Iowa Center for Economic Success Receives CDFI Certification to Better Serve the Small Business Community
The Iowa Center for Economic Success (The Iowa Center) empowers Iowans to pursue financial success and has done so for more than 30 years, empowering small businesses through capital, education and networking opportunities. To better serve the small business community, on Sunday, Jan. 30, The Iowa Center received a Community Development Financial Institution (CDFI) certification from the U.S. Department of Treasury. The CDFI certification process was led by Jose Venales, director of microloans, who works to ensure there are financial resources for future entrepreneurs in the state so that they can turn their dreams into action by securing the capital they need through The Iowa Center Loan Fund.
The Loan Fund
After starting to pursue CDFI certification last year, The Iowa Center began the process of addressing growing capital needs within the market, increasing the Loan Fund while meeting borrower needs through responsible and affordable lending across the state. The Loan Fund supports economic development efforts with eligible projects or businesses. These projects and businesses must meet the following CDFI requirements:
Small business development for statewide businesses
- Provide essential services to low- and moderate-income persons
- Create and maintain jobs for low- and moderate-income persons
- Result in lasting contribution to the region’s economic development
CDFI certification helps bring change to the people who need it most, and we are thrilled at the chance to be more of service to the underserved communities looking for financing to assist with small business development. Now that The Iowa Center has a CDFI, the organization is able to work with banks and foundations to impact investment opportunities. In the next several months, we’ll work to strengthen the Loan Fund and continue to serve entrepreneurs through supportive services.
You can find out more about The Iowa Center at theiowacenter.org. Learn more about CDFI certification here.
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