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JPMorgan Chase & Co.: The Role of CDFIs Make Equitable Common Sense

The role of community development financial institutes (CDFI) in propelling investment across Detroit neighborhoods was top of mind for panelists and attendees during the session “A Match Made in Michigan: Leveraging Private and Alternative Financing to Drive Equitable Growth” hosted by JPMorgan Chase & Co. on Thursday.

“Every deal needs (private and public) partners to make it happen in our neighborhoods,” said Melinda Clemons, senior loan officer at Capital Impact Partners.  “When economic development happens across the city it impacts everyone.”

Key Takeaways

  • Gap fund lending is readily available for applicants who have a solid business plan and vision.
  • Minority business owners are creating and sustaining development in Detroit neighborhoods.
  • CDFIs serve the community differently than traditional financial institutions such as banks, investment groups and investment funds.
  • More than $50 million in projects funded by CDFIs are in the pipeline, impacting neighborhoods across the city.
  • Capital Impact Partners and Detroit Development Fund serves the small-business ecosystem through gap funding, pre-construction loans and place-making.
  • The Detroit CDFI Coalition is a collaborative group of community development financial institutions and Detroit stakeholders that work together to strategically expand CDFI investment, loans and banking services within the city of Detroit.

The panel also included Vanessa Holsey, relationship manager for the Detroit Development Fund, and was moderated by Tosha Tabron, vice president of global philanthropy for JPMorgan Chase & Co.