We are seeing Foundations, Community Development Financial Institutions (CDFIs), and nonprofits responding to fill this market need. Kresge Foundation has released its program to enhance the capacity of FQHCs and the primary care system. IFF, an Illinois-based CDFI, announced a new initiative, Health Centers for Healthy Communities. What can we do in Ohio?

Finance Fund, in partnership with the Ohio Association of Community Health Centers, conducted a survey of the 37 FQHCs in Ohio. The survey queried organizations regarding their current need for new investment and the resulting increase in services these investments would generate.

88% planned some type of real estate investment
76% planned future equipment investment

Finance Fund invites you to join the conversation as we develop potential solutions to increase access to capital in Ohio’s low-income communities. Comment below or contact Finance Fund’s Director of Development, Valerie Heiby at vheiby@financefund.org or Special Project Consultant Mark Barbash at mbarbash@financefund.org for more information.

Our theme for 2010 was “Plan. Build. Succeed.”—and what an appropriate theme! Finance Fund created amazing opportunities for local Ohio communities in 2010.

The evening also honored David Gibson of PNC Financial Services and Medina Creative Housing with the 2010 Community Champion Award. This award is given to those who exhibit extraordinary service to their community. The work that has been accomplished by David Gibson and those at Medina Creative Housing has impacted hundreds of Ohioan’s lives. Distressed neighborhoods have been revitalized, unemployed individuals have been given jobs and low-income communities have been allocated resources to improve the quality of life.

Some of the projects that were highlighted throughout the evening were:

The Freeport Press – We connected Freeport Press to $6 million in a New Markets Tax Credit Loan, which will help sustain the nationally-recognized commercial printing company’s growth and provide additional opportunities for employment to the residents of Harrison County. The company is currently the largest employer in Harrison County and has seen 190 jobs created and retained with Finance Fund’s help.

Family Services of Middletown – With funds from local private sources, numerous in-kind services, and a Finance Fund Economic Development Grant, we helped Family Services of Middletown purchase a 12,700 sq. ft warehouse from which they can provide quality of life services to the area’s low and moderate income houses.

St. Lawrence O’Toole Gardens – We partnered with the developers at St. Lawrence O’Toole Gardens by providing $2.7 million in New Markets Tax Credits funding. These funds enabled the developers to purchase and renovate a facility that now offers 21,700 sq. ft of living space with appropriate services and amenities for the elderly residents of Lawrence County and the tri-state geographical area. This project also created 30 full-time jobs.

2010 was an incredibly successful year for community revitalization and Finance Fund is continuing to build a better Ohio in 2011 and years to come.

To view photos from the 22^nd Annual Reception click here.

 As Finance Fund moves to yet another level of complexity and engagement, the role played by the board of directors continues to evolve as well. While previous board retreats helped develop framework and focus, the emphasis of this retreat was to instill an attitude of “readiness” for moving the organization forward.

With an overall theme of Yesterday, Today, and Tomorrow, retreat attendees began a historical journey detailing from the very beginning—milestones, challenges and achievements of the organization. That afternoon, attendees then loaded onto a bus to “go and see” many of the projects in central Ohio that were made into reality through Finance Fund.

 As day two conversations evolved to the future of the organization, attendees began to paint a picture filled with opportunity and promise. Armed with knowledge and vision from the past, board and staff attendees turned to Finance Fund’s mission as the beacon to guide future decisions.

At the end of the two days, all were in agreement. We are relevant. We will remain true to our mission. And we are ready.

 Zik’s fills an important need by being the only neighborhood business that fills prescriptions and sells medical equipment. It will service several nearby physicians and medical centers. It also will serve as an important neighborhood employer, staffing up to 15 positions over the next two years.

 Zik’s is housed in first-floor space owned by Wright Dunbar Inc., a nonprofit that works to revitalize the area’s business district.

 Some of the media coverage for the opening included:

Dayton Daily News Print Edition

Dayton Daily News: Zik’s Pharmacy Ribbon Cutting

September 29. 2010

Dayton Daily News Online

September 29, 2010

http://www.daytondailynews.com/news/dayton-news/ziks-pharmacy-opens-wright-dunbar-location-951024.html

 WKEF Channel 2 News

September 29, 2010

 http://abc.daytonsnewssource.com/shared/newsroom/top_stories/videos/wkef_vid_4354.shtml

This new building supports Dayton’s continued efforts to accelerate economic development. Finance Fund provided a $10.2 million in New Markets Tax Credits to support the project in partnership with a $2.4 million equity investment by PNC Bank. Additional funding was received through a $5 million grant from the Ohio Department of Development’s Job Ready sites program. The City of Dayton also contributed financial support. The new Tech Town addition will offer office, research and laboratory space. Because Tech Town is already linked with Wright-Patterson Air Force Research Laboratory, the University of Dayton Research Institute, and other business-technology companies, it will provide excellent resources for collaboration.

 The event was an exciting glimpse into the future of Tech Town for all who attended.  Here’s some of the coverage:

 WTDN Channel 2 News

September 13, 2010

http://www.wdtn.com/dpp/news/local/tech-town-continues-to-move-forward

 Dayton Business News

September 13, 2010

http://daytonbusinessnews.blogspot.com/2010/09/tech-town-growth-continues-with.html

“We are working every day to help businesses create new opportunities and new jobs in Ohio. In recent months we’ve seen job growth in Ohio again because in recent years we’ve been investing in growing Ohio industries and jobs that can’t be outsourced,” Strickland said. “The Freeport Press is already the largest private employer in Harrison County, and the addition of another state-of-the-art printing press is expected to create 40 new jobs. We’re proud to have provided a loan to help make this new equipment purchase possible.”

Congressman Zack Space adds “Being creative, innovative, and industrious is critical to bringing jobs to our region — and Freeport Press has shown those qualities impressively. They’ve been aggressive in making new investments and they’ve had the ingenuity and smarts to capitalize on emerging trends in the publishing industry. Working with Freeport Press has been a joy – and our joint effort to bring new jobs to Harrison County represents a perfect partnership between business and government.”

Financing for the project was made possible by Finance Fund, which provided $6 million in New Markets Tax Credits by partnering with the Ohio Department of Development and PNC bank.

“The Freeport Press plays an important role in the region’s economic vitality,” said James R. Klein, CEO of Finance Fund. “By connecting Freeport Press to necessary funding, we are helping to sustain its growth and provide additional opportunities for employment to the residents of Harrison County.”

According to Freeport Press CEO and Owner, David Pilcher, the printing press will enable the company to expand the clients its serves beyond the region.

“This new state-of-the-art printing press enables the Freeport Press to better serve its existing clients while creating a wonderful opportunity to grow the business,” Pilcher said. “It also ensures job stability for our valued employees and their families.”

On May 27, in Jackson, Ohio, my staff and I ventured to picturesque Jackson, Ohio, located in the Appalachian foothills, to celebrate the economic development success of another fruitful partnership—Ohio Basic Minerals.

Patrick McDonald, Ohio Basic Minerals CEO, and Jeff Schrader, founder of the original Schrader and Sons Sand and Gravel, spoke to the crowd of local and state dignitaries, Ohio Basic Minerals employees and business partners. Mr. Schrader cut the ribbon to symbolize the grand opening of the newly revitalized and renovated facility, funded by more than $2.45 million from our Finance Fund Capital Corporation (FCAP) and New Markets Tax Credits (NMTC). The event made a splash in the media—read more about Ohio Basic Minerals’ success and exciting new developments

Columbus Dispatch
May 24, 2010
Minerals plant expansion to lead to 30 new jobs

Jackson County Times-Journal
May 25, 2010
Ohio Basic Minerals celebrates expansion

Columbus Business First
May 28, 2010
Finance Fund helps sand, gravel maker expand in southeast Ohio

Jackson County Times-Journal
May 28, 2010
OBM celebrates plant expansion

Finance Fund was able to provide more than $2.45 million from our Finance Fund Capital Corporation (FCAP) and the New Markets Tax Credits (NMTC) resources for expansion and new equipment for the sand and gravel facility. This will not only help OBM compete in new markets and increase revenue, but will enable the company to hire new employees and stimulate Jackson’s economy.

This Thursday we’ll proudly join OBM in celebrating the new facility with a ribbon-cutting ceremony, tours of the facility and special before and after displays. Several local and state dignitaries will be in attendance, in addition to company CEO, president, employees and business partners.

Here’s to Ohio Basic Minerals—another Ohio economic development success story!

On Wed., April 21, we proudly hosted several state legislators, community leaders and Finance Fund project partners at the Capital Club in downtown Columbus. It was an excellent opportunity to share how Finance Fund has positively impacted some of the state’s most distressed communities.

We highlighted four partnership “success stories,” including Ohio Basic Minerals in Jackson; Save-a-Lot grocery store in Columbus; Noble Learning Center in Caldwell; and Miami Valley Child Development Centers (MVCDC) in Dayton. Each project touted key Finance Fund goals – job creation, safe childcare access and neighborhood revitalization.

We shared important information about the New Markets Tax Credits (NMTC) program. Last October, we were awarded $50 million in NMTC funding, with $30 million designated specifically for non-metropolitan, rural areas in Ohio. Funding is still available for qualifying projects – we strongly urge those interested to contact us for more information on a possible partnership with us.

We thank our distinguished guests for their presence, and look forward to new partnerships that will lead to more jobs, revitalized communities and safer access to care.

We are characteristically small business lenders and have been for more than 23 years.

Our mission is to move resources into low-income communities. We have experienced growth in assets (from $50,000 in 1989 to $160 million in 2009) and have funded more than 2,400 projects that have resulted in significant impact and dramatic increase in demand.

Due to this demand, Finance Fund has begun the careful exploration to purchase a national bank charter. The bank would be an affiliate of Finance Fund and will maintain the mission of Finance Fund, which is to invest in distressed communities. Its purpose will not be to compete with other local, regional and statewide banks. Simply, the purchase of a bank will enable us to maintain our altruistic mission and collaboration with a bank’s profit mission.

On Feb. 18, 2010, the inaugural meeting of the BISC (Bank Initiative Steering Committee) was held.  This group of experienced, mission-focused individuals debated at length, the pros and cons of types of banks, timing and potential obstacles to this endeavor.  It was unanimously decided that a professional consultant would be sought-out to guide the BISC through the process of potential bank identification, and acquisition.  To that end, an official RFP has been issued.  The RFP, which can be found here, details the scope of work and minimum requirements desired of prospective candidates.

This begins yet another exciting chapter for Finance Fund.  As this exploration unfolds, look for further details of our progress.