Over the last several years, we’ve been proud to assist our pro bono client, River City Capital Investment Corporation, in its work to provide loan funding for small businesses in low income communities in the Memphis area. In addition to forming the entity and representing it in obtaining its 501(c)(3) tax exempt status, Carla Peacher-Ryan and others working with her in our Memphis office have had the opportunity to document and close all of the important, life altering loans River City Capital has made. So, we’re very excited that all the hard work has paid off in the form of River City Capital’s certification by the U.S. Department of Treasury as a Community Development Financial Institution, the only one of its kind in Memphis.
CDFI loans provide access to capital and promote local economic growth in urban and rural low-income communities across the nation, furthering goals such as economic development, affordable housing, and community development financial services. River City Capital, an affiliate of Community LIFT, strategically provides loans to community development organizations, charter schools, aspiring business owners, and nonprofit and for-profit businesses that operate within its targeted neighborhoods of Greater Binghampton, Frayser and Upper South Memphis.
One of the loan recipients benefitting from River City’s CDFI certification is Bill Irby of Irby Enterprises. Mr. Irby received a $20,000 line of credit for upfront capital to begin rehab of affordable housing units for the Frayser Community Development Corporation. With each rehab project, he creates 6-8 jobs and looks to hire residents from the community.
We couldn’t be happier to be a part of this vital effort to lift low income communities in Memphis, and are excited about the work ahead. Congratulations to River City Capital for its amazing work, and for achieving the CDFI certification!
For more information about River City Capital, please visit www.rivercitycapital.org.