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Director Nichols Presented at the National League of Cities
Director Tracey Nichols presented at the National League of Cities this week,"Providing Small Businesses with Access to Capital" training in Kansas City. Director Nichols contributed to a panel about "Emerging Capital Access Strategies" along with Maria Meyers of U.S.SourceLink, Bill Anderson of the Missouri Technology Council and Yvonne Boye of the City of Philadelphia. The panel is being moderated by Jason Rittenberg of the Council of Development Finance Agencies.
Director Nichols’s presentation focused on how the group of banks, foundations, non-profits and local governments were brought together in Cleveland to discuss the need for microlending. The Cleveland Foundation and the Business of Good Foundation commissioned a study by Friedman and Associates and Urban Oasis, “Cuyahoga County Microcredit Supply & Demand Analysis.” The study showed an annual gap of $38 million dollars. The group then worked to both raise capital for a microlending fund and to identify an organization to manage the fund. The Economic and Community Development Institute (ECDI) who has offices in Columbus, OH was selected. The group worked to raise over $4 million in capital, including $2m from Huntington Bank. ECDI has made over 130 micro-loans since 2012.
Director Nichols's presentation "The Need for Microlending"
Economic and Community Development Institute "2014 Analysis Report"