Forward Community Investments is proud to announce it has won a $590,000 Financial Assistance Award from the U.S. Treasury Department’s CDFI Fund program. FCI joins only 5 other winners from Wisconsin that received an award. Additionally, FCI is one of 248 CDFI’s that were awarded funds out of 420 applicants. Recipients of these awards represent 40 different states.
Ryan Zerwer, FCI’s President & CEO shares, “This was a competitive process, and our success is validation of the impact our work is having throughout Wisconsin. This award will provide the seed funding for our Equity Fund Project in support of our Emerging Developer Loan Program”
FCI’s Emerging Developer Loan Program (EDLP) is intended to reduce racial and socioeconomic disparities by financing projects led by people of color and women who face barriers when developing real estate projects that aim to transform neighborhoods across Wisconsin. Since the program’s inception, FCI has closed 23 loans totaling $4.8M to 11 different emerging developers, of which 100% identify as BIPOC and 36% are BIPOC women. As a result of this program, 175 affordable housing units have been created or maintained, three community facilities serving a total of 595 community members annually have been created along with 162 family-sustaining jobs.
A hallmark of economically stable communities is access to capital. However, these resources often do not make their way to the most disadvantaged communities struggling with disinvestment. Community Development Financial Institutions like Forward Community Investments, exist in order to meet the needs of economically underserved communities. This award allows FCI to support mission-driven organizations that are working to eliminate the racial and socioeconomic disparities that exist throughout Wisconsin.
To read a profile of one of FCI’s Emerging Developer Loan Program Participants, One 5 Olive, click here.
To read more about the CDFI Fund and the CDFI Program, click here.
FCI is always looking for opportunities to work with and provide financing to nonprofits and current partners who are making an impact in reducing racial and economic disparities in Wisconsin. If you are interested in learning more about our financial products you can read more about our Lending Products here, or if you have a project you would like to discuss please reach out to us at.
About Forward Community Investments
FCI is an investor, connector, and advisor for organizations and initiatives that reduce social, racial, and economic disparities in Wisconsin communities. We envision an equitable and inclusive Wisconsin built on cooperative social action. In its capacity as a statewide community development financial institution (CDFI), FCI infuses capital into economically underserved communities and neighborhoods. www.forwardci.org; https://www.facebook.com/forwardcommunityinvestments
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