RCLF Secures $3 Million Investment to Boost Alabama Expansion
Deal News | Jan 30, 2025 | EIN
The Renaissance Community Loan Fund (RCLF) has secured a $3 million line of credit from the Regions Community Development Corporation, a subsidiary of Regions Bank. This investment marks a significant milestone for RCLF as it expands its efforts in Alabama to provide affordable housing and better access to capital for small businesses. Based in Mississippi, RCLF is a Community Development Financial Institution (CDFI) that offers financial counseling and business coaching in addition to home and business loans. The partnership with Regions CDC is seen as instrumental in fostering economic and financial inclusion in the region. Kimberly LaRosa, President & CEO of RCLF, emphasized the shared vision with Regions CDC to make a positive impact in communities needing financial resources to grow and stabilize. This collaboration highlights the importance of partnerships between CDFIs and large financial institutions in driving sustainable economic development. RCLF aims to utilize this new line of credit to further its mission and make a long-lasting impact by delivering innovative financial solutions to Alabama's underserved communities.
Sectors
- Community Development Financial Institutions (CDFI)
- Banking & Finance
Geography
- United States – The article has a U.S. focus, particularly on developments in Alabama and involvement of Mississippi-based RCLF.
- Alabama – RCLF is expanding its services and presence in Alabama, which is the primary focus of the financial commitment.
- Mississippi – RCLF is based in Mississippi and is expanding its operations from its home base into Alabama.
Industry
- Community Development Financial Institutions (CDFI) – RCLF is a CDFI that provides financial services aimed at fostering economic growth in underserved communities.
- Banking & Finance – Regions CDC, a subsidiary of Regions Bank, provides investment that supports community development through financial partnerships.
Financials
- $3 million – Amount of the line of credit provided by Regions CDC to RCLF to support its expansion in Alabama.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Renaissance Community Loan Fund (RCLF) | Target Company | Company | A Community Development Financial Institution (CDFI) providing loans and financial services. |
| Regions Community Development Corporation (Regions CDC) | Investor | Company | A wholly owned subsidiary of Regions Bank focused on community investment. |
| Regions Bank | Parent Company | Company | A major banking institution operating in the U.S., headquartered in Alabama. |
| Kimberly LaRosa | President & CEO of RCLF | Person | Leader of RCLF who highlights the importance of the investment for community impact. |
| David Christian | Chief Operating Officer for Regions Community Development Corporation | Person | COO emphasizing Regions CDC's commitment to community development via RCLF. |