We recently received our Community Development Financial Institution certification from the U.S. Department of Treasury. The certification is a feather in the cap of us, as only 55 organizations in Texas hold a CDFI certification.
Jane Allen, Executive Director of the McLennan Community Investment Fund, said certification as an official CDFI Fund would give McCIF access to significant federal grant funds from the U.S. Treasury. In turn, McCIF will lend those funds to small business owners in the area for their businesses’ growth and further development. Some funds will also go toward providing financial education to small business owners.
New business equipment and new business knowledge is a powerful combination for small business growth
We serve small business owners lacking access to traditional banking systems by offering access to capital and financial how-to assistance. Additionally, we act as an avenue for small business owners to gain the financial strength and necessary skills to successfully enjoy and benefit from traditional banking systems in the long run. Some examples of assistance from us include skill building and small business loans.
Community Development Financial Institution (CDFI) Certification is a designation awarded to specialized organizations that provide financial services in low-income communities and to people who lack access to financing. By building the capacity of a nationwide network of CDFIs, the CDFI Fund works to empower low-income and underserved people and communities to enter the financial mainstream.
We would like to express our deepest thanks for the assistance and support that enabled us to achieve this important milestone. They sincerely appreciate and acknowledge the City of Waco, McLennan County, several local banks in Waco, TX, CDFI, and the citizens of Waco who support them. Their unyielding dedication, generosity, and commitment have proved instrumental in propelling us to our goals.