CFSB celebrates five-fold increase in local CDFI lending, other impacts
Annual Report details startup nonprofit’s 2022 successes and new programs
March 9, 2023 | South Bend, IN
When it launched just over two years ago, CDFI Friendly South Bend set out to increase the flow of capital to local developers, nonprofits and small business owners who might not otherwise have access to financing.
Today, the local nonprofit celebrates its progress with the release of its 2022 Annual Report.
CDFI Friendly South Bend celebrates a five-fold increase in local CDFI investment in its 2022 Annual Report.
Over the last calendar year – its first full year of steady leadership – CDFI Friendly South Bend facilitated over $4.3 million in total lending to local businesses and organizations, the report highlights.
Most notably, $1.2 million of that investment comes from Community Development Financial Institutions (CDFIs). The figure represents an exciting five-fold increase in local CDFI lending over the 2005-2019 annual average.
Nonprofit lenders with similar missions of their own, CDFIs generally lend at more flexible terms than traditional lenders to spur the development of affordable housing in the communities they serve.
“These loans will result in 17 new or rehabilitated apartments that will revitalize neighborhoods and provide badly needed affordable housing,” say board chair Anne Mannix and executive director Sam Centellas in the report.
The report describes several other highlights. In 2022, CDFI Friendly South Bend:
supported 90 local businesses and nonprofit organizations through technical assistance and referrals;
launched a new Coaching Credit Loan program to help entrepreneurs improve their creditworthiness;
received $1.5 million in pledged grants towards its capital fund;
onboarded new members to its board of directors;
and more.
For more information, review the 2022 Annual Report (PDF), or contact CDFI Friendly South Bend to learn how you can help bring even more investment to our South Bend community in 2023.
