Rural Investment Corporation awarded grant from CDFI Fund
Lyons, Neb. - The Rural Investment Corporation, a subsidiary of the Center for Rural Affairs in Lyons, Nebraska, was recently awarded $665,000 from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund for lending capital.
The organization was among 303 CDFIs who will receive $208.7 million to increase lending and investment activity in low-income and economically-distressed communities across the nation.
“We won the award in a very competitive field where applications far exceeded dollars available,” said Brian Depew, Center for Rural Affairs Executive Director. “This award will provide attractive lending capital for small business lending in rural Nebraska.”
The Rural Investment Corporation was certified as a CDFI in 2013, providing microloans, small business loans, and development services to low-income communities in Nebraska. Since 2013, more than $5.7 million has been loaned through the CDFI.
“Due to the overwhelming need for services in rural Nebraska, we looked for better ways to build the scale and efficiency of our small business lending program,” Depew said. “Providing loans through the CDFI has helped, and we are looking at ways to expand our services even more.”
Small business loans up to $150,000 are available through the Rural Investment Corporation to small businesses in rural Nebraska. Visit www.cfra.org/reap for more information on lending services.
Although this is the Rural Investment Corporation’s first award for lending capital, the Center for Rural Affairs received awards from the CDFI Fund including $123,044 in 2015 for technical assistance to support capacity through evaluation of market opportunities and product expansion; and $100,000 in 2012 to work toward CDFI certification and increase capital access for small business owners throughout rural Nebraska.
Visit www.cfra.org for more information.
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