The Community Reinvestment Fund, USA (CRF) has received $75 million in total of tax credits that it will use to fund loans for operating businesses in economically disadvantaged areas.
Former Douglas resident Frank Ballesteros came back to town to offer a good opportunity loans to businesses that want to expand their operations or create more jobs, but also to interested people that wish to start their own business. Francisco Barrios/Douglas Dispatch
“Investors put their money into the CRF and the organization uses that money to land out to small businesses,” Ballesteros said. “And they use it out especially in economically disadvantaged communities, like Cochise County. The loans are made with the purpose of job creation, for businesses that want to expand their operations, and businesses that want to create jobs.”
The loans have an interest rate from 4-4.5 percent up to a 25 period and money ranges go up to $8 million.
Ballesteros said he met with Victor Gonzales from the Douglas Regional Economic Development Corporation and with IDA representatives as well as with elected Mayor, Danny Ortega Jr. to provide information about these loans so if they know about interested businesses or if they think is necessary for him to come back to town and make a presentation to a gathered group of local businesses the City of Douglas, through Gonzales can make it happen.
For further information about the loans, people is encouraged to call Victor Gonzales at the Douglas Regional Economic Development Corporation at (520) 226-3057 or 1-866-897-9234 or send an email to info@douglasREDC.com and they will make sure to put you in contact with Ballesteros and look for the best way to make these loans available.
About the Community Reinvestment Fund, USA
The Community Reinvestment Fund, USA (CRF) is a Minneapolis-based national nonprofit and Community Development Financial Institution that was formed in 1998. Is a national leader in bringing capital to underserved areas. It has injected more than $1.3 billion into low-income and economically disadvantaged communities around the country to help stimulate job creation and economic development, provide affordable housing, and support community facilities.
CRF is one of 70 organizations participating in the ninth round of NMTC funding. Since the program’s inception, CRF has received a total of $749.5 million in NMTC allocations, making CRF one of the nation’s largest NMTC allocates focused solely on business financing.
The NMTC program is aimed at stimulating private investment in low-income communities by providing tax credits to investors who make qualified equity investments in privately managed community development entities (CDEs). By making an equity investment in an eligible CDE, investors can receive tax credits worth more than 35 percent of the amount invested.
For more information, visit www.crfusa.com