Cinnaire launched Jumpstart Wilmington to help Wilmington residents and people committed to revitalizing Wilmington to become developers of their own neighborhoods through quality, community-focused real estate development training and finance options. The Jumpstart Wilmington Loan Program provides financing for the acquisition and construction of residential, commercial, and mixed-use properties in Wilmington neighborhoods. The loan program recently received a $45,000 grant from TD Bank and a $10,000 grant from Santander Bank to support the reduction of financial barriers for Jumpstart Wilmington graduates engaging in real estate development in Wilmington neighborhoods.
“We structured our Jumpstart Wilmington Loan Program to support our graduates’ capital needs to acquire and rehabilitate properties as part of an effort to revitalize and stabilize Wilmington neighborhoods,” said Donisa Strong Hill, Cinnaire Senior Vice President, Corporate and Foundation Development. “We’re grateful to our partners at TD Bank and Santander Bank for supporting the loan program and for their commitment to realizing our goal of increasing local developer capacity to build wealthy locally and reduce blight.”
The Commercial Real Estate Diversity Report, released in 2013, found the industry to be one of the least diverse in the United States. Jumpstart Wilmington was launched to increase local developer capacity and to reduce the barriers of entry to the commercial real estate industry disproportionately experienced by people of color. The program provides aspiring developers who live in Wilmington communities with the skills, knowledge, and support they need to rehabilitate key properties, one at a time.
The Jumpstart Wilmington loan process is similar to a bank process to help prepare aspiring developers for future funding from traditional banking institutions. Jumpstart Wilmington requires loan applicants to complete an online application and attach a pro forma, comps, and construction budget. The grant from TD Bank will defray third party financial costs such as surveys, construction inspection reports, obtaining titles, and market studies. The award from Santander Bank will be used to assist with the cost of standard loan documents and legal documents.
To learn more about the Jumpstart Wilmington Loan Program, please click here.