The Northside Community Development Fund was recently awarded a $600,000 grant from the U.S. government’s Community Development Financial Institution Fund.
The Northside Fund, started in 2000, invests in and makes small business loans to businesses and organizations on the Northside that may be unable to get traditional loans from banks.
The grant money will go toward small business loans for businesses on the Northside, said Mark Masterson, executive director of the Fund.
The diversity of the neighborhood is reflected in the loans the fund makes, and since 2006, about 50 percent of loans have been to women-owned businesses, and about 44 percent have been to minority-owned businesses, according to a press release.
“We are thrilled to once again have our efforts be recognized and supported by the U.S. Treasury’s CDFI Fund,” Masterson said.
The Fund has given small business loans to a variety of businesses, including Bistro-To-Go, Savvior Technologies, Rita’s Italian Ice and building company Team Laminates.
“These funds will be used to finance low-cost loans to small businesses here on the Northside.
Most of the jobs on the Northside are in small businesses. By supporting and investing in these companies, we can help entrepreneurs grow their businesses and create jobs for Northside residents,” he said in a press release.
The $600,000 grant is the fourth the Northside Fund has received from the CDFI Fund, including a similar one it received last year.
Out of 400 organizations that applied for the loan, only 180 were chosen for awards.
The Northside Chronicle is a subsidiary of the Northside Community Development Fund, but will receive no funding or benefits from this award.