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Southern Mutual Financial Services, Inc.
3602 Old Jeanerette RoadNew Iberia LA, 70563-3131
CDFI Awards for Southern Mutual Financial Services, Inc.
FA (2006) - $297,107
Southern Mutual Financial Services, Inc. (SMFS) provides single-family first mortgages, secured loans to small-scale micro-enterprises, and consumer loans in Louisiana?s southern and central rural parishes. The 2006 Financial Assistance Award of $200,000 will enable SMFS to enhance its existing products, offer a new home-repair bridge loan product to families waiting for insurance reimbursements for damages caused by the hurricane, and expand types of businesses eligible to receive its mirco-loan product. SMFS will use the 2006 Technical Assistance Award of $97,107 to: (1) obtain consulting services to conduct a post-hurricane market assessment, update its business plan and update its website; (2) pay for staff training in loan underwriting; and (3) pay staff salary operating expenses to expand staff capacity.
CORE (2002) - $400,000
SMFS received a $400,000 grant to capitalize its loan fund, which primarily makes mortgage loans to low-income families through a partnership with area banks and the USDA Rural Housing Service.
Other Community Development Financial Institutions in Louisiana
ASI Federal Credit Union
Harahan
Capital One Community Renewal Fund, LLC
New Orleans
Dryades Savings Bank, FSB
New Orleans
Eagle Louisiana Federal Credit Union
Baton Rouge
Enhanced Delta Community Development, LLC
New Orleans
Liberty Bank and Trust Company
New Orleans
Liberty Financial Services
New Orleans
National Cities Fund, LLC
New Orleans
New Orleans Community Development Fund
New Orleans
NEWCORP Business Assistance Center
New Orleans
Red River Valley BIDCO, Inc.
Shreveport
Southern Mutual Financial Services, Inc.
New Iberia
Stonehenge Community Development, LLC
Baton Rouge
Whitney New Markets Fund, LLC
New Orleans
Featured Government Grant Resources
Historically Underutilized Business Zones - HUBZone Empowerment Contracting Program
The Small Business Administration has established the Historically Underutilized Business Zones (HUBZone) Empowerment Contracting Program wherein they aim to provide federal contracting assistance to eligible small business corporations which are located in underutilized business zones so as to improve their employment opportunities, investments, and their area's economic development.
Small Business Administration's Loan Guarantees Program
The Small Business Administration has established the Loan Guarantees Program wherein they aim to be able to provide guaranteed loans to small business establishments which are not capable of acquiring financing from a private credit marketplace but greatly manifests the ability to repay funds in a timely manner.
Social Entrepreneurship
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New Vineyard Philanthropy Group Supports Island Youth
MVYouth, a newly formed Vineyard philanthropy group with a mission to support Island youth, will pledge $4 million over the next four years to a diverse set of youth causes.
