Dr. Cassandra Little, CEO of FMBCF, with two Lendistry teammates, Maria and Rutger.
CDFI Loan Helps Bring Clean Transportation to Fresno Community
Client: Fresno Metro Black Chamber Foundation (FMBCF)
Client Location: Fresno, CA
CDFI: Lendistry
CDFI Service Area: CA, GA, MD, PA
Financing and financial education for small businesses
Fresno Metro Black Chamber Foundation (FMBCF) operates in Fresno, CA, and the surrounding counties. Recently, they created the Clean Shared Mobility Network, a project designed to bring sustainable and affordable transportation to the Fresno community. In partnership with the City of Fresno and Transform Fresno, Clean Shared Mobility Network included the purchase of 200 e-bikes, two ADA electrical vehicle (EV) vans, and 40 EVs accessible through a low-cost car sharing subscription and app to address the lack of access to public transportation in Fresno. Additionally, the program created green jobs for workers who maintain the fleet of vehicles via the EV Accelerator program.
Dr. Cassandra Little, CEO of FMBCF, says that after two years of planning, conceptualizing, and meetings, many in the community doubted the project would ever come to fruition.
“Just to have all the vehicles lined up in our parking lot just gave me chills. And to have community members come up to me and say they never thought this was going to happen over the past few years, that was really touching for me,” Dr. Little said, reflecting on the day the Clean Shared Mobility Network program launched.
CDFI Loan Funds Clean Transportation
FMBCF received funding from a state grant for the Clean Shared Mobility Network for reimbursement, but FMBCF would’ve had to front the millions of dollars to implement the program. That’s where community development financial institution (CDFI) Lendistry came in to help.
The bridge loan Lendistry provided not only made the project possible, but it will also allow the car-sharing program to remain accessible to the community moving forward. FMBCF will continue to use the funding to purchase EVs to serve the Fresno community.
“Organizations like Lendistry are walking the walk and not just talking the equity talk… We have to keep pushing and calling out the importance of giving organizations access to capital so that we can excel and succeed,” Dr. Little said.
Investing in Equitable Community Development
Energy efficient, accessible public transportation is a problem many cities struggle to address, particularly in communities of color. In many of these communities, these vital needs go unmet due to entrenched poverty and underinvestment, resulting in lower access to quality education, healthcare, housing, community connection, and business and commerce.
CDFIs exist to help build healthy, equitable communities. Using traditional and innovative solutions, CDFIs finance essential resources in rural, urban, and Native communities traditionally underserved by mainstream finance. By partnering with organizations such as FMBCF, CDFIs work to close gaps in community investment.
Visit OFN’s impact stories page to read more stories about other thriving small businesses and organizations funded by CDFIs.
Read more about Lendistry’s recent partnerships in women’s sports with the NWSL’s Gotham FC and the WNBA’s Los Angeles Sparks to support women entrepreneurs and other local small businesses.
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