Albany, NY- The Community Loan Fund is proud to announce that it has officially received its recertification from the U.S Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. This certification comes following a comprehensive and rigorous new application process implemented in December 2023, which required all CDFI’s nationwide to reapply under significantly more stringent guidelines.
CDFI Certification means that an organization meets the requirements described in the CDFI Program regulations at 12 Code of Federal Regulations (CFR) section 1805.20 and any CDFI Fund issued guidance. These requirements include the following: having a Primary Mission of promoting community development; predominantly serving and maintaining Accountability to an eligible CDFI Certification Target Market; being a Financing Entity; providing Development Services; and being neither a government entity nor controlled by a government entity.
“Securing this certification under the new guidelines was a complex and rigorous process, but I believe it highlights the strength and resiliency of the organization” said Jason Chicoine, Grants Administrator for the Community Loan Fund.
“Our application was able to demonstrate that our lending practices and community impact remain firmly aligned with the overall mission of the CDFI Fund. The support and involvement of our Board of Directors was imperative as we went through this multi-year process and we thank them for their efforts.”
“For forty years, the Community Loan Fund has supported small businesses and non-profit organizations across the eleven-county Capital Region. Organizations we have funded over the previous four decades provide critical resources and amenities within their communities. From family-owned restaurants, to affordable childcare centers; the Community Loan Fund has always been driven by our mission to ensure all residents have equitable access to the resources they need to build sustainable, resilient, and prosperous communities. We are pleased that the CDFI Fund has recognized these efforts.” Said Walt Brady, Interim Executive Director of the Community Loan Fund.
The successful recertification of the Community Loan Fund by the CDFI Fund is a testament to the organization’s unwavering commitment to its mission and promoting economic equality and empowering underserved communities throughout the region. This affirms that the organization not only meets, but exceeds the updated federal protocols around transparency, accountability, and community impact.
