Funding My Creation!

I came across a website that fits in perfectly with the financial aspect of my business venture, Moguls in the Making. The Coalition of Community Development Financial Institutions (CDFI) is an organization that “serves economically distressed communities by providing them credit, capital and financial services that are often unavailable from mainstream financial institutions.” This is great for Moguls in the Making because our business structure is setup to serve underprivileged youth. These underprivileged youth live and grow up in economically distressed communities; the exact places where I will start, build, and grow the Moguls in the Making locations.

The financing opportunities discussed within this website include loans that have been built to tailor business plans directed towards the development of underdeveloped communities. The only thing I don’t like about this website is that it does not offer information regarding grant opportunities. I understand the CDFI’s are actual financial institutions that are built to distribute only loans, but they should consider offering grant opportunities as well. Since they are already established financial institutions, it should not be that hard to obtain government funding to provide grants.

In order to receive funding from a CDFI, you must of course first fill out an application. In order to be approved for the funding you must meet several of their criteria, which include:
• Have a business focused towards community development
• Have a need for funding
• Have a business that is serving a specific target

Through CDFI.org I also learned all about the history of CDFI and Bill Clinton’s influence and implementation of providing funds for the program. The website also talks about the importance of community focused programs/businesses and how they provide a positive impact on our society. The CDFI also provides information about how receiving funds from the CDFI is different from receiving funds from other financial institutions.

All of the information that you may need about receiving funding for your business can be easily found on the web.

Happy searching!

~*Peace, Love, & Radio*~