The grant will help enhance small business lending efforts in low-income and economically distressed communities.
MINNEAPOLIS – September 27, 2016 – Community Reinvestment Fund, USA (CRF), a Minneapolis-based national non-profit and Community Development Financial Institution (CDFI), has been awarded a $1.4 million Financial Assistance (FA) grant from the U.S. Department of the Treasury CDFI Fund. The grant will help CRF continue to enhance its efforts to fill the gaps in small business lending and increase impact in low-income and economically distressed communities throughout the country.
“Despite our economic recovery, we still see gaps in access to capital, especially for small businesses in low-income and distressed communities,” said Frank Altman, President and CEO of CRF. “We will work with our CDFI colleagues across the country to deploy this capital to job creating small businesses that improve lives and strengthen communities.”
The CDFI Fund awarded $185.7 million in grants and loans to 196 Community Development Financial Institutions (CDFIs) through the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program). See all 2016 CDFI Program Awardees
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 $2 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. For more information, visit www.crfusa.com.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $2.2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $852 million has been guaranteed in bonds through the CDFI Bond Guarantee Program.