US DEPARTMENT OF TREASURY CERTIFIES BERC AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION-PATH IS CLEARED TO APPLY FOR A VARIETY OF FUNDS TO HELP SMALL BUSINESSES GAIN ACCESS TO CAPITAL
August 1, 2000
Contact: Peter K. Cutler (716) 851-4841

Buffalo, NY-Using the BERC's annual membership meeting as a back-drop, Mayor Anthony M. Masiello and the Buffalo Economic Renaissance Corporation announced that the Community Development Institutions Fund of the United States Department of the Treasury has officially certified the BERC as a Community Development Financial Institution. This certification will enable the BERC to apply for funds to facilitate economic growth. Primarily, the certification will aid in expanding the flow of credit to businesses that have been traditionally unable to obtain conventional financing.

The mission of the CDFI Fund is to promote access to capital and local economic growth by directly investing in and supporting Community Development Financial Institutions (CDFIs) and expanding financial service organizations' lending, investment and services with underserved markets. CDFIs are financial institutions that specialize in serving underserved communities and the people that live there and include community development banks, credit unions, loan funds, microenterprise loan funds, venture capital funds and multi-bank community development corporations.

"Receiving certification as a CDFI is a valuable asset for Buffalo's economic growth," said Mayor Masiello. "We can now apply for funding that meets our city's unmet needs. We will work to fill the gap that exists for far too many businesses by providing lending opportunities and access to capital."

The BERC applied for CDFI certification in February 2000, completing an arduous application process and culminating in notification on July 17, 2000, effective until July 17, 2003. The next step will be to use the certification as a springboard to prepare an application for funding and technical assistance between August and December 2000.

CDFI certification aligns perfectly with BERC's Small Business Initiative--to be officially announced in the next few weeks--and which features a variety of measures to assist the city's small businesses.

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