Today, the U.S. Secretary of the Treasury Janet L. Yellen announced $76 million in funding for community lenders as part of the 30th anniversary celebration of the Community Development Financial Institutions (CDFI) Fund. This funding is aimed at enhancing the capacity of 256 CDFIs to offer financial products and services to low-income and underserved communities across America.
The awards were distributed through the fiscal year 2024 funding round of the CDFI Program and Native American CDFI Assistance Program. Secretary Yellen remarked, “For 30 years now, the CDFI Fund has helped revitalize and strengthen communities across this country, benefitting all of us.”
The CDFI Program and NACA Program grants are designed to build operational capacity within CDFIs by providing training, education, and hiring new staff to increase lending capabilities. These programs empower organizations to grow sustainably and contribute to revitalizing low-income and distressed communities nationwide. The TA Awards help analyze suitable products for target markets, develop lending policies, procedures, and enhance staff lending capacity.
In fiscal year 2024, a total of $72.60 million in CDFI Program TA Awards was granted to 246 organizations based in 42 states, including the District of Columbia and Puerto Rico. Additionally, under the NACA Program TA awards, $3.72 million was awarded to ten organizations located in seven states and the District of Columbia.
Earlier in September 2024, Financial Assistance awards were also provided through both programs to further support financing activities within CDFIs.
