Raza Development Fund, the largest Latino Community Development Financial Institution in the country and Hacienda Community Development Corporation, proudly announce the grand opening of the Portland Mercado, this Saturday, April 11th, at 7238 SE Foster Road, in Portland, Oregon.
The Portland Mercado, a public market that will serve as a hub for up to 20 businesses, at least 90% of which are expected to be owned and operated by Latino entrepreneurs, will provide goods and services for low-income, immigrant families. With the opening of the Portland Mercado, Hacienda CDC will be able to provide a place to incubate these small and minority owned businesses. In addition to the Portland Mercado, Hacienda is constructing a new administrative headquarters building and refurbishing the Ortiz Community Center, with funding provided by Raza Development Fund, which provided $10 million in Federal New Markets Tax Credit financing and nearly $1 million in bridge financing. Victor Merced, Executive Director of Hacienda CDC, stated that, “RDF provided traditional and tax credit financing along with valuable technical support. Without the help and patience of RDF, these projects would not have been possible.”
Tommy Espinoza, RDF’s President & CEO, said, “RDF was founded 15 years ago to support affiliates of the National Council of La Raza. We have the ability to provide really innovative financial solutions for organizations like Hacienda, that are positively impacting the lives of Latino families and children in poor communities. Hacienda’s work in the areas of entrepreneurship and affordable housing is really impressive. We’re so proud to continue our 10-year partnership.”