The U.S. Treasury informed ISU Community Vitality Center Director Mark Edelman that Iowa Community Capital has met the requirements for certification as a Community Development Financial Institution (CDFI) which receives special status to access to CDFI fund of the U.S. Treasury for assistance in providing financial services to target low-income populations. The CDFI Fund of the U.S. Treasury Department provides grants to certified CDFIs and allocations of New Market Tax Credits for gap equity financing of larger job creation projects in designated low-income and population decline Census Tracts.
Iowa Community Capital (ICC) is an Iowa 501(c )(3) nonprofit that is led by the ISU Community Vitality Center. ICC currently conducts the Solidarity Microfinance Program targeting low-income women entrepreneurs in Des Moines. Since January 2015, more than 150 low-income women have participated in the Solidarity Program and achieved a 100% loan repayment rate. ICC is the only certified CDFI with a statewide mission in Iowa to provide financial services and business technical assistance to low-income populations and underserved communities.
Edelman said that Sandy Burke, Senior Researcher for the ISU Community Vitality Center led the application efforts for the CDFI certification status--a process that required an extensive application and several years to achieve.
"The initial suggestion for seeking CDFI certification status was made by a previous ISU Vice President for Research," Edelman said. CVC took over the leadership of the nascent ICC organization in 2011.
"ICC has already received a $125,000 technical assistance grant from the CDFI fund," he added.