Venture Jobs earns CDFI certification
The U.S. Treasury Department recently certified Rochester’s Venture Jobs Foundation as a community development financial institution.
With this certification, Venture Jobs expands its capacity to financially support the growth of businesses in underserved neighborhoods and launches its ability to support infrastructure development in these communities.
Becoming a CDFI provides access to more federal assistance funds for Venture Jobs to strengthen its capacity as a lender and support loan seekers. CDFI status broadens the ways Venture Jobs can further its mission of revitalizing neighborhoods and improving the quality of life by supporting and investing in growing businesses to foster job creation.
The CDFI certification also opens new doors for financial support from the banking industry and greater community, enabling them to be a first source of funding for expanding entrepreneurial businesses.
“We are now looking to expand our loan program to a larger pool of businesses within the city of Rochester,” said John McDermott, vice president of lending services. “As a CDFI, we are looking to raise $1-2 million in additional capital to support loans and technical support.”
Venture Jobs also learned that local entrepreneurs need technical support and access to social networks to help entrepreneurs grow their businesses. So, the foundation developed the Jobs Kitchen program and partners with area organizations to strengthen the entrepreneurial ecosystem for emerging entrepreneurs from low-income neighborhoods.
“When we help business owners transform their ideas into a growing business, they are empowered to spread their success throughout our entire community,” President Denny Deleo said. “The CDFI certification enables us to provide greater support to individuals working to grow their business for the benefit of the community.”
Visit venturejobs.org for information.