October 27, 2021 Akron, OH – Rachel Bridenstine, Executive Director of the Development Fund of the Western Reserve (DFWR) and Western Reserve Community Fund (WRCF) has been awarded the Ohio Economic Development Professional of the Year by the Ohio Economic Development Association. Summit County Executive Ilene Shapiro put forth the nomination. DFWR and WRCF are managed by the Development Finance Authority of Summit County. Rachel directs and manages all initiatives of DFWR and WRCF.
Under Rachel’s direction WRCF become certified as a Community Development Financial Institution (CDFI). Initially capitalized in 2019, WRCF has created several mission-based lending platforms including the Minority Contractor Capital Access Program (MCCAP), the Akron Resiliency Fund, the Summit County Affordable Housing Trust Fund, and a regional loan fund. To date, 96% of the loans in WRCF’s portfolio are located in economically distressed communities, 46% are women-owned business enterprises, and 65% are minority owned business enterprises.
According to Chris Burnham, President of Development Finance Authority, “Thanks to Rachel’s leadership, WRCF’s loan portfolio has grown from 4 loans in 2019 to 46 loans today, valued at over $2.6 million. These projects have leveraged many community resources to bring much needed capital to underserved communities, build wealth, and make a positive impact on people’s lives.”
Ms. Bridenstine has 10+ years of experience in accounting, community/economic finance (including tax credits, bond financing, small business lending, and other federal funding programs), management, development and marketing. She has worked in the non-profit sector and other community outreach organizations in the Akron area. Rachel currently serves on the board of the Akron Civic Theatre, participates in the Invest Health Team for Akron (an initiative funded by the Robert Wood Johnson Foundation), part of Greater Akron Chamber’s Equity and Inclusion Committee and volunteers as a Middlebury Neighborhood Network Member, Children’s Choir director and musician at her church. She was recently one of the recipients of the 30 for the Future awards through the Greater Akron Chamber.
Video: Rachel Bridenstine, Executive Director, Development Finance Authority of Summit County