Community Initiatives Development Corporation
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City Cuts Ribbon on Another Business Financed with Micro-Loan Program
Mayor Vaughn Spencer and City Councilman Dennis Sterner joined owner Jonathan Cifredo at a ribbon cutting ceremony earlier today at Cifredo’z Barber Salon on N. 9th Street in Reading. The business, which opened January 9th, was financed with another loan from the City’s Community Development Department’s Micro-Loan program. “The city has been very, very supportive. My wife and I feel blessed to be a part of this city,” said Cifredo, who runs the salon with his wife Emily, who is the receptionist. They moved their...
read moreHUD Approves $8 Million Loan Guarantee to Austin for Small Family Business/Micro Loan Program in Saltillo Neighborhood
FORT WORTH – The U.S. Department of Housing and Urban Development today announced that it is approving an $8 million loan guarantee to the City of Austin to establish a family business loan program that will make small business and micro loans to third-party, family owned business borrowers in the disadvantaged Saltillo neighborhood. HUD’s Section 108 Loan Guarantee Assistance Program enables local governments to borrow money at reduced interest rates to promote economic development, stimulate job growth and improve public...
read moreCity Cuts Ribbon on Business Financed with Micro-Loan Program
(March 1, 2012)- City officials were present at a ribbon cutting ceremony last night at Sofrito Gastro Pub on Douglass Street in Reading. Present at the ceremony were Mayor Vaughn Spencer, City Council President Francis Acosta, and Councilwoman Marcia Goodman-Hinnershitz. They helped owner Hector J. Ruiz cut the ribbon on his business, the former Tommy’s Café & Cabana Bar, for which he was the chef and took ownership of on May 31st of last year. “Anytime we can recognize a new business in the City, especially one that was...
read moreNew Dorm’s High Hopes
CIDC’s subsidiary RC Housing I, LLC was the developer that converted the Best Western Hotel into a dormitory for Rensselaer Polytechnic Institute in Troy, New York. RC Housing I leases the facility to the school. Downtown Troy businesses expected to benefit from former hotel’s transformation By KENNETH C. CROWE II, Staff writer Photos by Will Waldron First published in print: Saturday, May 16, 2009 TROY — Businesses expect to benefit from the 300 students living downtown in Rensselaer Polytechnic Institute’s new...
read moreSunny side of the street
As Consultant to the City of Reading, CIDC assembled the financing components of the SunRich deal, which, in addition to private financing, included a multi-million dollar HUD Section 108 loan and a HUD Brownfields Economic Development Initiative Grant. By Tony Lucia Reading Eagle PROMINENTLY SITUATED atop the rise at the east end of the Buttonwood Street Bridge, the Sun Rich Fresh Foods Inc. building brings the promise to the neighborhood of a new day after the long night represented by the decaying, vacant American Chain & Cable...
read moreBroward cosmetics firm hopes to relocate to Palm Beach County
As a consultant to the Palm Beach County Board of Commissioners, CIDC worked with the County to assemble the private financing, SBA loan and HUD Section 108 loan that made the Oxygen deal possible. BY JEFF OSTROWSKI Palm Beach Post A Deerfield Beach cosmetics company plans to move its plant to Palm Springs and hire up to 800 workers over the next five years. Palm Beach County commissioners will vote Tuesday on a $24 million bond issue for Oxygen Development LLC. The money would come from the county’s share of the American...
read moreGetting seed money, trying to grow dream
The Reading Microloan program is a cooperative effort between the City of Reading and Community Initiatives Development Corporation. The City has given CIDC the responsibility of administering the program, monitoring the loans and managing the allocated funds. Since the program was established earlier this year, 4 loans have been made, 2 more are pending and 2 have initiated the application process. By Don Spatz Reading Eagle Hector Ruiz became on of Reading’s newest business owners on May 31, buying the decades-old Tommy’s...
read morePalm Beach County OKs $24 million in bonds with stimulus money to lure cosmetics company, 800 workers, from Deerfield Beach
As a consultant to the Palm Beach County Board of Commissioners, CIDC worked with the County to assemble the private financing, SBA loan and HUD Section 108 loan that made the Oxygen deal possible. By JEFF OSTROWSKI Palm Beach Post Staff Writer Tuesday, September 01, 2009 Palm Beach County commissioners today unanimously approved a $24 million bond issue for a Broward County cosmetics company that wants to build a plant in Palm Springs. Oxygen Development LLC plans to move from Deerfield Beach and employ up to 800 workers. The...
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