Suazo Business Center Receives CDFI Certification

Kaitlyn ClarkeNews

Suazo Business Center, a prominent nonprofit organization dedicated to economic development in Utah, has been awarded the esteemed Community Development Financial Institution (CDFI) certification. This certification highlights Suazo’s commitment to providing vital financial resources and support to underserved communities and Latino-owned small businesses across the state. 

This recent CDFI certification is a significant milestone in its efforts to bridge financial gaps in underserved areas. Suazo Business Center joins an esteemed group of organizations recognized for their dedication to promoting economic development in low-income communities. This achievement strengthens its ability to attract funding and expand its reach, facilitating increased access to capital for entrepreneurs and small businesses in Utah.

The certification provides Suazo Business Center access to crucial federal resources and funding to support its growth and development. By filling financing gaps, Suazo aims to enable businesses to expand, create employment opportunities, and contribute to the state’s overall economic vitality. Additionally, Suazo’s comprehensive business development services, including mentorship programs, educational workshops, and one-on-one mentoring, will be further strengthened and expanded with the CDFI certification.

“These resources will go toward starting and expanding businesses and creating jobs by offering financing solutions needed to provide vital services to our communities,” said Silvia Castro, president and CEO. “We finance small businesses and other investments that spark economic growth and development in underserved communities across Utah. Using creative and innovative financing products, the Center can provide loans and financial services to communities with scarce resources.”

J.P. Morgan Chase, a longtime supporter of the Suazo Business Center, provided a generous donation to aid in developing Suazo’s bid to become a CDFI-certified lending organization. “We are pleased by the work being done at the Suazo Business Center and are encouraged by their efforts of becoming CDFI certified,” said Danielle Wright, head of J.P. Morgan Private Bank in Utah. “The programs and support Suazo provide to Utah’s minority business community are unmatched in the state, and we are honored to play a part in that success.”

Suazo’s CDFI certification acknowledges the collective efforts of various stakeholders committed to economic growth and inclusion in Utah. Community partners, financial institutions, and government agencies have played a pivotal role in supporting Suazo’s mission. Suazo Business Center will continue collaborating with these stakeholders, forging strategic partnerships to maximize its impact and extend its reach throughout Utah.

The organizations receiving the CDFI certification reinforce their commitment to uplifting communities and expanding economic opportunities. This certification enables Suazo to provide increased access to capital and business support services for underserved individuals and businesses across Utah. With the support of its partners, it aims to create a more inclusive and prosperous future for all residents of the state.