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Topeka/Shawnee County First Opportunity Fund

CDFI Certification Press Release
Business Plan Outline
Loan Application
T-SCFOF L.L.C. Loan Application Information
Pre-Application Information Form
Request for Proposal 2011 T-SCFOF L.L.C.

Mission:

The Topeka/Shawnee County First Opportunity Fund (T/SCFOF) is a program of the Greater Topeka Chamber of Commerce Foundation, Greater Topeka Chamber of Commerce/GO Topeka Economic Partnership’s EMBD Program. The T/SCFOF is created to improve the community and its economic opportunity through the job creation, expansion, strengthening and financing of small business enterprises, building capacity among entrepreneurs, and increasing employment opportunities, especially for low and moderate income persons, distressed communities and other underserved or disadvantaged persons and places.

Benefits to Starting a T/SCFOF:

  • A certified CDFI can partner with a FDIC-insured depository institution to seek a Bank Enterprise Award (BEA) from the Fund to support investments in the CDFI.
  • CDFI certification may provide access to the New Markets Tax Credit Program by allowing the CDFI to become a Community Development Entity (CDE).
  • CDFI certification may also enhance a financial institution’s ability to raise funds from foundations and state and local governments.

Community Benefits:

  • Local Job Creation
  • Servicing Low Income Populations
  • Aligns with Heartland Visioning
  • Servicing critical gaps in access to financing

T/SCFOF Low Income Target Population (LITP):

“Low-income” is defined as having an annual income, adjusted for family size, of not more than 80% of the area median family income for metropolitan areas. Only (60%—75%) of all T/SCFOF financing and/or loans are required to benefit Target Market selected.

T/SC FOF Monetary Commitment:

To Date Greater Topeka Chamber Foundation
Minority & Women Business Development Council
GO Topeka’s Entrepreneurial & Minority Business Development

$404K Total Funding

T/SCFOF Leadership Oversight:

  • Greater Topeka Chamber Foundation
  • Steering Committee
  • Operating Council
  • Loan Committee

What is a Community Development Financial Institution?

A Community Development Financial Institution (CDFI) - is a specialized financial institution that works in market niches which are underserved by traditional financial institutions. CDFIs provide a unique range of financial products and services, such as mortgage financing for low-income and first-time homebuyers and not-for-profit developers, flexible underwriting and risk capital for needed community facilities, and technical assistance, commercial loans and investments to small start-up or expanding businesses in low-income areas. A CDFI must provide development services that support financial transactions, and show that it is directly accountable to its community or its customers. CDFIs include regulated institutions such as community development banks and credit unions, and non-regulated institutions such as loan funds, venture capital funds, and micro-enterprise loan funds.

What Does It Mean To Be Certified:

  • Be a legal entity
  • Have a primary mission of promoting community Development
  • Be a financial entity
  • Provide development services
  • Service low income target market
  • Be accountable to the Target Market
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