Community Reinvestment Fund, USA Receives A $686,500 Financial Assistance Grant From U.S. Department of Treasury’s CDFI Fund
The grant will help increase CRF lending in low-income and economically distressed communities.
MINNEAPOLIS – September 20, 2017 – Community Reinvestment Fund, USA (CRF), a Minneapolis-based national non-profit and Community Development Financial Institution (CDFI), has been awarded a $686,500 Financial Assistance grant from the U.S. Department of the Treasury CDFI Fund. The grant will strengthen CRF’s existing small business lending efforts and help it to provide complementary new and innovative financial products to maximize impact in underserved communities throughout the country.
“This is an extremely competitive process and we are proud to be in the company of the highly respected CDFIs who were also awarded grants,” said Frank Altman, president and chief executive officer of CRF. “We are excited to use this grant to deliver much needed financing to underserved small businesses by offering a continuum of flexible lending products, creating jobs and strengthening neighborhoods.”
The CDFI Fund awarded $208 million in grants to 303 CDFIs through the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program). The funds will support community development revitalization in low-income and economically distressed communities.
“We are very pleased to announce the FY 2017 CDFI Program and NACA Program award recipients. This is the largest pool of awardees in the history of the CDFI Fund,” said CDFI Fund Director Annie Donovan. “These award recipients represent a diverse array of organization types and community investment strategies, serving a broad spectrum of communities. We are especially proud that one-third of the awardees have committed to investing in Persistent Poverty Counties.”
Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF develops products and services aimed at increasing the flow of capital to historically underinvested communities across the country. CRF has injected more than $2.1 billion to help stimulate job creation and economic development, provide affordable housing, and support community facilities.
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 $2.5 billion to community development organizations and financial institutions.