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TAMPA — Catalyst Community Capital Inc. has obtained a $20 million line of credit from a Boston-based community bank that will support the Tampa investment firm’s goal of providing capital to small business owners, community organizations and developers.
According to a press release, Catalyst, which bills itself as a mission-driven, nonprofit lender, plans to use the credit facility to fund commercial loans backed by first mortgages on commercial properties.
“We are pleased and excited to have the confidence of this major financial institution,” Catalyst COO Mike Maguire states in the release. “This transaction represents a significant milestone for Catalyst and allows us to grow our balance sheet and further our mission.”
Catalyst President Joseph Bonora adds, via the release, “This funding gives us the ability to expand our product offering and geographic coverage, and will ultimately result in the creation of jobs and improvement of low- and moderate-income communities.”
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