September 25 – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded the Community Loan Fund of the Capital Region $788,750 to increase lending and investment activity in low-income communities across the Capital Region.
“This funding comes at a crucial time,” says Linda MacFarlane, Executive Director for the Community Loan Fund of the Capital Region. “We will be able to use this award to increase our loans to small business owners who are struggling to adapt to COVID. We will also be able to originate more loans to nonprofits who are straining to meet increasing service needs. We just want to let you know that we see you, and we are here to help.”
The award, which includes $520,000 to be used for general lending capital and $268,750 to address the challenges of individuals with disabilities, including affordable housing, employment, and services.
For the FY 2020 CDFI Program round, the CDFI Fund awarded $142.8 million in Base-Financial Assistance and Technical Assistance awards to 357 organizations in 45 states, the District of Columbia, and Puerto Rico.
The Community Loan Fund of the Capital Region received an award from the CDFI Fund in 2018.
About the CDFI Fund: Since its creation in 1994, the CDFI Fund has awarded more than $3.6 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the Community Development Financial Institutions Program; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program and closed guaranteed bonds in the amount of $1.61 billion through the CDFI Bond Guarantee Program.
About the Community Loan Fund of the Capital Region: The Community Loan Fund of the Capital Region is a non-profit community development financial institution serving the Capital Region of New York State — Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren and Washington Counties. Incorporated in 1985, its mission is to promote sustainable community development efforts for economically underserved people and communities with a focus on women, minorities, and people of low-income.