FINANCIAL INSTITUTION CHANGES ITS NAME, COMMUNITY COMMITMENT CONTINUES
Chicago Neighborhood Initiatives Micro Finance Group has changed its name to Greenwood Archer Capital. With the name change comes more commitment from the Community Development Financial Institution to invest in the Black community.
Greenwood, which Chicago Neighborhood Initiatives is the parent company of, as a small business lender.
Erica King is the president of Greenwood Archer Capital. King, who grew up in banking and lending gained an appreciation for working with small businesses.
back with the Chicago Bears. Forte and Greenwood wanted to support small Black businesses that did not have access to commercial real estate. The product will provide 100% financing, with rates currently as low as 3% for Black owned businesses that want to buy commercial property for their business.
those spaces and are now opening up businesses and providing much needed resources to underserved communities. We’re increasing dollars and allowing those dollars to circulate and stay in our communities a little bit longer, she said.
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