By Brandon Walker
The Statehouse File
Indianapolis — Lt. Gov. Becky Skillman announced Friday the launch of the Community Investment Fund of Indiana, which will provide seed money, loans and guidance for businesses that serve low-income or disadvantaged Hoosiers.
Skillman also announced that Fifth Third Bank had made a grant of $200,000, the first such investment that CIFI had received from a bank.
“It’s been over a year process to get CIFI launched, and now we’re rea
Tom McGowan, chairman of Kite Reality Group and a board member of the newly-minted Community Investment Fund of Indiana, explains how CIFI will help Indiana communities. Photo by Tim Grimes, The Statehouse File.
dy to put it in use,” Skillman said.
State officials, representatives, and new board members gathered Friday at Fifth Third Bank to make the announcement. These funds will help CIFI extend more loans to communities in Indiana that are economically challenged.
Skillman said the Community Investment Fund provides capital, financial services and credit to communities in need of financial assistance.
CIFI’s primary customers are nonprofit and for-profit organizations located in eligible investment or low income areas. The fund helps support small business and microenterprise, affordable housing, commercial development and industrial projects, and preservation efforts.
“Ultimately as a group we’re going to increase capital in Indiana, and in order to do that we will need a vision, prudence and accountability,” said CIFI Board Chairman Tom McGowan, president of Kite Realty Group.