The U.S. Department of the Treasury today awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs) – including the Community Loan Fund of the Capital Region.

The Community Loan Fund will receive $1,278,385 to support our lending activities. The awards were announced by Vice President Kamala Harris at the White House with Treasury Secretary Janet L. Yellen. The grants will be made through Treasury’s CDFI Rapid Response Program (CDFI RRP) and will provide additional capital vital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities.

“In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy up. We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that today’s announcement might lead to an additional $10 billion in investment,” said Secretary Janet Yellen. “The President and the Vice President ran on a very ambitious agenda – ‘Build Back Better,’ unwinding systemic racism, creating an economy that works for everyone. I believe this is what that looks like in practice. By channeling more capital into CDFIs, we are translating those ideals into reality.”

“The Community Loan Fund of the Capital Region is grateful for this grant award, which we will use to help more small businesses recover from the COVID pandemic,” said Linda MacFarlane, Executive Director for the Community Loan Fund of the Capital Region. “By channeling more money to CDFIs like ours, the US Treasury is affirming their commitment to financial inclusion. By raising up CDFIs in this way, they are highlighting our model for economic development, one that prioritizes racial equity and economic justice.”

The full list of award recipients is here. CDFI RRP awards will reach a wide variety of low-income communities across the United States impacted by the COVID-19 pandemic. The awardees include CDFIs that serve rural, major urban, and minor urban markets. Primary geographic markets served by CDFI RRP awardees include:

  • Major urban areas: 339 organizations receiving $478.7 million in awards
  • Small urban areas: 277 organizations receiving $414.2 million in awards
  • Rural: 245 organizations receiving $353 million in awards