City Of Fort Worth: CDFI Friendly Fort Worth Launches Wednesday

Dallas TX

25 January, 2022

4:58 PM

Description

Press release from City of Fort Worth: January 25, 2022 Fort Worth residents are invited to virtually attend the kickoff of an initiative to increase financing for Fort Worth's minority-owned businesses, affordable homeownership, rental housing and commercial real estate. The city has committed $3 million toward the effort, known as CDFI Friendly Fort Worth. CDFI Friendly Fort Worth will work as a go-between, matching CDFIs (or community development financial institutions) to residents, entrepreneurs and nonprofits in Fort Worth's communities. CDFIs offer flexible capital to address gaps in underserved communities. CDFIs have been working successfully in communities of color and other under-resourced places for more than 30 years, producing outstanding financial results. CDFIs are special-purpose financial institutions staffed by experts who are skilled in working with nontraditional borrowers and managing risks for a wide range of investors, including banks, faith-based investors, philanthropies, individuals and others. According to industry data, 60% of more than $100 billion in CDFI financing over 30 years has gone to borrowers of color. CDFIs from across the nation are expected to participate in the kickoff, which will take place from 9:30-11 a.m. Wednesday, Jan. 26, at Fort Worth's future City Hall, 100 Energy Way. (Virtual attendance is available.) Registration is required, and in-person space is limited. The program can be viewed live on the city's website, TV channel 190 and the city's YouTube channel. Learn more about the CDFI Fort Worth initiative. Residents and businesses who are interested in borrowing from CDFI Friendly Fort Worth can also learn more on their website.     Get articles like this in your inbox. Subscribe to City News.   This press release was produced by City of Fort Worth. The views expressed here are the author's own.