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Rob Cerne, Owner Seascape Technologies

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Rob Cerne, Owner Seascape Technologies. Intevation Food Group, Plover, Wisconsin. Community Development Financial Institutions (CDFI’s) Community Development Entities (CDE’s). Financing Resources.

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Rob Cerne, Owner

Seascape Technologies

community development financial institutions cdfi s

US Treasury-certified specialized financial institution that works in market niches, often economically distressed areas

  • Include both regulated community development banks and credit unions & non-regulated institutions such as loan and venture capital funds
Community Development Financial Institutions (CDFI’s)
results

Wisconsin CDFI’s had more than $400 million in loans outstanding at the end of 2009. Examples include:

Results.
results1

Northwest Side Community Development Corporation has lent more than $3.2 million, creating more than 500 jobs (Milwaukee)

  • Wisconsin Women’s Business Initiative Corporation – average loan

created 2.7 jobs and

retained 5.8 more

Results…
results2

Forward Community Investments (statewide loan fund for non-profits) loans resulted in the development of 1,200 units of affordable housing and creation/retention of 3,000 jobs

  • Community Assets for People has lent more than $10 million in housing loans and $4.5 million in business loans
Results
demand for capital

Demand is high –

    • Community Assets for People – business loan portfolio of $6 million at the end of 2010
    • $900,000 in business loans deployed in 2010;
    • Over $750,000 to date in 2011 with almost $800,000 in loans now in the pipeline
    • Since 1991, 590 households purchased homes with deferred loan of more than $10 million
    • Project to help an additional 20 in 2011.
Demand for Capital
demand for capital1

The US Treasury – CDFI Fund 2011 Application Round – New Market Tax Credit Program

  • 14% increase in requests over 2010
  • 314 applications, the most since 2002 when the program began
  • $26.7 billion in requests for $3.5 billion in resources – almost a 7 to 1!
Demand for Capital
new tools

The Wisconsin Legislature is moving forward on legislation (AB 211) that would create tax credits for investments in CDFi’s in Wisconsin.

  • Investments of at least $10,000 for 5 years would net a 10% tax credit (12% for investments of $150,000-$500,000)
New Tools
new tools1

Starbucks – Create Jobs for USA.

Americans themselves would invest in small business. Those who donate $5 or more get a red-white-blue wristband labeled “indivisable.”

Starbucks will use CDFI’s as its financial partner. Starting off with

a $5 million donation.

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