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Community Ventures Corporation, Inc.
1450 North BroadwayLexington KY, 40505-3162
Community Ventures Corporation (CVC) will use its NMTC Allocation to target non-metropolitan counties in Appalachia and economically distressed urban areas. CVC will make loans to commercial real estate projects, community facilities and small businesses through flexible underwriting, below market rate pricing, longer amortization periods and extended loan terms. Additionally, CVC will create a new loan product that provides business loans in the form of working capital to non-profit community development corporations to facilitate the development of affordable home ownership opportunities.
CDFI Awards for Community Ventures Corporation, Inc.
NMTC (2009) - $25,000,000
Community Ventures Corporation (CVC) will use its NMTC allocation to provide loans in low-income communities located throughout Kentucky, including non-metropolitan counties in Appalachia and in western Kentucky. CVC’s loans will support commercial real estate projects, community facilities and emerging and expanding businesses that provide employment opportunities and contribute to community economic sustainability. This will be achieved through flexible underwriting, below market rate pricing, longer amortization periods and extended loan terms. Working capital loans will also be made to community development corporations to facilitate the development of affordable housing.
NMTC (2008) - $32,000,000
Community Ventures Corporation, Inc. (CVC) will use its NMTC allocation to provide loans in low-income communities located throughout Kentucky, including non-metropolitan counties in Appalachia and in western Kentucky. CVC's loans will support commercial real estate projects, community facilities and emerging and expanding businesses that provide employment opportunities and contribute to community economic sustainability. This will be achieved through flexible underwriting, below market rate pricing, longer amortization periods and extended loan terms. Working capital loans will also be made to community development corporations to facilitate the development of affordable home ownership opportunities.
FA (2008) - $1,000,000
Community Ventures Corporation, Inc. (CVC) is a certified CDFI, non-profit loan fund, established in 1982. The CDFI provides small business and homeownership products and development services to more than 40 counties in central Kentucky. It will use its 2008 Financial Assistance award of $1,000,000 as loan capital to expand its business lending programs in its target market.
NMTC (2007) - $45,000,000
Community Ventures Corporation (CVC) will use its NMTC Allocation to target non-metropolitan counties in Appalachia and economically distressed urban areas. CVC will make loans to commercial real estate projects, community facilities and small businesses through flexible underwriting, below market rate pricing, longer amortization periods and extended loan terms. Additionally, CVC will create a new loan product that provides business loans in the form of working capital to non-profit community development corporations to facilitate the development of affordable home ownership opportunities.
FA (2006) - $496,000
Community Ventures Corporation (CVC), based in Lexington, Kentucky, is a certified CDFI incorporated in 1982. CVC was founded to create economic opportunities for low-income residents. CVC will use its Financial Assistance Award of $496,000 to increase its mortgage lending product in its target market.
NMTC (2005) - $12,000,000
Community Ventures Corporation, Inc. (CVC) will use its NMTC allocation to provide commercial real estate, community facilities and small business loans in low-income communities located throughout Kentucky. CVC will target three main markets: (1) the 42 counties of the Appalachian Region, (2) tobacco dependent counties, which need significant investment to preserve jobs due to decline in quotas and demand for tobacco, and (3) three of Kentucky?s major urban centers. The NMTC Allocation will enable CVC to offer loans up to 300 basis points below market with longer amortization periods and lower fees.
FA (2003) - $500,000
The Fund"s $500,000 grant will be used to supplement a loan pool from which CVC will deliver flexible, affordable second mortgages to low-income and very low-income and underserved minority homebuyers in 9 Appalachian counties and Lexington/Fayette County who do not have upfront financial resources for a down-payment and/or closing costs. This award will leverage approximately $14.8 million in first mortgages from private lending institutions and second mortgage funds from other federal sources, which will create over 200 new first-time, low-income homebuyers over the next three years. Approximately 58% of this award will be targeted to Hot Zones.
NMTC (2002) - $12,000,000
CVC intends to use its NMTC allocation to provide senior-debt for commercial real estate development, community facilities, and small- and medium-sized businesses. The organization believes that the NMTC will enable it to offer loan products with better terms and below-market interest rates, and to finance deals that would not otherwise be financed by traditional banks.
SECA (1999) - $50,000
The technical assistance grant will be used by CVC to more efficiently and effectively manage its operations. Specific uses include: to track and document the impact of its activities on its target market; to review and refine its risk management and management reporting systems; to conduct board training; and to develop a marketing strategy to reach its new rural markets.
CORE (1999) - $1,000,000
The CDFI Fund"s $1,000,000 capital grant will help CVC to launch two new loan products: a small business loan product and a nonconforming first mortgage housing loan product.
CORE (1997) - $350,000
The CDF1 Fund grant of $350,000 will help CVC fill a crucial gap in access to capital for residents of Lexington and surrounding rural areas. CVC also plans to expand its business lending products to focus on increasing the job creation impacts of its services and lending.
Other Community Development Financial Institutions in Kentucky
CNC Development Corporation, Inc.
Paintsbille
Community Ventures Corporation, Inc.
Lexington
Louisville Development Bancorp, Inc.
Louisville
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Small Business Administration Background
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