Published: Nov 27, 2024
Ocala Metro Catalyst Fund, Inc. Receives $300,000 Grant from U.S. Department of the Treasury to Expand Access to Underserved Communities
Ocala Metro Catalyst Fund, Inc. (OMCF) is proud to announce that it has been selected by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to receive a $300,000 Technical Assistance (TA) grant through the Fiscal Year (FY) 2024 CDFI Program. This grant will help the organization continue its efforts to expand access to capital, promote community development, and empower entrepreneurship in underserved communities across the Ocala Metro region.
OMCF, a 501(c)(3) nonprofit organization and independent affiliate of the CEP, is on a mission to drive inclusive economic development by increasing access to financial resources for entrepreneurs in Marion Oaks, Silver Springs Shores, and West Ocala, three economically disadvantaged communities that face significant economic challenges. The Technical Assistance award will support OMCF’s goal of becoming a fully certified Community Development Financial Institution (CDFI), With plans already underway, the organization began making loans in late 2024 to foster entrepreneurship and small business growth in these vital communities.
“We are incredibly grateful for this recognition and funding from the CDFI Fund,” said Lina Piedrahita, Chair of the OMCF Board of Directors. “This grant will enable us to enhance our infrastructure, build the capacity to make loans, and provide valuable resources to entrepreneurs who need access to capital in underserved areas. The future of the Ocala Metro depends on empowering our communities to thrive, and this funding brings us one step closer to realizing that vision.”
Key Highlights of the Award:
- Amount Awarded: $300,000
- Purpose: To provide Technical Assistance for OMCF’s transition into a certified CDFI and to build the operational capacity to deliver financial products and services to economically disadvantaged communities in the Ocala Metro area.
- Program: 2024 CDFI Program, a grant designed to support organizations working to increase economic opportunity in economically disadvantaged communities.
- Next Steps: OMCF will continue making loans to local entrepreneurs in 2025 while continuing its process of CDFI certification.
OMCF’s Focus on Empowering Underserved Communities
The goal of the Ocala Metro Catalyst Fund is to catalyze sustainable economic development through access to capital, with an emphasis on entrepreneurs who have historically been excluded from traditional financial services. By offering financial products tailored to the unique needs of small businesses and startups in these economically disadvantaged communities, OMCF aims to create a ripple effect of local job creation, wealth-building, and overall community prosperity.
The CDFI Fund’s grant comes at a crucial time as OMCF prepares to expand its impact, offering not only loans but also critical technical assistance, mentorship, and educational business workshops. This support will help local entrepreneurs overcome barriers to growth and thrive in today’s competitive market. “Our vision is to create a sustainable ecosystem where small businesses in the Ocala Metro area can access the resources they need to succeed and contribute to the economic vitality of their communities,” said Evelyn Reyes, VP, Business Creation. “This grant provides the foundation for us to take significant steps toward becoming a fully operational CDFI and furthering our mission of economic inclusion.”
For more information, visit OcalaCatalyst.com, call 352-629-8051, or email Evelyn Reyes, VP of Business Creation.