The U.S. Department of Agriculture (USDA) is investing $1.5 Million In Southern Illinois Economic Development through Champion Community Investments (CCI).
The funding comes from Rural Development’s Intermediary Relending Program (IRP) and Rural Micro-entrepreneur Assistance Program (RMAP).
“The Rural Development focus is on rural prosperity and we contribute to that by working with local partners,” said Douglas Wilson, USDA Rural Development State Director for Illinois. “Champion Community Investments draws on Rural Development to help multiple Shoutern Illinois small businesses write their own success stories. Today, we’re celebrating another chapter in the Southern Illinois economic and community development success story that continues to be written by CCI.”
The $1.5M capital investment being recognized today is the latest in a partnership between USDA Rural Development and CCI that goes back to 2006 and an initial investment of $94,500. That investment is now over $6 million and is used to support regional growth for the Southern Illinois counties served by CCI: Perry, Jackson, Williamson, Franklin, Jefferson, Randolph, Saline, Gallatin, White, Hamilton, Pope and Hardin.
Rex Duncan is CCI’s Executive Director and one of the organization’s founders. “I’m immensely proud of what this little non=profit has achieved in partnership with the great folks at USDA” Duncan said. “Every time one of our customer’s business succeeds, we feel like we’re a small part of that success. It’s been a very soul-satisfying experience.”
CCI has also expanded its capacity to invest in business and community development in the region through partnerships with he United States Department of the Treasury’s Community Development Financial Institution Fund and hopefully int he near future the Small Business Administration. These relationships are developed with the philosophy of brining in a growing pool of small business capital. In 2013, CCI was designated but the Treasury Department as a Community Development Finance Institution (CDFI), with access to investment capital and financial services through a national network. CCI is the only CDFI in the region.
Duncan noted CCI specializes in micro-enterprises, business with 10 employees or less, and that working with these smallest businesses gives him optimism for the future of Southern Illinois. “Our customers are incredibly hard-working and energized to pursue their dreams of business ownership. They are also remarkably creative in how they adapt to changing business environments,” Duncan said. “Frankly, they inspire me.”
