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R E S O L U T I O N
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WHEREAS, A delegation from LiftFund is visiting Austin on |
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February 19, 2019, in celebration of Community Development |
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Financial Institutions Day at the State Capitol; and |
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WHEREAS, In 1994, CDFIs were created through the Riegle |
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Community Development and Regulatory Improvement Act to promote |
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economic development by providing financial products and services |
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to people and communities underserved by traditional financial |
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institutions, particularly in low-income communities; CDFIs |
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include community development banks and credit unions, as well as |
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nonregulated institutions such as nonprofit loan funds or venture |
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capital funds; partnering with traditional financial institutions, |
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they enable previously underbanked clients to participate in the |
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banking system; and |
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WHEREAS, LiftFund is one of more than 40 CDFIs that benefit |
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Texans; since 1994, it has provided over $300 million to more than |
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3,000 self-employed individuals and small businesses, including |
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microenterprises; over 80 percent of the entrepreneurs it serves |
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are people of color, while 38 percent are women and 9 percent are |
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veterans; for every $1 it deploys, there is an estimated $14 |
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positive economic impact through revenue, purchases, job creation, |
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and taxes paid; and |
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WHEREAS, Community Development Financial Institutions play a |
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vital role in leveling the financial playing field in order to |
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extend prosperity to neglected areas, and for a quarter century, |
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LiftFund has helped aspiring entrepreneurs achieve their dreams |
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while making a positive impact in their local economies and beyond; |
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now, therefore, be it |
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RESOLVED, That the House of Representatives of the 86th Texas |
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Legislature hereby recognize LiftFund for its contributions on the |
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occasion of CDFI Day at the State Capitol and extend to all those |
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associated with this noteworthy institution sincere best wishes for |
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continued success; and, be it further |
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RESOLVED, That an official copy of this resolution be |
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prepared for LiftFund as an expression of high regard by the Texas |
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House of Representatives. |
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Minjarez |
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______________________________ |
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Speaker of the House |
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I certify that H.R. No. 658 was adopted by the House on March |
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12, 2019, by a non-record vote. |
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______________________________ |
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Chief Clerk of the House |
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