Gulfport, MS - Renaissance Community Loan Fund officials announced the local nonprofit has been awarded $950,000 from the U.S. Department of Treasury’s Community Development Financial Institutions Fund. The grant is part of the 2018 CDFI Program, which was established to serve low-income communities across the country through financial and technical assistance.
Renaissance, a nonprofit Community Development Financial Institution, provides personalized
lending products, and specializes in assisting low-income and credit-challenged borrowers
achieve homeownership and become business owners. As a CDFI, Renaissance supports its
clients with extensive financial counseling throughout the life of the loan, resulting in a greater client success rate.
Renaissance will use the funds to expand its products and services in the state. Renaissance
began offering affordable lending programs in 2007 in South Mississippi, and in 2017, opened
an office in Tupelo to better serve the residents in North Mississippi. This award now allows
Renaissance to continue its growth with a focus on Central Mississippi. Additionally, the award
provides the resources to expand on its specialized loan products to meet the needs of its
existing and new borrowers throughout Mississippi.
“Renaissance is honored to receive this award of funds and is grateful to the US Treasury and
the CDFI Fund for allowing us to continue our mission and promote economic opportunity
throughout the state,” said Kimberly LaRosa, president and CEO of Renaissance Community
Loan Fund. “It was a record amount of funding announced for CDFI’s in Mississippi, due in large part to the outstanding advocacy by our Mississippi delegation to demonstrate the importance of CDFI Fund programs in the state.”
For information on Renaissance Community Loan Fund and its lending programs that are
available throughout Mississippi, visit http://www.rclfms.com.
Denise Carver, Director or Administration & Marketing
Renaissance Community Loan Fund
(228) 896-3386, ext. 107
Chuck Wall, CFO for the Renaissance Community Loan Fund (RCLF) provided information on the opportunity zones that has the potential to be the largest economic development program in U. S. history. 12 zones were selected in Coastal counties with two in Hancock County. A complete list can be found at www.cdfifund.gov/pages/opportunity-zones.aspx. Wall said a qualified opportunity fund is an investment vehicle (partnership or corporation) that will accept investments of deferred capital gains and cash investments for the purpose of investing in qualified opportunity zone property. RCLF is seeking projects that can be residential or commercial mixed use developments, workforce housing, affordable housing, commercial real estate, operating businesses. (Sin businesses do not qualify.) At this point, RCLF is awaiting further guidance from the U. S. Department of Treasury on how the opportunity zone program will be managed to attract outside investors. For information, contact Tor Russell at firstname.lastname@example.org and reference the opportunity zone project.
Read full press release, here.
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Marcus Bell has had a love for trucks and trucking ever since he was a little boy. His father has been driving a truck for over 47 years, and he would take Marcus with him on his out of town trips. This seed of love for the trucking industry was planted at an early age, and it continued to grow. Marcus has now been driving on his own for 20 years.
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