Article Archives: Pennsylvania
Small Loans, Big Returns
Headquartered in Milwaukee, WtW makes its loans from 43 offices in 21 states: California, Delaware, Florida, Hawaii, Illinois, Indiana, Louisiana, Maryland, Michigan, Minnesota, Missouri, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Dakota, Texas, Virginia, Washington, and Wisconsin.
WtW offices are located in social service agencies affiliated with the Alliance of Children and Families (ACF). ACF agencies screen and provide financial education to borrowers and service the loans. WtW local offices provide financial education to more than three persons for every individual who receives a loan. Investors in WtW include several national foundations, the Community Development Financial Institution Fund of the U.S. Treasury Department, local United Way offices, and financial institutions. Banks can be involved by investing in the national WtW loan fund, by referring to local WtW offices prospective borrowers who do not meet conventional credit criteria, by participating in local WtW loan committees, and by providing grants and in-kind donations to WtW.
[Community Developments Investments, Fall 2008]
Pennsylvania Provides Assistance for Low-Income Communities Across the State
Appalachian Region's Progress Fund Expands
Using a start-up grant of $200,000 from the State of Ohio, the Progress Fund is expanding its service area, currently encompassing 39 counties in Pennsylvania and West Virginia, into the 29 counties of Ohio's Appalachian region. The Progress Fund supports the niche industry of tourism businesses, including bed and breakfasts, brew-pubs, general stores, restaurants, museums, and similar small businesses that attract and serve visitors in rural areas. The Progress Fund is currently seeking investors to capitalize its Ohio expansion. Investors are asked to invest a minimum of $100,000 to help meet the organization's goal of a $5 million fund by 2007. Terms are flexible and negotiated individually with investors. Examples of previous investment terms have included a non-amortizing, 10-year loan at below market interest rates.
To invest in any of the Progress Funds, please contact David Kahley, CEO, at (724) 529-0384, or visit its Web site, www.progressfund.org.
[Published in News from the Districts, Community Developments Investments, Spring 2006]
Small Allocations of New Markets Tax Credits Can Go a Long Way
Contacts: Evelyn Friedman at Nuestra Development Fund (617) 989-1202; Linda LeFever at Northside Community Development Fund (412) 322-0290.