WASHINGTON, D.C. – April 1, 2015 – (RealEstateRama) — The U.S. Department of Housing and Urban Development (HUD) formally awarded $1.5 million to boost economic development in the Lower Mississippi River Delta Region. This funding is provided through the Delta Community Capital Initiative.
“America’s economy is fueled by small businesses, and when those businesses are unable to access the capital needed to grow and expand, our states and local communities feel the effects. Our CDFIs in Arkansas serve a vital role, providing small and local businesses with loans—often microloans—tailored to meet their specific needs while strengthening their local towns,” said Congressman French Hill.
Included in the $1.5 million award was $250,000 for Southern Bancorp Capital Partners (SBCP). SBCP is a Little Rock-based community development financial institution (CDFI) that aids economic development in rural areas.
“We are grateful to both the Delta Regional Authority and HUD for their partnership in creating new economic opportunities in the rural Delta. Our organization, a § 501(c)(3) U.S. Treasury-certified CDFI, has been supporting Delta entrepreneurs through small business training and lending for over 25 years, which means we have seen firsthand the challenges faced by businesses needing to raise capital. The investment by the Delta Community Capital Initiative will be a great tool for empowering rural entrepreneurs and stimulating growth in the Delta,” said SBCP CEO Dominik Mjarten.
HUD also announced a grant of $3,333,442 to the Searcy Housing Authority for the replacement of the sewer and plumbing lines at Searcy Apartments.
“The Searcy Apartments have experienced severe infrastructure problems over the past several years, and this grant will help ensure necessary repairs are made to protect the health and safety of those who reside in the community.” said Hill.
Contact: Mike Siegel, (202) 225-2506