CDFIs share a common goal of expanding economic opportunity in Low-Income Communities by providing access to financial products and services for local resi-dents and businesses. They strive to foster economic opportunity and revitalized neighborhoods. Western Reserve Community Fund (WRCF) was created to help fill the regional gap in access to capital and provide support in disinvested areas where traditional lenders deem too risky to finance or be the sole lender. WRCF is not a competitor with banks.
Western Reserve Community Fund’s target market is low-income populations and census tracts within Summit, Medina, Portage, Stark and Wayne counties.
- Poverty Rates of at least 20%
- Unemployment rate 1.5 times the national rate
- Income not more than 80% of the area median family income.
Types of financing available through WRCF:
- Commercial Real Estate
- HealthCare: Community Health Centers
- Nonprofit Organizations: Project Specific
- Affordable Housing: Support of Organizations
WRCF offers loans from $50,000—$500,000. Is a “Fund of Funds” with various capital sources.
- Energy Efficient Loan Fund—for renovation projects within Summit County
- Regional Loan Fund—for projects located outside of Akron
- Akron Focused Fund—for projects located in Akron
- Community Development Block Grant–for eligible projects within Summit County and outside Akron, Barberton and Cuyahoga Falls.
Flexible Terms Include:
- Below Market Interest Rate
- Higher Loan to Value Ratios
- Lower Debt Service Coverage Requirements
- Low Origination Fees
- Subordinated Debt
Preferred Project Characteristics:
- Job Creation for Low-Income Community Residents
- Large Community Impact
- “Ready to Go”
- Connected with neighborhood plans.
- Need for smaller size financing to fill gap in project sources.
- Small Business or Non-profit expansions
- Equitable and diverse employment strategies
- Minority or Female owned/managed businesses.
- Entrepreneurial aspects.
- Projects outside of Akron
- Low to Moderate Income Job Creation