Dear Kentucky CDE and CDFIs,
The Kentucky CDE CDFI Partnership would like to extend a formal invitation to your CDE or CDFI organization to join our organization as we embark upon our mission to promote economic growth within the state of Kentucky. The Kentucky CDE CDFI Partnership is a recently established 501c3 organization that was created to promote growth within the state’s various business sectors while furthering advancement within our communities. Our local and state CDE and CDFI organizations play a pivotal role in Kentucky’s economic infrastructure and we hope to gain your support and partnership as we work to make Kentucky one of the best places to live and work!
With approximately 4.5 million residents, the state of Kentucky ranks as the 26th largest state in terms of population size in the United States and the 37th largest state in terms of landmass. Despite its potential for growth, Kentucky continues to rank low in economic development. The Kentucky CDE CDFI Partnership has identified areas of improvement that may help bolster the state’s growth, improve upon current systems and programs, and foster an environment of collaboration amongst our citizens, business owners, and public officials.
It is our hope that our mission aligns with your organization’s values and goals and that you will accept this invitation to partner with us as we set out to elevate Kentucky to one of the nation’s top states for economic expansion. By the year 2025, it is our goal that our collective efforts will lead to a significant regeneration of the state’s economy and revamp of our existing societal framework, thereby strengthening our communities and providing opportunities for future state-wide improvements. These efforts will take the creative minds of local and state organizations who share a common interest of community advancement and economic reform. We look forward to working with your organization in a unified effort to lead Kentucky into a period of revitalization and change!
U.S. NEWS & WORLD REPORT
KENTUCKY’S OVERALL STATE RANKING
#44 - Health Care
#38 - Education
#39 - Economy
#26 - Infrastructure
#20 - Opportunity
#45 - Fiscal Stability
#11 - Crime & Corrections
#12 - Natural Environment
The Kentucky CDE CDFI Partnership would like to invite all Kentucky CDE and CDFI organizations to join our economic development organization as we work to help establish Kentucky as one of the nation’s most economically stable places to live, work, and build.
The Kentucky CDE CDFI Partnership
The Kentucky CDE CDFI Partnership is a newly established 501c3 organization created by Noir Black Chamber of Commerce Inc., a certified Community Development Entity (CDE) and Kentucky’s only black chamber of commerce. Headquartered in Louisville, Kentucky, the Noir Black Chamber of Commerce is led by Founder and CEO John Howard Shaw-Woo. The Noir Black Chamber of Commerce has partnered with Community Ventures Corporation Inc., a certified Community Development Financial Institution (CDFI) headquartered in Lexington, Kentucky. Community Ventures Corporation Inc. is led by President and CEO Kevin Smith and Dan Heffernan, President of New Market Tax Credits.
The state of Kentucky has consistently ranked as one of the most impoverished states in the country dating as far back as 1939. Coupled with a lower than average income level, Kentucky has also experienced a reduced rate of economic output in recent years. For example, compared to other states, Kentucky ranks 44th in health care, 38th in education, 39th in economic growth, 26th in infrastructure, and 45th in fiscal stability. These are just some of the focus areas that the Kentucky CDE CDFI Partnership has identified that may benefit from targeted initiatives that improve upon current processes and drive economic expansion.
The Kentucky CDE CDFI Partnership will partner with Kentucky CDEs and CDFIs to form collaborative relationships with Kentucky Mayors to strategically identify and develop large economic development projects within our state’s low-income and rural communities. Our goal is for these project initiatives to increase economic and social mobility growth for Kentucky citizens while forging a path to boost city and statewide growth. Furthermore, we will work with local and state leaders to establish a state-wide opportunity zone, build collaborative partnerships with Kentucky’s Cabinet for Economic Development, generate economic and social mobility opportunities for low-income individuals & families, and identify and secure funding to support large economic development projects.
The Commonwealth of Kentucky
The Partnership’s long-term goal is to improve Kentucky’s overall state ranking by the year 2025 through the development of large economic infrastructure projects. The successful implementation of these projects will drive economic progression, increase the influx of new residents and families, and attract new businesses to the state, such as start-ups, film agencies, manufacturing firms, and technology enterprises. We hope to achieve this through the elimination of Kentucky’s state income tax, driving and promoting the creation of jobs, and focused growth of the state’s middle class.