MLCDC Awarded $125K by U.S. Department of Treasury’s CDFI Fund
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) selected Midlands Latino Community Development Corporation (MLCDC) (www.midlandslatinocdc.org) for a $125,000 financial assistance (FA) award through the Fiscal Year 2018 CDFI Program.
MLCDC will increase the volume of current products and services: $100,000 of CDFI FA funds will be used to increase the volume of loan products and $25,000 will be used to increase the volume of development services. Each of these actions will support the strategic goal of increasing the loan fund to $1,500,000 by 2021.
As of 2017, MLCDC is a certified Community Development Financial Institution. MLCDC’s small business loan fund, Advance Fund, provides business capital to primarily Latino, immigrant, and low-income women-owned local businesses with an emphasis on job creation and place-keeping.
MLCDC’s direct-service, asset-building programs serve over 7,000 individuals each year through education and coaching programs, including: financial capability, housing counseling, business development, workforce development, and digital literacy (Financial Advisory Window at the Mexican Consulate in Omaha).
The Advance Fund is expected to be a potential financing vehicle for community real estate and consumer lending in the future.
MLCDC is searching for qualified candidates for MLCDC’s Advance Fund-CDFI director. Reporting to the executive director, the director of Advance Fund is responsible for the leadership, management, and growth of MLCDC’s nascent CDFI. The director of Advance Fund aloso manages a diverse and growing small business loan portfolio, and is tasked with building on the CDFI’s first years of lending success to expand into other products and lines of business that are relevant to the greater Omaha and Lincoln communities in the next three years.