Funding allows for continued mission supporting economic growth in Mississippi
Renaissance Community Loan Fund (RCLF) was awarded $1,826,265 from the U.S. Department of Treasury. The award is part of the Treasury Department’s Rapid Response Program (RRP), which provided $1.25 billion of COVID-19 relief funds to 863 community development financial institutions (CDFIs).
RCLF, a certified CDFI and 501(c)(3), will use the funds to provide additional capital to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities.
“We are ready to put this much-needed funding towards our mission of creating economic opportunity in Mississippi and help address the impact the pandemic had on our state,” said Kimberly LaRosa, president and CEO of Renaissance Community Loan Fund.
For information on Renaissance Community Loan Fund and to learn about the programs and economic opportunities available to all Mississippians, visit http://www.rclfms.com.
Kimberly LaRosa, President & CEO of Renaissance Community Loan Fund, was named one of 2021’s Top CEOs by the Mississippi Business Journal.
The award recognizes leaders around the state who demonstrate excellence in their fields and have made profound impacts and major contributions in Mississippi.
LaRosa has led Renaissance Community Loan Fund, a 501(c)(3) non-profit, for the past 14 years. Under her leadership, the company has grown from a small organization with the sole focus of housing recovery after Hurricane Katrina to a nationally certified community development financial institution with four locations dedicated to the economic growth of the residents and communities of the entire state of Mississippi.
“I am grateful to the Mississippi Business Journal for the recognition with this award,” LaRosa said. “It has been an honor to lead Renaissance through so much growth over the last 14 years and see the positive changes that we’ve been able to make in Mississippi”.
Kimberly LaRosa is a CPA and is licensed through the MS Real Estate Commission. She is a Goldman Sachs 10,000 Small Businesses Graduate and a governor-appointed member of the MS Lottery Corporation’s Board of Directors.
For more information on Renaissance Community Loan Fund and to learn about the programs and opportunities available to all Mississippians, visit www.rclfms.com.
Deanna Cooley didn’t know anything about quilting when she attended her first quilting class, but she found herself loving it. It was seeing the pure emotion and joy on her family’s faces in response to the first quilt she made them that had her hooked on quilting. “I realized that by putting a piece of my heart into my quilts, I could bring others immense happiness,” said Deanna.
Donna Bates always dreamed of owning her own home and when she heard about Renaissance while attending a seminar, she decided to apply. “After I submitted the application online, I was contacted a few days later advising me of what I was approved for. The day I received the call, I was at work and I closed my office door and did a praise dance!” said Donna.
Going through the homeownership process is stressful but Donna said working with Renaissance made it a better experience. “I was so lost and confused with all the different aspects of owning a home for the first time”, said Donna “but the Renaissance team was right there to help me along the way. The guidance I received was the thing I enjoyed most and I really enjoyed working with Ms. Tj! She eased my fears and made the process more bearable.”
Through the process, Donna was able to make her dream come true and closed on her home in November of 2020. “To see how excited and happy my children are in our new home is an amazing feeling. Renaissance made my dream of owning a home into a reality. It is a wonderful feeling pulling up in MY driveway and opening the door to MY home. The process was hard at times but it is definitely worth it! Owning a home is truly a blessing!”
After 8 months, her patience and persistence paid off and she closed on her home in February 2021. “My experience with Renaissance was absolutely spectacular. From the immediate response after putting in my application to the final closing, I truly felt I was never alone in the process. As a single mom, purchasing my first home, I had tons of questions and Margaret and Melinda answered every single one and explained everything to me. I enjoyed everything about the experience. Renaissance not only allowed me to achieve my dream of purchasing a home, but they were an integral part of me restarting my life.”
If you’re one of the many businesses struggling to stay afloat during this Pandemic, the updates to the Paycheck Protection Program comes as good news, especially if you’re a small business owner with less than 20 employees.
Now through March 10, the SBA is exclusively approving forgivable loans to businesses and nonprofits with fewer than 20 employees. The intent is to provide these businesses the opportunity to work with lenders and community partners without having to compete with their larger counterparts.
Solo proprietors, independent contractors, and self-employed individuals will be able to get more financial support thanks to a modification to the program’s funding formula.
To find out about the other changes that were made, please visit the SBA’s Small Business Guidance & Loan Resources page. If you’re interested in applying, please visit www.rclfms.com/ppp-20.
Renaissance, Mississippi’s Premier Nonprofit Lender, stands ready to assist you with your PPP 2.0 application.
Renaissance partners with Mississippi’s small businesses only, placing them at the front, not the back of the line.
By using Renaissance’s online portal, you may complete and submit your application quickly and easily.
If your business suffered financial losses during any quarter of 2020, please begin to complete your application today!