Carol Gassen, VP, Chief Compliance, and CRA Officer of Carmel-based Merchants Bank of Indiana, is joining the board of the Community Investment Fund of Indiana (CIFI). Gassen is one of two new members of the board.
The other is Sharron Liggins, Executive Director of the Continuum of Care Network in Gary. Each was elected to a two-year term covering 2018-2019.
CIFI loans funds to Indiana’s smallest businesses – many minority-owned, newer businesses or in rural areas – that may not qualify for conventional financing or need additional funding to support growth. Created with support from Indiana Housing and Community Development Authority (IHCDA), it is funded by Community Development Financial Institutions Fund, Indiana banks, other business organizations and grants.
Remaining CIFI Board members include:
- Matt Murphy, CFO, Strada Education Network, Indianapolis (CIFI Board President);
- Todd Flick, Senior VP, Fifth Third Bank Indianapolis (CIFI Board Treasurer);
- Kristin Pruitt, Executive VP, Lake City Bank, Warsaw (CIFI Board Secretary);
- Larry Gautsche, Executive Director, LaCasa, Inc., Goshen;
- Charles Kennedy, Executive VP, Cambridge Capital Management Corp., Indianapolis
- Carrie Kosac, VP, 1st Source Bank, South Bend;
- David Reingold, Dean, College of Liberal Arts, Purdue University, West Lafayette; and
- Jacob Sipe, Executive Director, Indiana Housing and Community Development Authority, Indianapolis.
Phil Black, CIFI executive director, said, “CIFI works with community organizations and our financial partners throughout the State of Indiana to assist small businesses, which are not able to get traditional loans or are in need of additional financing in conjunction with our financing partners. Many of our borrowers have loan requests of $10,000 to $50,000 used to support general working capital needs.”
As of early 2018, CIFI has loaned $2.2 million and created or sustained over 100 jobs while providing assistance to over 25 small companies.
About Community Investment Fund of Indiana
Community Investment Fund of Indiana (CIFI) provides loans and access to community development services to small businesses, low-income individuals, economic development groups and housing developers in low-and-moderate income areas of Indiana. CIFI is a state-wide, private, non-profit lender funded by banks and other members of the Indiana business community. Banks can get a CRA Credit for investing in CIFI. CIFI has loaned $2.2 million leveraging 45 million and, creating or saving over 100 jobs. For more information, visit capitalizingindiana.org.
CIFI is co-managed by Cambridge Capital Management Corp. of Indianapolis. For over 34 years, Cambridge Capital has provided non-traditional financing to small businesses located throughout Indiana. Learn more at cambridgecapitalmgmt.com.