Eastern Bank’s Post

More exciting news coming out of Enterprise Community Partners!

Grant $$ available to Maryland Small Business Owners! Through $10 million in small business and community development grants, the Maryland Department of Housing and Community Development plans to target investments to activate vacant spaces in business corridors and support small businesses with start up or expansion funds while creating jobs and increasing local economic activity. There are two paths that the grant funding can be accessed: economic development entities can apply for Project Restore 2.0, which will incentivize commercial investment in downtowns, Main Streets and other business districts by providing funding for entities to subgrant to businesses. Or eligible new and expanding small businesses in designated Sustainable Communities can apply for funding directly through Business Boost. https://lnkd.in/e-AYvsMX

New Jersey's Neighborhood Revitalization Tax Credit (#NRTC) program provides a unique funding method for community development organizations. By offering a 100% tax credit to businesses that fund nonprofit revitalization plans, NJ focuses on the ability to plan and execute comprehensive community projects rather than adhering to strict #CDC definitions like in #SC or #MA. Should more states offer flexible funding procedures to enhance community development efforts? https://bit.ly/3Run2ji #CommunityDevelopment #UrbanDevelopment #SocialGood

The work started long ago, but today, the Community Development Financial Institutions Fund (CDFI Fund) celebrates 30 years of impact. The Book below, which I picked up a number of years ago, highlights what many industry peers see in practice today. The production of very meaningful projects like affordable housing and community facility financing that would not come from anywhere else but the various programs offered by the CDFI Fund. Cheers to the next 30 years of incredible work ahead! #themarathoncontinues

The April issue of FOCUS Magazine highlights Cinnaire. For over 30 years, the community development financial organization has made high-impact investments and given loans to developers and nonprofits, focusing specifically on economically and racially marginalized communities that too often get passed over for capital. Learn more about Cinnaire's legacy of investing in people and places on page 14: https://lnkd.in/egThbC4

This is exactly the type of partnership needed to address housing gaps across Cumberland County. If you are a business owner or community leader wanting to address housing needs in your communitu, let’s talk!

By influencing where and how community development dollars are spent, we can help drive capital to communities with low incomes and make the community development finance system more durable and equitable. There are many points of entry to the community development finance system, each with its own strengths based on the intended impacts. RWJF worked with BWB Solutions to develop a useful graphic with examples of how each type of community development finance organization can build healthier, more equitable communities. Our team is working with a variety of these types of organizations to advance health and racial equity, including: 🔴 The National Association for Latino Community Asset Builders: a network of community development finance institutions working to provide loans to affordable housing developers and small businesses in Latino communities. 🔴 Inclusiv: a nonprofit that funds community development credit unions, increasing their capacity to provide capital to families and communities with low incomes. 🔴 The Council of Development Finance Agencies: a national association that provides capital to development finance agencies to foster job creation and economic growth for small businesses of color. And many more! Learn more about each of these types of organizations below.

Come learn about this year's CDRLF grant round!

 As we close out Small Business Month, Donna Gambrell, CEO of Appalachian Community Capital, is featured this week in a Forbes article by Lenwood V Long Sr, discussing the critical role Community Development Financial Institutions (CDFIs) play in supporting Black-owned businesses. "Small businesses and entrepreneurs become the anchors of so many communities," says Gambrell. With a high-touch approach, CDFIs like Appalachian Community Capital are essential in providing the financial services and support that historically underbanked communities need to thrive. Read more about the impact of CDFIs and the importance of closing the racial wealth gap in the full article below: #SmallBusinessMonth #BlackOwnedBusiness #EconomicGrowth #CDFI #AppalachianCommunityCapital https://lnkd.in/eY5ZndZF