How consistent capital flow can save rural America Sponsored by PfRTorg
Capital + consistency=Change. Community Development Financial Institutions , like those that constitute Partners for Rural Transformation, can harness funds and aptly position them to support the initiatives of local leaders. This uplifts their communities and creates lasting economic opportunities for decades to come. With current and anticipated funding already accounted for, take a look at how the Partners maximize capital flow to improve the livelihood of their service areas.
Many small, rural businesses CU serves have never received a loan before and are unfamiliar with how to begin the process or distrustful of traditional banks. For example, in round one of the Paycheck Protection Program rollout, 30 of CU’s clients approached approved banks for PPP loans. Only two were funded. The other 28 heard nothing back, despite intense follow-up. Fintech companies did not fill the gap that banks left. CDFIs did.
In September of 2015, the community of Centreville celebrated the grand opening of Field Health System , a $21 million, state-of-the-art hospital built to serve a rural community where 40 percent of the population lived in poverty. The new hospital replaced an outdated facility built in 1952 and is the only hospital within 30 miles in any direction. HOPE provided $6 million in New Markets Tax Credit investment and $2.
Oweesta Corporation, as a Native CDFI intermediary, is happy to report that capital access for Native CDFIs is growing. However, it is regrettable that capital access is not growing nearly fast enough to meet the growth of Native CDFI capital demands. With unmet capital needs, Native CDFIs often must deny loans. Oweesta has been tracking the widening capital gap in Indian Country for several years.
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