Community development financial
institutions, or CDFIs, are meant to help grow communities whilst helping to
grow businesses. Though I don’t recall learning much about this over my time in
the Entertainment Business Masters program, I definitely find it very
interesting now that it has come up as a focus. CDFIs would completely change
the game for TF Management. I would have initially started the business off on
my own, but if CDFIs are there to help create jobs, then funding in order to
create jobs would be what we would do. It would be very useful to have extra eyes
and ears to manage campaigns, and even more useful to bring jobs to West
Michigan. There are many schools in the area, and Grand Valley has a great
Communications program that may feed some great employees.
The
Opportunity Finance Network brings together companies and opportunity funding
options at the click of a button, aiding in making the search for funding a
little bit easier. The CDFI Coalition seemingly does the same, both being great
key options for low-income or companies that are least likely to be invested
in, but very likely to aid the community. The CDFI Coalition has financial
assistance grants, technical assistance grants, Native American Initiative opportunities, Bank Enterprise
opportunities and New Market Tax Credit programs. The Opportunity Finance
Network is a Bond program, allowing credit lines. Applications are required to
go through the program.
I’m very
interested in this new-to-me option of funding, and I’m sure TF Management
could definitely benefit from it. Grand Rapids alone has a lot of talent, and
though there are opportunities for funding, this particular market is
underrepresented, causing bigger issues with attempts to receive funding. It
may seem as though the services that we provide are not needed, however, with
the growing amount of talent in Grand Rapids and West Michigan, we are very
necessary.
