Renovo became a certified CDFI to fill a need in Chicago's marketplace. For many local real estate investors operating as entrepreneurs in Low to Moderate Income (LMI) areas, the lack of access to affordable working capital for reinvestment into the community has been an insurmountable barrier to investment in these areas. Renovo’s C3 Fund is a direct response to this need and reflects Renovo’s desire to serve our clients and support the neighborhoods where they live and work.
CDFI certification is given to organizations that provide financial services to under-served communities and populations. There are over 1,000 certified CDFIs nationwide, including community development banks, local credit unions, loan funds, and venture capital firms.
Our passion for transformation goes beyond individual renovation projects. Renovo has deep ties in the community, and as a local lender, we prioritize our activities in the neighborhoods where our customers and their employees live and work. We understand the vital role private investment plays in building strong communities and creating economic opportunities, and we are committed to helping local entrepreneurs focus on revitalizing their own neighborhoods.
Holding a Community Development Financial Institution (“CDFI”) certification from the U.S. Department of Treasury enables Renovo to go even further in supporting these local entrepreneurs in their efforts as they revitalize their neighborhoods. As a CDFI, Renovo can now play a greater role in supporting the efforts that bring economic and cultural vibrancy to the communities in which we operate, by dedicating more of our time, energy and resources. Providing access to affordable capital to the individuals and businesses of communities who are generally overlooked by traditional financial institutions will not only change the communities, it will transform lives and enable economic freedom.