Community Ventures Corporation (CVC) is a community-based, nonprofit organization dedicated to improving the quality of life of urban and rural residents throughout Kentucky. CVC’s central mission is to provide individuals and families with the skills, income, and assets necessary to achieve financial independence. Since its inception, CVC has provided over $50 million of funding in the form of microenterprise, small business, and affordable housing loans.
Starting Business Through the Microenterprise Development Division, entrepreneurs have access to a range of training, technical assistance and lending programs at CVC. To assist in the start-up, stabilization or expansion of microenterprises, capital ranging from $500 to $35,000 is made available from CVC’s Microloan Fund. CVC also operates three small business incubators which provide below market office space, business support services and technical assistance to emerging ventures.
Expanding Business – Through the Job Development Division, CVC offers capital to small businesses seeking to expand and create jobs via:
- CVC's Small Business Expansion Program, which provides loans from $35,000 to $150,000 to expanding ventures;
- CVC's SBA 504 Loan Program where businesses can secure loans up to $3 million and
- CVC's New Markets Tax Credit Program where businesses can secure loans up to $10 million or beyond for their expansions and job creation efforts in distressed Kentucky communities.
Homeownership - CVC assists families to accumulate assets and build wealth via homeownership by offering the following products and services:
- Homebuyer Education. CVC educates potential homebuyers about all phases of the homebuying process via its 8-hour Realizing the American Dream class. This class is taught in its local offices or is easily accessible to customers online via the virtual learning website titled eHome America.
- Financial Literacy Training. CVC’s Smart Credit workshops provide customers with basic education regarding financial management, budgeting, savings, and credit repair to assist families.
- One-on-one pre- and post-purchase counseling. CVC provides individual counseling to families seeking homeownership opportunities.
- Foreclosure prevention counseling. CVC provides one-on-one counseling and loss mitigation intervention to homeowners who are at risk of foreclosure.
- Down Payment & Closing Cost Assistance Program. CVC provides grants, forgivable or amortizing second mortgages to families who do not have the upfront cash resources to cover downpayment and closing costs for the purchase of a home.
- Lease Purchase Program. CVC offers a Lease Purchase arrangement for families who seek homeownership opportunities but who need intensive counseling to help them repair credit and become better prepared for homeownership.
- Low-Cost First Mortgage Programs. CVC may offer flexible first mortgage financing in-house (as capital is available) to credit-worthy homebuyers who cannot access conventional mortgage products.
- CHDO Development Program. CVC acquires vacant lots and newly constructs affordable single family homes, or purchases and rehabs existing single family homes, for re-sale to low-income homebuyers in its rural markets.
- Neighborhood Stabilization Program. CVC recently received a funding commitment from HUD to acquire and rehab foreclosed or abandoned single family homes for re-sale to families at or below 120% AMI to assist in the stabilization of neighborhoods negatively impacted by the foreclosure crisis.
CVC serves 45 counties in , western, central, northern and southcentral Kentucky with its microenterprise, SBE and pre-purchase housing products. It serves the entire state with its SBA 504, NMTC and foreclosure prevention programs. Approximately 60% of its residents are from urban areas, while 40% are from rural communities. About half of CVC’s clients are Caucasian; and half are of African-Americans race. Again, the breakdown of clients by gender is about 50-50, male and female. Most microenterprise and housing customers have incomes at or below 80% of the area median income, indicating a longstanding commitment to pockets of Kentucky’s marginalized population.
CVC is the definitive leader in micro business lending in the southeastern United States. In 2008, CVC accounted for 17% of all approved SBA Micro-Loans in the US. CVC’s microloan production increased about 500% from 2007 FYE to 2008 FYE. Since its inception nearly 4,000 people have benefited from CVC’s lending and housing programs.
Gene and Natasha Williams of Natasha’s Café in Lexington, Kentucky are on a roll. From strictly a business perspective, they’re looking great. On July 4th, they celebrated their third anniversary at a new expanded location, and business is thriving.
Natasha’s has become an area treasure, and Community Ventures is proud of its role in nurturing this emerging business. The Williams’ appealed to CVC to help accommodate their 2000 expansion and 2001 move. Full Story