Columbus, OH (PRWEB) April 16, 2010
Finance Fund (http://www.financefund.org) an Ohio nonprofit financial intermediary, is now accepting proposals from developers, community lenders and businesses interested in applying for part of $30 million in New Markets Tax Credit (NMTC) loans for rural and non-metropolitan areas.
Finance Fund was awarded $30 million from the federal government for Ohio economic development in non-metropolitan counties. These funds will spark development projects in some of the most depressed neighborhoods in the state. Finance Fund is now seeking partnerships with city officials for projects that fall into this non-metropolitan category. See map for qualifying counties.
“The New Markets program is an important community revitalization tool that has stimulated $26 billion of private sector capital into low-income communities,” said James Klein, Finance Fund CEO. “Through this program, emerging markets receive the benefit of access to more capital investment, lowered interest rates, lowered risk to lenders, and investment in the community. It’s a win-win for everyone.”
While state and federal government officials plan new programs for economic development initiatives, Finance Fund has made significant strides in Ohio development since 1987, creating jobs, expanding opportunity and revitalizing communities.
New Markets Success Stories
Finance Fund provided Jackson, Ohio-based Ohio Basic Minerals (OBM) a combined $2.45 million through Finance Fund’s Capital Corporation (FCAP) and NMTC funding, which allowed the small sand and gravel plant to expand its plant and product offerings. The project resulted in an income increase in the region, employment for nearly 35 construction workers and the addition of 30 jobs over the next three years. Read more here: http://www.financefund.org/files/success-stories/ohio_basic_mineral.pdf.
Finance Fund provided several funding sources including grants and a New Markets Loan to The Noble Learning Center in Caldwell, Ohio, that allowed the center to renovate and expand into a previously abandoned 14,880-square-foot building, provide child care for 135 children and create 20 construction jobs and 15 full time jobs. Read more here: http://www.financefund.org/files/successstories/FFSuccessStory.noble%20learning%20center.pdf
About Finance Fund
Finance Fund (http://www.financefund.org) is a statewide nonprofit financial intermediary whose clients include community-based nonprofit organizations and for-profit businesses serving low-income communities throughout Ohio. Finance Fund provides debt and equity to its clients through management of 14 investment funds totaling over $160 million. It engages in creative approaches that build bridges between capital markets and economically distressed communities.
Since 1987, Finance Fund has invested more than $104 million in housing, economic development, childcare and Head Start projects throughout Ohio, leveraging more than $834 million. This investment was accomplished through 2,521 awards to community-based organizations throughout the state as part of Finance Fund’s core programs. Partnerships have enabled low-income people access to 15,632 units of affordable housing, 9,329 full-time jobs and 3,036 classrooms for 69,497 children—benefiting the lives of more than 117,800 Ohioans.