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Empowerment Reinvestment Fund, LLC
New York NYCDFI Awards for Empowerment Reinvestment Fund, LLC
NMTC (2008) - $35,000,000
Empowerment Reinvestment Fund, LLC"s (ERF) mission is to provide affordable financing and technical assistance to small businesses, non-profit organizations and large-scale, high-impact commercial projects. ERF will use its NMTC allocation to leverage below market financing sources in low-income communities. ERF will offer equity investments, subordinated debt and debt with interest rates of up to 50 percent below-market to borrowers in each of the four key program areas of 1) large scale job creation; 2) small business development; 3) community facilities with a focus on minority-serving institutions; and 4) affordable/workforce housing.
NMTC (2006) - $40,000,000
Empowerment Reinvestment Fund LLC (ERF) will use the New Markets Tax Credit Program to support: 1) large scale job creation; 2) small business development; and 3) institutions serving minority customers. The NMTC allocation will enable ERF to continue to expand the size and scope of its programmatic activity and to offer a broad array of flexible/non-traditional products, including: equity, equity-equivalents, debt with equity features, subordinated debt, below market interest rates, reduced or eliminated origination fees, higher loan-to-value ratios, lower debt service coverage ratios, longer interest-only periods, and longer amortizations.
NMTC (2003) - $25,000,000
Empowerment Reinvestment Fund (ERF) will use the NMTC allocation to offer flexible loan products in support of: (1) small business development; (2) anchor real estate projects; and (3) homeownership opportunities. ERF will use its NMTC allocation to expand the size and scope of its programmatic activity and to offer flexible loan products to its partners, including below-market interest rates, higher than- market standard loan-to-value ratios, unconventional security and flexible repayment terms. ERF will also make available comprehensive technical assistance to borrowers with whom it provides loans through the NMTC Program.
NMTC (2002) - $10,000,000
ERF will utilize its NMTC allocation to provide financial products and services to small businesses, CDCs, loan funds and nonprofits. Its targeted investment strategy consists of three principal categories: 1) small business incubators; 2) small business retention and expansion; and 3) sector-based investing. The organization believes the NMTC Program will help it expand the volume of its activities and the types of products and services it offers.
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