Corporation to Develop Communities of Tampa (CDC of Tampa)
Loan Amount: $388,000
CDC of Tampa is a leading community-based organization in the Tampa Bay area. Founded in 1992, this group has spent a decade providing community and economic development services to its neighborhood. College Hill, the former scene of riots, high crime and drugs, and now an Enterprise Community and Weed & Seed Area, was targeted by CDC of Tampa with job training and job placement services, creating jobs, promoting entrepreneurship, developing youth leadership, building affordable housing and commercial revitalization of the community’s abandoned business center. The result? In its 11-year existence, CDC of Tampa has brought over $20million in new investment into its community.
Its neighborhood projects include a new coin laundromat, a 6-unit business incubator, a community center for youth and family services, an open-air market, a 43-unit affordable rental housing complex and the development of 25 units of affordable single-family housing.
The Loan Fund has funded 3 loans to the organization.
The first was a $75,000 working capital bridge loan. The second loan helped CDC of Tampa provide $20,000 in funding and support to other small start-up non-profits that were developing business incubators.
The third loan was for $300,000. SunTrust provided additional loan funding. Additional donations came from the City of Tampa and BankAmerica. The project was to acquire and renovate an office building for its own services and for use by another non-profit that provides drug addiction counseling.
PHOTOS: (1) the One Stop Capital Shop - a 17,600sf center housing CDC administrative offices, its housing and business programs and the offices of another local non-profit counseling agency; (2) the Audrey Spotford Youth and Family Center - a 5,000sf community center; and (3) the East Tampa Business Center - a 6-unit business incubator.
Your organization has provided us with much needed financial assistance in an environment of increasing competition and we highly value your existence.
