Western Reserve Community Fund Obtains Community Development Financial Institution Certification

Feb 12, 2021 | News, Newsletter

Christopher Burnham
Development Finance Authority

 

The Western Reserve Community Fund (WRCF), which is managed by the Development Finance Authority of Summit County (DFA), has received official certification as a Community Development Financial Institution (CDFI) from the CDFI Fund, a program overseen by the U.S. Treasury. All CDFI’s share a common goal of expanding economic opportunity in Low-Income Communities by providing access to financial products and services for local residents and businesses, striving to foster economic opportunity and revitalized neighborhoods.

CDFI certification has a critically important role in WRCF’s long-term sustainability. Receiving this designation makes WRCF eligible for financial assistance awards available through the CDFI Fund such as the Rapid Response Program (RRP), and attracts additional investment from Community Reinvestment Act-interested partners. “More importantly,” according to WRCF Executive Director Rachel Bridenstine, “certification allows us to build upon the great work we’ve already accomplished by enabling WRCF to have a greater regional community impact.” DFA President Chris Burnham explained that the path to certification “began in 2011 when DFA moved into the New Markets Tax Credit environment and realized the significant unmet need for flexible and affordable capital in so many of our communities. We’ve been fortunate to interact with and have the support of many community partners and look forward to building this mission-based lending platform.”

WRCF was established in 2019, and its mission is to support and further community development and job creation in Northeast Ohio, through access to capital and development services. WRCF has a variety of financial products. In addition to its general loan fund, WRCF collaborated with community partners to launch the Minority Contractor Capital Access Program (MCCAP), the Akron Resiliency Fund, and the Summit County Affordable Housing Trust Fund.

For more information about the WRCF and its many programs, please visit     www.developmentfinanceauthority.org

Roseville Officials Invest $7M to Revive Village, Offer New Business Opportunities

ROSEVILLE – Nearly a decade of grant-funded projects are transforming the village of Roseville.

Few will have the impact of a the new supermarket building. “It will be the centerpiece of a new downtown,” said Heidi Milner, the village’s fiscal officer.

It is nearing completion on part of the former Ungemach Pottery site on Potters Lane. Construction was funded by $750,000 in grants, the bulk of which was a USDA Rural Development Grant, and local investment. The new building features a grocery store, restaurant space and a walk-up window that could be used for ice cream orders. Garage doors on each side of the dining area will give it a pleasant summer atmosphere, as will a patio behind the building that opens facing the levy.

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Clinton County Port Authority Launches New Website

WILMINGTON, OH — The Clinton County Port Authority (CCPA) recently launched a new website, created by Golden Shovel Agency, to further strengthen its online presence and the economic growth of the community. The new site includes county-wide data, information specifically collected for site selectors, and local business resources to serve as a one-stop-shop for companies considering new investment or expansion in Clinton County.

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