CFFA Launches New Small Business Loan Program

Dec 8, 2020 | News, Newsletter

Patty Huddle
Columbus-Franklin County Finance Authority

 

The Columbus-Franklin County Finance Authority (CFFA) Board of Directors has approved a $367,500 inaugural loan from the organization’s newest offering, the Neighborhood Improvement and Small Business Loan program. The borrower, Community Development for All People, used the funds to acquire and renovate a building near its Parsons Avenue office. The building will be used for office space and to deliver programming such as a Learning Extension Center for students who attend school virtually

“We’re grateful to CFFA for this funding,” said Rev. John Edgar, Executive Director of Community Development for All People. “This building will allow us to expand our work in transforming the South Side.” See renovations currently underway and learn more about planned uses for the building by watching this brief video.

“We could not be more pleased to be working with Reverend Edgar and Community Development for All People as the first client and project for our new loan program,” said CFFA President Jean Carter Ryan. “It perfectly fits the program’s objectives of stimulating investment in areas of need and serving a greater community purpose. Small businesses and healthy neighborhoods are critical to the economy.”

Neighborhood Improvement & Small Business Loans provide low-interest loans to small businesses and organizations in developing businesses and real estate in modest-income neighborhoods in Franklin County. Approved loans will range from $25,000-$500,000.

Authorized by the CFFA Board, the new program makes $1.5 million available for community lending in 2021, with the opportunity for additional funding over a three-year period. “CFFA has a fantastic bond financing track record and is recognized as a leader in the State of Ohio,” said Darnita Bradley, Vice Chair of the CFFA Board. “Our approval of the Small Business & Neighborhood Improvement Loan program will expand our financing services to new clients and locations. We’re eager to deploy our resources to serve unmet community need.”

Interested in the Neighborhood Improvement & Small Business Loan? Contact CFFA Vice President Patty Huddle at phuddle@columbusfinance.org or 614-427-0394.

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