Fort Worth is backing an effort to push millions of dollars in business funding into communities where people might struggle to get financing from traditional sources.
The program will introduce entrepreneurs, developers and non-profits to Community Development Financial Institutions . Instead of being solely profit-driven, CFDI’s are committed to working with underserved people and communities.The expectation is CDFI’s could move as much as $250 million into the city in the next five years, more than seven times what people in the city received between 2005 and 2019.
“And that’s frustrating because we know that their capacity is so much bigger,” said city mayor Mattie Parker at a kick off event Wednesday. Parker credited the city’s diversity and inclusion, and economic development staff, with advancing CDFI’s after a survey showed there was a gap in funding to entrepreneurs of color. Industry data shows CDFI’s provide about 60-percent of their funding to people of color.Already 15 institutions have committed to participating, up from just two or three previously. 85 applications for funding have been received.
Mark Pinsky from CDFI Friendly America said it the organization will work to help develop a network and determine what the priorities are for need over the next six months.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Operation Warm' Delivering New Shoes And Socks To Some Fort Worth ISD CampusesPre-K through third grade students, teachers, and staff from Kirkpatrick Elementary School are getting a pair of brand-new shoes, courtesy of Operation Warm and the community.
Read more »
Fort Worth Stock Show and Rodeo goes pink for breast cancer awarenessDickies Arena will be filled with pink Tuesday night. Rodeo contestants and fans at the Fort Worth Stock Show and Rodeo will help raise awareness for breast cancer.
Read more »
Fort Worth ISD's school day will be 15 minutes longer next yearFort Worth ISD is adding an extra 15 minutes to the school day for all students next year. It's a way to help those who fail the STAAR test.
Read more »
Fort Worth man arrested for killing of 2 teen brothers after shooting at North Richland Hills homeA Fort Worth man was arrested Monday in connection with the slaying of two teenagers at a North Richland Hills home that morning, police said Tuesday....
Read more »
AT&T customers in Dallas, Fort Worth, other cities can now get 5-gig internet for $180 a monthDallas-based AT&T is rolling out faster, multi-gigabit fiber internet speeds today as the company doubles down on its connectivity business.
Read more »