September 11, 2015
Community Reinvestment Fund, USA Receives $2 Million Financial Assistance Grant From The U.S. Department of Treasury's CDFI Fund
MINNEAPOLIS - September 11, 2015 - Community Reinvestment Fund, USA (CRF), a Minneapolis-based national nonprofit and Community Development Financial Institution (CDFI), has been awarded a $2 million Financial Assistance (FA) grant from the U.S. Department of Treasury's CDFI Fund.
The grant, which is the largest possible, will help CRF continue to expand its small business lending efforts and increase impact in communities throughout the country.
"This is an extremely competitive process and we are honored to be in the company of the highly respected CDFIs who were also awarded grants," said Frank Altman, President and CEO of CRF. "We are excited to use this capital to deliver much needed financing to underserved small businesses, creating jobs and strengthening neighborhoods."
The CDFI Fund awarded $202 million in grants and loans to 195 Community Development Financial Institutions (CDFIs) through the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program). This announcement caps the 20th anniversary celebration of the creation of the CDFI Fund and the CDFI Program.
"Today's awards highlight how much the CDFI Program has contributed in its 20 year history towards building a strong network of CDFIs across the country," said CDFI Fund Director Annie Donovan. "These important community partners are not only on the frontlines of economically distressed communities providing needed capital and credit, they are building a more inclusive economy which benefits the nations as a whole."
Community Reinvestment Fund, USA (CRF), a non-profit organization and certified Community Development Financial Institution (CDFI), is a national leader in bringing capital to underserved areas. Founded in 1988, CRF has injected more than $1.8 billion into low-income and economically disadvantaged communities around the country to help stimulate job creation and economic development, provide affordable housing, and support community facilities. CRF is headquartered in Minneapolis, MN. For more information, visit www.crfusa.com.
About the CDFI Fund
The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to community development financial institutions (CDFIs). The CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994. Since its creation the Fund has awarded $2 billion to community development organizations and financial institutions.
Posted by: CRFUSA