April 3, 2024 (MINNEAPOLIS) In a new partnership, Community Reinvestment Fund, USA (CRF) and Mission Driven Finance aim to accelerate and expand its place-based small business lending. This partnership leverages the respective strengths of CRF and Mission Driven Finance to solve community finance challenges, including difficulties faced by many small businesses in accessing conventional sources of […]
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Community Reinvestment Fund, USA Names Ben Jirik Senior Loan Officer
Community Reinvestment Fund, USA (CRF) is thrilled to share that Ben Jirik has recently joined the organization as a senior loan officer. Ben will work closely with entrepreneurs to connect them with capital and resources designed to support them along their small business journey. “With his deep understanding of credit and commitment to helping entrepreneurs […]
The SSBCI Annual Report: What You Need to Know
If you are one of the jurisdictions participating in the federal State Small Business Credit Initiative (SSBCI), you are required to submit an annual report to the U.S. Treasury Department. Participants must submit annual reports for each calendar year by March 31 of the following year. For example, the annual report due date for the […]
SSBCI Quarterly Reporting: 3 Things You Should Know
State Small Business Credit Initiative (SSBCI) quarterly reporting doesn’t need to be a daunting task. Planning and keeping several key reporting requirements top of mind will help participating jurisdictions efficiently and accurately fulfill reporting requirements. Before getting started, be sure to read and review the U.S Treasury’s Capital Program Reporting Guidance document which outlines details […]
What is the State Small Business Credit Initiative (SSBCI)?
The State Small Business Credit Initiative (SSBCI) is part of the American Rescue Plan Act of 2021 and provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to expand access to capital for small businesses emerging from the pandemic. This is the second iteration of SSBCI – the original […]
3 Ways Artificial Intelligence is Helping Small Business Owners
By: Alexis Dishman Being a small business owner can be a juggling act. On any given day, you might be tasked with handling operations, marketing, accounting, and more. With this workload, there aren’t always enough hours in the day to focus on the long-term growth of the business. In fact, a recent small business study […]
What Types of Financing are Available for Small Businesses?
By: Alexis Dishman Whether your business is growing, downsizing, or somewhere in between, sooner or later you may need a cash infusion to support your small business needs. But it’s a crowded marketplace for small business loans. There are online lenders, bank lenders, Community Development Financial Institutions (CDFIs) and non-profit lenders available to lend money […]
Finding the Right Size of SBA Loan for Your Small Business
By: Alexis Dishman Is your small business ready for a Small Business Administration (SBA) loan? You may be asking yourself, how much SBA loan can I get? Seeking SBA financing requires careful financial planning and insight into the small business lending process. The SBA offers several different loan programs, each with its own limits, restrictions, […]
The Most Common Types of Small Business Financing
By: Alexis Dishman There are several ways for small businesses to access capital. Here, we’ll explain the most common types of external sources for small business financing (i.e., not personal savings) that can help small businesses grow, hire, purchase real estate, and more. External financing tends to fall into three categories: equity, debt, and grants. […]
