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Rob Cerne, Owner Seascape Technologies

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

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  1. Rob Cerne, Owner Seascape Technologies

  2. Intevation Food Group, Plover, Wisconsin

  3. Community Development Financial Institutions (CDFI’s) • Community Development Entities (CDE’s) Financing Resources

  4. 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)

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

  6. 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…

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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. New Tools

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