The mayor of Fort Worth will be announcing a major initiative to increase financing opportunities for Black, Latino, and other communities this week.
On Wednesday, Mayor Mattie Parker will kick off the initiative known as CDFI Friendly Fort Worth.
"We're using about $3 million of ARPA funds to stand up a community-led, community-driven program that will actually connect business opportunities and underserved communities with patient flexible financing from CDFIs all over the country," says Christina Brooks, the chief equity officer and director of the Department of Diversity and Inclusion for the City of Fort Worth.
While the money will be available to anyone, there is a specific focus in this initiative.
"We are focused on those areas that traditionally and historically haven't received a great deal of interest from the financial industry," says Brooks.
Those areas include the city's Black and Latino communities, such as Stop Six, Como and the Las Vegas Trail area.
In all, the city expects to lend more than $200 million over the course of five years through this program, and Brooks says the money can be used for a wide variety of things.
"Everything from business development and startup to gap financing for development projects and neighborhood improvement zones," says Brooks. "Typically, CDFIs usually finance opportunities up to, in some cases, a half-million dollars for large development projects."
The kickoff event will be held Wednesday morning at 9:00 a.m. at the future City Hall, 100 Energy Way (the former Pier 1 building).
Click here to learn more about the CDFI Friendly Fort Worth initiative; to apply for a loan through the program click here.
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