Client: CDC Small Business Finance

Challenge:

Maximize job creation and community investment in low-income areas by taking advantage of New Markets Tax Credits (NMTC).

Solution:

California-based CDC Small Business Finance, the largest-volume SBA 504 lender in the country, partnered with CRF to bring NMTC loans to a broad base of communities.

CDC Small Business Finance recognized the best way to utilize the NMTC product was by working with CRF. CRF is focused on bringing the benefit of NMTC to small business owners in rural and urban low-income areas, unlike many New Markets Tax Credits allocations, which concentrate strictly on large commercial real estate projects.

Community Impact:

Since collaborating with CDC Small Business Finance in 2002, CRF has underwritten 105 loans worth $69,880,842. These funds have enabled 50 low-income communities (including eight rural communities) to develop 7,650 community facilities and create or retain 3,161 jobs thus far.