Venture Jobs obtains CDFI certification

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The US Treasury Department recently certified the Venture Jobs Foundation of Rochester as a community development financial institution.

With this certification, Venture Jobs expands its ability to financially support the growth of businesses in underserved neighborhoods and launches its ability to support infrastructure development in these communities.

Becoming CDFI provides access to more federal aid funds for Venture Jobs to strengthen its capacity as a lender and support loan applicants. CDFI’s status expands the ways in which Venture Jobs can pursue its mission of revitalizing neighborhoods and improving quality of life by supporting and investing in growing businesses to foster job creation.

CDFI certification also opens new doors to financial support from the banking sector and the wider community, allowing them to be a primary source of funding for the expansion of entrepreneurial businesses.

“We are now looking to expand our loan program to more businesses in the city of Rochester,” said John McDermott, vice president of loan services. “As CDFI, we are looking to raise an additional $ 1 million to $ 2 million in capital to support lending and technical support.”

Venture Jobs has also learned that local entrepreneurs need technical support and access to social media to help entrepreneurs grow their businesses. Thus, the foundation developed the Jobs Kitchen program and established partnerships with organizations in the region to strengthen the entrepreneurial ecosystem of emerging entrepreneurs in low-income neighborhoods.

“When we help business owners turn their ideas into a growing business, they are able to spread their success throughout our community,” said President Denny Deleo. “CDFI certification allows us to provide greater support to people who work to grow their business for the benefit of the community.”

Visit venturejobs.org for more information.

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