The Community Investment Fund of Indiana’s (CIFI) assistance to small businesses in Indiana received a boost of $125,000 from the U.S. Treasury.

The funds are from the U.S. Department of the Treasury’s Community Development Financial Institutions Program (CDFI Fund) and Native American CDFI Assistance Program. The latest funding of $125,000 to CIFI adds to $1.5 million ($1,538,000) awarded to CIFI in August from the same programs.

CIFI Executive Director Phil Black says, “The funding provided by the U.S. Treasury is important and helps CIFI provide essential services to underserved communities throughout urban and rural Indiana. Currently, over 70% of our loan portfolio consists of businesses owned by Women, African Americans and Hispanic populations.”

The Community Investment Fund of Indiana (CIFI) is a statewide small business lender with offices in Indianapolis and Hammond. CIFI focuses on underserved small businesses that do not have access to bank financing. CIFI is funded by state and federal agencies, Indiana banks and philanthropic organizations. CIFI has loaned over $5.1 million, leveraged over $60 million, and enabled its clients to create or sustain more than 800 jobs.

The latest round of awards totaled more than $24 million from the U.S. Treasury to nearly 200 CDFIs and community organizations.

Background:

Community Investment Fund of Indiana (CIFI) (www.capitalizingindiana.org) provides loans and access to development services to underserved small businesses located throughout the state. CIFI is a private non-profit lender certified by the U.S. Department of the Treasury Community Development Financial Institutions Fund. CIFI is funded by state and federal agencies, Indiana banks and philanthropic organizations. Banks can benefit through the Community Reinvestment Act (CRA) for investing in CIFI. 

CIFI is co-managed by Cambridge Capital Management Corp. of Indianapolis. For 36 years, Cambridge Capital has provided non-traditional financing to small businesses located throughout Indiana. (www.cambridgecapitalmgmt.com)

Professionally Managed by Cambridge Capital Management Corp.