News Summary
Dallas has welcomed Derric Hicks as the new CEO of the Texas Mezzanine Fund, a key player in financing small and medium-sized businesses. With over 20 years in banking, Hicks aims to improve access to capital for minority-owned businesses and underserved communities. TMF focuses on flexible financing solutions and has already backed over $120 million in loans, supporting significant economic development in low-to-moderate-income areas. Under Hicks’s leadership, the fund is poised to enhance its community impact and support the local economy.
Dallas Welcomes New CEO at Texas Mezzanine Fund
In the bustling heart of Dallas, there’s exciting news that is bound to impact the city’s economy significantly. The Texas Mezzanine Fund (TMF), a dedicated player in supporting small and medium-sized businesses across Texas, has recently welcomed a new CEO—Derric Hicks. Taking the helm in June 2023, Hicks brings more than 20 years of banking experience and a fresh perspective aimed at improving access to capital for minority-owned businesses and underserved communities.
What is the Texas Mezzanine Fund?
Established in 1999, TMF operates as a Community Development Financial Institution (CDFI). Its fundamental mission? To fill the gaps left by traditional lenders and provide flexible financing solutions that enable business growth, acquisitions, and recapitalizations. This is crucial, given that small and medium businesses are often seen as the backbone of the Texas economy.
Success Stories and Economic Impact
Over the years, TMF has been instrumental in **driving economic development** across Texas. To date, they have backed over $120 million in loans to local businesses, resulting in notable achievements such as the construction of 1,000 affordable housing units and the creation of 3,144 jobs. These figures aren’t just numbers; they reflect an ongoing commitment to enhancing the quality of life in low-to-moderate-income areas.
Notably, TMF administers the New Markets Tax Credit (NMTC) program, which allows for funding of community facilities and further growth in underserved regions. Supporting these initiatives is crucial, especially considering that approximately 46% of minority business owners have reported challenges in securing financing, as noted in a recent Bank of America survey.
Derric Hicks: A Vision for Growth
Hicks aims to change the narrative surrounding business financing. His approach emphasizes **creative solutions**, including more flexible loan terms that adapt to businesses’ unique needs, such as lower credit score acceptance and adjustable loan-to-value ratios. The focus is clear: helping businesses not just survive but thrive.
Under his guidance, TMF is also forging strong relationships with other financial institutions to bolster support for businesses seeking funds. One inspiring instance involved assisting a Black-led nonprofit facing cash flow issues by offering flexible loan terms. Such initiatives are not just beneficial; they are a lifeline for many organizations within the community.
Broader Community Support
TMF’s impact extends beyond just direct financial support. The organization is receiving significant backing from community partners, evidenced by the recent investment of $250,000 from the American National Bank of Texas (ANBTX). This funding aims to further economic initiatives in southern Dallas, highlighting the city’s commitment to revitalization.
In addition to financial contributions, ANBTX has generously donated over $545,000 to more than 20 local organizations aiming to uplift community efforts. The City of Dallas is also on board, having approved a $1.5 million loan and grant for the development of the Malcolm’s Point retail center, with TMF stepping in to provide crucial support.
A Bright Future Ahead
As TMF continues to expand its reach and services under Hicks’s dynamic leadership, the potential for positive change in Dallas and beyond seems boundless. With a dedication to ensuring that communities that need financial support the most are prioritized, there is hope that the economic landscape will flourish for all.
In conclusion, the Texas Mezzanine Fund’s initiatives create a ripple effect of opportunities throughout Texas. With its fresh leadership and unwavering commitment to community development, Dallas can look forward to a vibrant economic future, rooted deeply in inclusivity and growth.
Deeper Dive: News & Info About This Topic
- Dallas News
- Business Wire
- WFAA
- Wikipedia: Community Development Financial Institution
- Google Search: Texas Mezzanine Fund
