Local investment corporation receives national certification

U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has certified River City Capital Investment Corporation as a CDFI.  This certification make River City Capital Memphis’ only certified homegrown CDFI loan fund for small businesses. 
 
River City Capital Investment Corp. is an affiliate of Community LIFT whose mission is to increase economic development in under-served neighborhoods by attracting and leveraging investment capital for community revitalization. River City Capital strategically provides loans to community development organizations, and for-profit businesses that operate within its targeted neighborhoods of Greater Binghampton, Frayser and Upper South Memphis.

Through monetary awards and the allocation of tax credits, the CDFI Fund helps promote access to capital and local economic growth in urban and rural low-income communities across the nation. The CDFI Fund enables locally based organizations to further their goals. These goals can include economic development drivers like job creation, business development, and commercial real estate development or initiatives that drive affordable housing and homeownership. They also support work that promotes community development financial services.
 
Bill Irby, of Irby Enterprises, is one example of a recipient that will benefit from River City’s CDFI certification. Irby received a $20,000 closed end line of credit for upfront capital to begin rehab projects.  Specifically, these upfront dollars will allow Irby to begin rehab of affordable housing units in Frayser for the Frayser Community Development Corporation. With each job, he creates 6 to 8 jobs and looks to hire residents from the community. To date, RCC has created 13 full time jobs, 11 part time jobs, and 6 to 8 construction jobs.
 
“Having the opportunity to create jobs is a great feeling. Being a small contractor, it is sometimes hard to find funding for your business and to get small redevelopment projects started. I love working to make a difference in communities that need a fresh start and I am excited to work with RCC as I grow my business,” said Irby.