Ninth District corporation is awarded CDFI funds, community development venture capital
An organization in Duluth, Minn., is among the first-ever awardees of the Community Development Financial Institutions Fund.
Published October 1, 1996 | October 1996 issue
On July 31, 1996, U.S. Treasury Secretary Robert Rubin announced the selection of the first round of Community Development Financial Institutions Fund (CDFI) funds awards. Among the community development organizations selected to receive an award was Duluth, Minn.-based Northeast Ventures Corp. (NVC), which received $1 million in equity funds. NVC was the only organization in the Ninth District to receive funds and only one of three community development venture capital organizations nationwide to receive funds.
According to Secretary Rubin, "The CDFI Fund will facilitate the flow of capital to our nation's distressed communities, helping to create jobs and revitalize neighborhoods in areas that have been left behind."
Editor's note: See the next issue of Community Dividend for an in-depth interview with NVC Chairman Nick Smith and President Greg Sandbulte.