CCDFI Secures $6.19 Million ERP Grant | Clearinghouse CDFI
Summary
These funds support CDFI lending to small businesses, community facilities, affordable housing, commercial real estate, and nonprofits. These grantsrepresenting the largest CDFI grant program in historywill enable hundreds of community lenders to invest in small businesses and entrepreneurs, and also provide home loans for families, financial services for local nonprofits, and capital for community organizations.These grant funds will be transformative for grantees that are building a more equitable, resilient economy, along with helping sustain our strong economic recovery said Secretary of the Treasury Janet L. Yellen. These critical resources will allow mission-driven lenders to expand access to capital in financially underserved communities, which will help increase contributions to long-term economic growth.Todays awards represent a truly historic opportunity to accelerate efforts in Americas distressed and underserved communities to overcome the persistent economic effects of the COVD-19 pandemic, said CDFI Fund Director Jodie Harris. The more than $1.73 billion in CDFI ERP funding that is being awarded to CDFIs will be utilized to implement initiatives that, among other things, increase availability of financing and capital for small businesses, promote affordable housing, and improve accessibility to loans that help families make ends meetall of which were compromised by the pandemic, and are vital to community resilience, sustainability and economic prosperity.About the CDFI Fund Since its creation in 1994, the CDFI Fund has awarded more than $7.4 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the CDFI Rapid Response Program; the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Economic Mobility Corps; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good.Clearinghouse CDFI has funded $2.2 billion in total loans for over 2,600 community projects over the past 27 years.