CDFI News

 

 

CDFI Fund Announces First Capacity Building Initiative Training for CDFIs Working with Small Businesseshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=139CDFI Fund Announces First Capacity Building Initiative Training for CDFIs Working with Small Businesses<p class="body"> <b>Washington, DC</b> - The Community Development Financial Institutions Fund (CDFI Fund) is pleased to invite Community Development Financial Institutions (CDFIs) to apply to participate in the Capacity Building Initiative training series <i>Innovations in Small Business Lending</i>. CDFIs that are currently engaged in providing loans to small and medium-sized enterprises will be able to attend free trainings that are designed to support their continued growth and expanded capabilities. The series will be provided by Deloitte Financial Advisory Services LLP (Deloitte).</p><p class="body"> “The <i>Innovations in Small Business Lending</i> series will expand the Capacity Building Initiative’s efforts to provide cutting edge training, technical assistance, and impact analysis to CDFIs that work to support small and medium enterprises in underserved communities throughout the United States,” said CDFI Fund Director Donna J. Gambrell. “I’m pleased to be able to announce the very first training available under this series, which will help CDFIs enhance and expand business lending, ultimately putting more Americans back to work.” </p><p class="body"> From November 2012–May 2013, the <i>Innovations in Small Business Lending</i> series will offer five two-day training sessions in locations across the continental United States. The first training will be held at the Minneapolis Federal Reserve on November 13 and 14, 2012. Additional training dates and cities will be announced as they are finalized on the CDFI Fund’s <a href="/what_we_do/SmallBusinessSeries.asp?programID=13"> website</a>. </p><p class="body"> The training has been developed around three small business lending themes that will allow CDFIs to:</p><p class="body"> </p><ul><li>focus on market “waves” that demonstrate potentially high profit and mission impact; </li><li>analyze multiple national and local trends; and</li><li>efficiently filter opportunities to identify the best to pursue and how to do so.</li></ul><p> </p><p class="body"> At these sessions, Deloitte’s experienced instructors will conduct in-depth training focused on identifying strategic market trends, assessing selected small business opportunities, evaluating potential economic and social impact, and performing preliminary financial calculations. In addition, six in-depth market opportunity areas will be examined, and numerous innovations and potential deals in those markets will be covered. </p><p class="body"> The workshops are free; however, advance registration, including a capacity assessment questionnaire, is required. For more information about the training sessions and how to apply, please <a href="/Lists/CDFI%20News" target="_blank">click here</a> </p><p class="body"> <b> <u>Apply now</u> as space will be limited!</b></p><p class="body"> For more information about the Innovations in Small Business Lending series, or other trainings available under the Capacity Building Initiative, please visit <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</a>. </p><p class="body"> <b>About the CDFI Fund</b><br> The CDFI Fund invests in and builds the capacity of community-based, private, for-profit and non-profit financial institutions with a primary mission of community development in economically distressed communities. These institutions – certified by the CDFI Fund as Community Development Financial Institutions or CDFIs – are able to respond to gaps in local markets that traditional financial institutions are not adequately serving. CDFIs provide critically needed capital, credit and other financial products in addition to technical assistance to community residents and businesses, service providers, and developers working to meet community needs. The CDFI Fund's vision is an America in which all people have adequate access to affordable capital, credit and financial services. </p><p class="body"> <b>About Deloitte</b><br> Deloitte Financial Advisory Services LLC is a global organization devoted to excellence in providing professional services and advice. With access to the deep intellectual capital of more than 160,000 people worldwide, its member firms deliver services in areas of consulting, assurance & enterprise risk, tax, and financial advisory services. Deloitte brings strong industry experience in financial transaction work – restructuring impaired assets, and developing business models that can attract new capital, and providing technical assistance to troubled institutions. To find out more, please visit <a href="http://www.deloitte.com/view/en_US/us/Services/Financial-Advisory-Services/index.htm" target="_blank">http://www.deloitte.com/view/en_US/us/Services/Financial-Advisory-Services/index.htm</a>. </p>2012-09-26T04:00:00ZUpdates139
CDFI Fund Releases Application Demand for 2012 Round of NMTC Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=121CDFI Fund Releases Application Demand for 2012 Round of NMTC Program<b>Washington, DC</b> - The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 282 applications under the 2012 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program encourages economic development in low-income and distressed communities by making tax credits available to Community Development Entities (CDEs) for targeted investments in eligible areas. <p class="body"> The CDEs that applied under the 2012 round are headquartered in 44 states, the District of Columbia, and Puerto Rico. The applicants requested an aggregate total of $21,901,474,907 in NMTC allocation authority. </p><p class="body"> “The steady demand for New Markets Tax Credit allocation authority illustrates how effective this program is in encouraging economic and community development in low-income communities across America,” said CDFI Fund Director Donna J. Gambrell. “The 2012 round is the tenth award round of the program, and our strong application numbers illustrate how we’ve established the New Markets Tax Credit as an essential tool for generating impact through investments.” </p><p class="body"> The NMTC Program was established by Congress in December of 2000 and permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in CDEs. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund. </p><p class="body"> The application deadline was September 12, 2012, although applicants affected by Hurricane Isaac were given a limited extension on a case-by-case basis. The CDFI Fund anticipates announcing the organizations that will receive New Markets Tax Credit allocations in early 2013, subject to Congressional reauthorization. </p><p class="body"> Through the first nine rounds of the NMTC Program, the CDFI Fund has made 664 awards totaling $33 billion in tax credit allocation authority. The NMTC Program’s innovative approach to using tax credits to promote economic development in low-income communities led to its recognition earlier today as a “<a href="http://www.ash.harvard.edu/Home/News-Events/Press-Releases/Innovations/Harvard-Announces-111-Bright-Ideas-in-Government" target="_blank">Bright Idea in Government</a>” by Harvard University’s Ash Center for Democratic Governance and Innovation at the John F. Kennedy School of Government. Additional information about the NMTC Program can be found on the CDFI Fund’s web site at <a href="/Programs/new-markets-tax-credit/Pages/default.aspx">www.cdfifund.gov/nmtc</a>. </p>2012-09-25T04:00:00ZUpdates121
CDFI Fund Announces New Training Series to Expand the Capacity of Small and Emerging CDFIshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=125CDFI Fund Announces New Training Series to Expand the Capacity of Small and Emerging CDFIs<p class="body"> The Community Development Financial Institutions Fund (CDFI Fund) announced today the launch of a new training and technical assistance series under its Capacity Building Initiative. <i>The Strengthening Small and Emerging CDFIs</i> series will provide specialized training and technical assistance to small and emerging Community Development Financial Institutions (CDFIs), especially those serving specific regions of persistent poverty that are traditionally underserved by financial institutions.</p><p class="body"> The training series will provide comprehensive capacity building services and resources for small and emerging CDFIs, tailored to CDFI needs and the communities they serve. The goal of this endeavor is to fill the gaps in CDFI coverage in underserved communities across the country. Opportunity Finance Network (OFN), the selected provider of the series, will deliver training and technical assistance to help the CDFI Fund achieve this objective and expand the capacity of small and emerging CDFIs. </p><p class="body"> "As we celebrate two successful years of training series under the Capacity Building Initiative, I’m very pleased to be able to announce a brand-new training that will assist smaller CDFIs that are trying to position themselves to grow in a sustainable way,” said CDFI Fund Director Donna J. Gambrell. “The Strengthening Small and Emerging CDFIs series will emphasize providing critical support to small and emerging organizations that are working in communities underserved by financial institutions. The targeted training and technical assistance that we’re providing through this series will ultimately enable these CDFIs to increase their impact and bring quality financial products and services to communities across the country." </p><p class="body"> CDFIs are critical components of the nation’s financial infrastructure, particularly within the most underserved communities. Successful organization growth relies not only on building a CDFI’s internal capacity and understanding its own growth trajectory, but also on the creation of a strong network of potential collaborators and stakeholders to create an environment that supports a CDFI’s growth. To address these needs, the CDFI Fund will collaborate with OFN to provide training and technical assistance (including one-on-one assistance and mentored cohorts) for small and emerging CDFIs. OFN will also identify underserved areas, including areas of persistent poverty such as Appalachia, the Colonias along the U.S.-Mexico border, and the Mississippi Delta, and provide specific, proactive suggestions for filling gaps of services through product development and collaborations with strategic partners. </p><p class="body"> All training opportunities and technical assistance resource materials will be posted on the CDFI Fund's <a href="/what_we_do/StrengtheningSmall%26EmergingCDFIs.asp?programID=13"> website</a> in the coming months. </p><p class="body"> For more information about the Capacity Building Initiative or the CDFI Fund’s other programs, please visit <a href="/">www.cdfifund.gov</a>. </p><p class="body"> <b>About the CDFI Fund</b><br> The CDFI Fund invests in and builds the capacity of community-based, private, for-profit and non-profit financial institutions with a primary mission of community development in economically distressed communities. These institutions – certified by the CDFI Fund as Community Development Financial Institutions or CDFIs – are able to respond to gaps in local markets that traditional financial institutions are not adequately serving. CDFIs provide critically needed capital, credit and other financial products in addition to technical assistance to community residents and businesses, service providers, and developers working to meet community needs. The CDFI Fund's vision is an America in which all people have adequate access to affordable capital, credit and financial services. </p><p class="body"> <b>About Opportunity Finance Network</b><br> Opportunity Finance Network (OFN) is the national network of Community Development Financial Institutions (CDFIs)—private financial institutions that are 100 percent dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. Through 2010, OFN’s network has originated more than $24.2 billion in financing in urban, rural, and Native communities, and financed 782,907 housing units, 64,391 business and microenterprises, 7,674 community facilities, and created or retained 317,052 jobs. More information is available at: <a href="http://www.opportunityfinance.net/" target="_blank">www.opportunityfinance.net</a>. </p>2012-09-20T04:00:00ZUpdates125
IRS Issues Final Regulations on New Markets Tax Credithttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=135IRS Issues Final Regulations on New Markets Tax Credit<p> <i>Changes will Promote Greater Investment in Operating Businesses</i></p><p class="body"> In an effort to encourage greater investment in non-real estate businesses located in low-income communities, the Internal Revenue Service (IRS) published final regulations for the New Markets Tax Credit Program (NMTC Program) in the Federal Register today, September 28, 2012. </p><p class="body"> A result of efforts begun by the Treasury Department to understand from NMTC Program recipients what enhancements were needed to spur job creation and economic revitalization in low-income communities, the final rule endeavors to facilitate investments in the operations of non-real estate businesses, such as working capital and equipment loans. The rule defines a non-real estate business; addresses the reinvestment of capital; and outlines investing guidelines, among other issues. </p><p class="body"> <b>Links:</b><br> <br> <a href="/Documents/NMTC%20IRS%20Final%20Rule_09282012.pdf" target="_blank">Final Regulations</a><br> <a href="/programs-training/Programs/new-markets-tax-credit/Pages/default.aspx">New Markets Tax Credit Program</a> </p>2012-09-10T04:00:00ZUpdates135

 Stay In Touch

Sign up to receive news and important information.

Sign Up

 Archives