River City Capital Investment (RCC), an affiliate of Community Lift, was awarded $225,000 from the U. S. Department of Treasury as a part of their community development financial institution (CDFI) Fund.
“This is flexible, no-cost capital that RCC can use to increase the volume of its products and services,” said Babacar Thiaw, lending executive in Residence at River City Capital. “This is great not only for us as an organization, but also for the city of Memphis. We go beyond traditional lending, and this is an opportunity for us to help people in underserved communities.”
The award is intended to expand economic opportunities via CDFIs in economically distressed and underserved areas. RCC plans to use the funds to help businesses in Whitehaven along with other communities in the city. As such, they have been working with organizations like the Greater Whitehaven Economic Redevelopment Corporation (GWERC) to identify businesses that may benefit from their services.
“Economic opportunities like RCC helps GWERC to remain true to our commitment of helping the Whitehaven community to reach its full potential through the revitalization and redevelopment of businesses and the promotion of economic development in the area,” said Trey McKnight, executive director, GWERC.