The Community Loan Fund of the Capital Region is pleased to announce that we were named the recipient of $1,060,000 from the U.S Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The overall award amount is the sum of two separate awards from the CDFI Fund; the Financial Assistance (Base-FA) award, and the Disability Funds-Financial Assistance Award (DF-DA). The Community Loan Fund is receiving $560,000 from the Base-FA award and $500,000 from the DF-FA award.
The Community Loan Fund was 1 of 435 organizations nationally to receive an award from the CDFI Fund and only 1 of 213 Loan Funds across the country. In addition to this, the organization was 1 of 33 in New York State to receive any funding.
“This award from the CDFI Fund provides the Community Loan Fund with over one million dollars in federal funding to continue supporting our local small businesses and non-profit organizations right here in the Capital Region.” said Jason Chicoine, grants administrator for the Community Loan Fund.
“The Community Loan Fund is honored to receive this award again. This is a very competitive grant, and every year that we apply, we know we are vying against institutions that are larger than us across the country. Receiving this award allows us to continue effectively serving our community as we have done throughout our 37 year history.” said Linda MacFarlane, Executive Director of the Community Loan Fund.
Base-FA Funds received can be used for lending capital for local entrepreneurs, loan loss reserves, capital reserves, financial services and development services with the ultimate goal of increasing the volume of products or services the Community Loan Fund offers. Similarly, the funds can assist organizations service new target populations and expand operations into new or underserved geographic areas. DF-FA funds are used to enhance the capacity to address the challenges of individuals with disabilities, such as: asset development; affordable, accessible, and safe housing; employment opportunities; or access to assistive products and services that support health and community living.