OCDCA member, Development Fund of the Western Reserve (DWFR), has secured more funds for its revolving loan fund which finances revitalization efforts in distressed areas in Akron.
DFWR is an affiliate of the Development Finance Authority of Summit County, another OCDCA member, which recently partnered with Cleveland-based Village Capital Corp. to create the Targeted Loan Fund. The Medical Mutual Community Investment Fund of the Akron Community Foundation granted $500,000 to DFWR’s Targeted Loan Fund earlier this month.
DFWR executive director Chris Burnham said, “We are very grateful to the community foundation and Medical Mutual for this support of our Targeted Loan Fund. Along with commitments amounting to $1.75 million from the GAR Foundation, FirstEnergy and the Akron Development Fund, these ACF/Medical Mutual dollars demonstrate that our community can come together around investments that will improve our core vibrancy.”
Read more in Crain’s Cleveland Business.