Community development

Small Business Flex Fund raises an additional $40 million to support Washington state small businesses

Friday, October 15, 2021 - 9:18pm

The Small Business Flex Fund provides access to flexible, low-interest loans to businesses and nonprofits in WA State.

Key Points: 
  • The Small Business Flex Fund provides access to flexible, low-interest loans to businesses and nonprofits in WA State.
  • Bryan McDonald, President & COO of Heritage Bank said, "Programs like the Small Business Flex Fund are crucial to the small businesses in Washington state.
  • The Flex Fund aims to raise $100 million to continue to support the recovery of small businesses and nonprofits throughout the state.
  • The Small Business Flex Fund provides access to flexible, low-interest loans and business support services to small businesses and nonprofits across Washington.

Workers Credit Union selects Finastra to power innovation and position for growth

Thursday, October 14, 2021 - 2:00pm

"Our unique commitment to serving our members as they work toward their financial goals has positioned us for unprecedented growth," said Doug Petersen, President & CEO, Workers Credit Union.

Key Points: 
  • "Our unique commitment to serving our members as they work toward their financial goals has positioned us for unprecedented growth," said Doug Petersen, President & CEO, Workers Credit Union.
  • With the Fusion Phoenix open core, Workers Credit Union will also experience increased speed to innovation and, by unlocking the power of data, will be able to proactively engage with members through personalized services.
  • Workers Credit Union recently adopted a national charter that enables it to serve a broader set of members wherever they live.
  • Workers Credit Union is a Community Development Financial Institution and Low-Income Designated Credit Union.

Workers Credit Union selects Finastra to power innovation and position for growth

Thursday, October 14, 2021 - 2:00pm

LAKE MARY, Fla., Oct. 14, 2021 /PRNewswire/ -- Finastra today announced that Workers Credit Union has selected Fusion Phoenix as its new core banking solution to grow its membership, future-proof its business and strengthen its position against competitors, including digital banks. In addition, it will use Fusion MortgageBot, Fusion ECM, Fusion Originate, Fusion Analytics, Fusion Treasury Essential and other Finastra solutions to bolster its offerings.

Key Points: 
  • "Our unique commitment to serving our members as they work toward their financial goals has positioned us for unprecedented growth," said Doug Petersen, President & CEO, Workers Credit Union.
  • With the Fusion Phoenix open core, Workers Credit Union will also experience increased speed to innovation and, by unlocking the power of data, will be able to proactively engage with members through personalized services.
  • Workers Credit Union recently adopted a national charter that enables it to serve a broader set of members wherever they live.
  • Workers Credit Union is a Community Development Financial Institution and Low-Income Designated Credit Union.

Oportun to Report Third Quarter 2021 Financial Results on Wednesday, November 3, 2021

Wednesday, October 13, 2021 - 9:05pm

SAN CARLOS, Calif., Oct. 13, 2021 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Oportun or the Company) (Nasdaq: OPRT) will release financial results for its third quarter 2021 on Wednesday, November 3, 2021, after market close.

Key Points: 
  • SAN CARLOS, Calif., Oct. 13, 2021 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Oportun or the Company) (Nasdaq: OPRT) will release financial results for its third quarter 2021 on Wednesday, November 3, 2021, after market close.
  • Oportun will host a conference call and earnings webcast to discuss results at 5:00 pm ET / 2:00 pm PT on that day.
  • Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to provide responsible consumer credit to hardworking people.
  • In recognition of its responsibly designed products which help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

WesBanco Bank Community Development Corporation Honored with ABA Foundation Community Commitment Award

Tuesday, October 12, 2021 - 9:10pm

WHEELING, W.Va., Oct. 12, 2021 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announced that its affiliate, WesBanco Bank Community Development Corporation ("WesBanco CDC"), was nationally recognized by the American Bankers Association Foundation ("ABA Foundation") with a 2021 Community Commitment Award.

Key Points: 
  • WHEELING, W.Va., Oct. 12, 2021 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announced that its affiliate, WesBanco Bank Community Development Corporation ("WesBanco CDC"), was nationally recognized by the American Bankers Association Foundation ("ABA Foundation") with a 2021 Community Commitment Award.
  • "WesBanco CDC saw an opportunity to improve the lives of those in its community and took action," said Corey Carlisle, executive director, ABA Foundation.
  • This commitment is demonstrated by WesBanco Bank's seven consecutive "Outstanding" Community Reinvestment Act ratings, since 2001, the highest rating awarded from bank regulators for the Bank's performance in meeting community credit needs.
  • ABA Foundation Community Commitment Award entries were submitted in six categories including affordable housing, community and economic development, financial education, economic inclusion, protecting older Americans, and volunteerism.

Exact Capital Group Receives Equity Investment from TruFund's Impact Developers Fund to Accelerate Growth

Tuesday, October 12, 2021 - 3:00pm

Our preferred equity investment will enhance Exact Capital'sorganizational growth trajectory and allow it to readily and actively pursue affordable housing and other economic development opportunities in underserved communities."

Key Points: 
  • Our preferred equity investment will enhance Exact Capital'sorganizational growth trajectory and allow it to readily and actively pursue affordable housing and other economic development opportunities in underserved communities."
  • The Exact Capital investment is the fourth investment by the Impact Developer Fund ("IDF"), launched in July 2020 by Morgan Stanley, TruFund Financial Services, and the Ford Foundation.
  • IDFwas established to provide equity capital and technical support toemerging real estate developers, especially businesses led by women and people of color.
  • Lack of access to equity and equity-like capital hinders emerging developers from successfully and actively pursuing affordable housing development opportunities.

The Mexican American Opportunity Foundation announces its 53rd Annual Aztec Awards Virtual Gala

Tuesday, October 12, 2021 - 10:00am

MONTEBELLO, Calif., Oct. 12, 2021 /PRNewswire/ -- Extraordinary plans are underway as the Mexican American Opportunity Foundation (MAOF) celebrates another banner year of dedicated service to the community with the announcement of its 53rd Annual Aztec Awards Virtual Gala.

Key Points: 
  • MONTEBELLO, Calif., Oct. 12, 2021 /PRNewswire/ -- Extraordinary plans are underway as the Mexican American Opportunity Foundation (MAOF) celebrates another banner year of dedicated service to the community with the announcement of its 53rd Annual Aztec Awards Virtual Gala.
  • The virtual event highlighting the organization's program services in Early Childhood Education, Seniors and Community Development will be held on October 14, 2021, at 5:00 PM.
  • "As the premier provider of comprehensive human services to the state's Latino community, we are excited at the 53rd annual celebration of the important work MAOF does every day," said Anita Quionez Gabrielian, MAOF Board Chair.
  • Individuals interested in participating in the Aztec Awards can do so by watching the virtual streaming gala at 5:00 pm on Thursday October 14 by clicking on the following weblink: http://2021maofvirtualaztecawards.com
    About the Mexican American Opportunity Foundation:
    The Mexican American Opportunity Foundation (MAOF) is a non-profit, state-wide community-based organization that was established in 1963 by community leader, Dionicio Morales to serve disadvantaged individuals and families in the Los Angeles area.

DCHFA Closes Out Fiscal Year 2021 By Financing Affordable Housing in Wards 6 and 8

Friday, October 8, 2021 - 2:00pm

DCHFA has financed two new construction projects, MDXL Flats and The Clara in Wards 6 and 8, respectively.

Key Points: 
  • DCHFA has financed two new construction projects, MDXL Flats and The Clara in Wards 6 and 8, respectively.
  • Being able to close these deals before the end of the fiscal year was a labor of love.
  • The Clara and MDXL Flats will get us 182 units closer to Mayor Bowsers goal of 12,000 more affordable homes by 2025.
  • The Agencys mission is to advance the District of Columbias housing priorities; the Agency invests in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives.

NMSDC Business Consortium Fund and Triad Investments Announce New President: Sahra S. Halpern

Thursday, October 7, 2021 - 7:35pm

NEW YORK, Oct. 7, 2021 /PRNewswire-PRWeb/ -- The NMSDC Business Consortium Fund, Inc. (BCF) and Triad Investments L.P., which together provide a spectrum of financing products for minority-owned businesses, announced today that Sahra S. Halpern will join as president of both organizations.

Key Points: 
  • NEW YORK, Oct. 7, 2021 /PRNewswire-PRWeb/ -- The NMSDC Business Consortium Fund, Inc. (BCF) and Triad Investments L.P., which together provide a spectrum of financing products for minority-owned businesses, announced today that Sahra S. Halpern will join as president of both organizations.
  • Halpern spent 15 years in various leadership roles at the Charles Schwab Bank Community Development Group which she helped establish in 2005.
  • She and her team developed and implemented a strategic plan committed to deploying $2 billion over three years to community development organizations.
  • Halpern comes to BCF from Capital Impact Partners based in Arlington, VA, a national CDFI where she led structured fund development and lending strategy.

SOME (So Others Might Eat) Preserves Much Needed Affordable Housing in Logan Circle

Thursday, October 7, 2021 - 5:15pm

"No effort to reduce homelessness can be successful in the long term without increased resources for affordable housing," said Ralph Boyd, President and CEO of SOME.

Key Points: 
  • "No effort to reduce homelessness can be successful in the long term without increased resources for affordable housing," said Ralph Boyd, President and CEO of SOME.
  • "At SOME, we believe that affordable housing and supportive programs improve the economic status of residents, revitalize neighborhoods and stabilize lives.
  • SOME opened its first transitional housing program in 1986, its first long-term affordable housing program in 1989 and now operates 1,100 units of supportive-service, affordable housing for families and single adults experiencing homelessness and poverty.
  • In 2005, recognizing the great need in DC for the creation of affordable housing SOME launched its Affordable Housing Development Initiative with a goal of creating 1,000 new units of housing.