CDFIs and CDEs help create and sustain small businesses, CDFI Fund Director Annie Donovan visited Rito Loco, a food truck to store front success story, and their CDFI partner, the <a href="" target="_blank">Latino Economic Development Center</a> (LEDC), both of which are based in Washington, DC.</p><p>Danny Diaz and Louie Hankins started <a href="" target="_blank">Rito Loco </a>in 2012 (Rito is short for burrito). After a wildly successful ride with the food truck, the two partners decided to open a brick-and-mortar location in Washington, DC’s Shaw neighborhood in August of 2015. In September of 2016, Dan and Louie approached LEDC for support to expand the restaurant and make other capital improvements. </p><hr /><p style="width:48%;text-align:center;font-size:9pt;margin-right:1%;margin-bottom:0.5em;float:left;"> <img src="/SiteCollectionImages/Project%20Images/RitoLoco%20Site%20Visit%202.png" alt="" style="width:100%;" />Rito Loco Co-Owner Louie Hankins shares the rooftop expansion plans.</p><p style="width:48%;text-align:center;font-size:9pt;margin-right:1%;margin-bottom:0.5em;float:left;"> <img src="/SiteCollectionImages/Project%20Images/RitoLoco%20Site%20Visit%201.png" alt="" style="width:100%;" />LEDC Executive Director Marla Bilonick discusses their financing of Rito Loco with CDFI Fund Director Donovan.</p><p style="clear:both;"> </p><hr /><p>Director Donovan and LEDC Executive Director Marla Bilonick visited with Louie at Rito Loco’s soon-to-open new rooftop. LEDC’s $20,000 construction bridge loan filled a critical financing gap. Now, Rito Loco will triple the capacity of the restaurant and hire five to eight new employees. In addition to the bridge loan, LEDC helped Dan and Louie with technical assistance navigating the DC’s Great Streets capital improvement grant program. Overlooking the now bustling Shaw neighborhood, the three discussed the challenges and rewards of running a small business.</p><p>Please visit these links to learn how the <a href="/Documents/CDFI_infogrpahic_v03Aaf.pdf" target="_blank">CDFI Fund’s programs work </a>and <a href="/Documents/CDFI_7374_infographics_final.pdf" target="_blank">how the CDFI Fund’s programs can help your community;</a> or visit our website at <a href="" target="_blank"></a>. </p><p> <i>Bill Luecht is the Senior Advisor for Legislative and External Affairs at the CDFI Fund.</i></p></div><hr /> <footer> <ol><li id="loans"> <i>The CDFI Fund utilizes the FDIC’s definition of small business loans across all its programs. Small business loans are defined as business or micro loans under $1 million. </i></li><p> </p></ol> </footer> 2017-05-03T15:00:00ZLocal Impact23GP0|#bd2515a1-c2d0-4340-a0cf-e5a5c375a274;L0|#0bd2515a1-c2d0-4340-a0cf-e5a5c375a274|District of Columbia;GTSet|#52f34ab0-6f81-4fe6-b393-2715c7089532;GP0|#6739e502-ad8d-4e57-bade-8d5d363e66c7;L0|#06739e502-ad8d-4e57-bade-8d5d363e66c7|In the Field;GP0|#b175ca6f-ecaa-427d-bc7a-677b5c37cbff;L0|#0b175ca6f-ecaa-427d-bc7a-677b5c37cbff|Small Business
Giving Back to Communities Back to Communities<div class="ExternalClass3EECC53FFFE44C0BAB1838CB9359CB37"><p><em>This was originally published on the <a href="">Treasury Department blog</a>.</em> </p><p>The holiday season is an important time to give back to our communities and lend a helping hand to those who are striving to get through tough times. Yesterday, my fellow Treasury Department officials and I did just that. Secretary Jack Lew, Deputy Assistant Secretary Jessica Milano, and I served breakfast at So Others Might Eat (SOME), a Washington, D.C. based organization helping individuals and families in need. Volunteering at SOME allowed us to see first-hand how organizations like this touch people’s lives. It also provided us a glimpse of how the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) is supporting services where they are needed the most. </p><p> SOME helps break the cycle of homelessness by offering food, clothing, affordable housing, job training, addiction treatment, and counseling to the poor, the elderly and individuals with mental illness. The services that SOME provides make a huge difference for individuals and families in this community every day, and it is an example of how the CDFI Fund provides lifelines to communities across the country. </p><p> To expand its affordable housing services, SOME received more than $4 million in financing from the OpenDoor Housing Fund. OpenDoor* is a Community Development Financial Institution (CDFI) that received financial assistance from the CDFI Fund to spur new investments that would shore up economic development efforts and fund services in underserved neighborhoods. In 2013 alone, SOME provided 248,875 meals out of its Washington, D.C. kitchen. SOME also provided an additional 184,936 meals through its residential program; 23,514 sets of clothing to homeless men and women; 15,657 medical visits to doctors or dentists through its clinic; and affordable housing to 140 families with 314 children as well as 577 single adults.</p><p>Helping out at SOME today was a touching experience, and it reminded me of how many other organizations across the country strive to provide vital community services, such as affordable housing units, workforce training facilities, and overall economic development in urban and rural areas. I’m proud that the CDFI Fund is a leader in providing resources for low-income communities and allowing them access to private investments so that underserved communities can flourish. </p><p><em>Annie Donovan is the Director of the Community Development Financial Institutions Fund at the U.S. Treasury Department.</em></p> </div>Annie Donovan2014-12-23T17:35:00ZLocal Impact<img alt="Treasury officials serve breakfast at So Others May Eat. " src="/PublishingImages/JJLSOMECDFI.jpg?RenditionID=2" style="BORDER:0px solid;" />9GP0|#16639080-f983-4edb-8f55-47eff7c1af41;L0|#016639080-f983-4edb-8f55-47eff7c1af41|Community Facilities;GTSet|#52f34ab0-6f81-4fe6-b393-2715c7089532;GP0|#bd2515a1-c2d0-4340-a0cf-e5a5c375a274;L0|#0bd2515a1-c2d0-4340-a0cf-e5a5c375a274|District of Columbia;GP0|#0760f5d5-6360-4d45-ba32-761ff5345cd1;L0|#00760f5d5-6360-4d45-ba32-761ff5345cd1|CDFI Program