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Treasury awards $1.25 billion to CDFIs; $9.4M for those certified as VC funds
Earlier this week, the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund announced $1.25 billion in coronavirus-related “rapid response” funding to 863 CDFIs. Among the recipients were SSTI members Launch NY and Vermont Sustainable Jobs Fund. The awards included a total of $9.4 million to seven CDFIs certified as venture capital funds; as of FY 2019, just 14 CDFIs were certified as venture capital funds, out of 934 in total (note that a fund’s certification status does not necessarily signify how the CDFI will use a new award). The full list of awards can be found here (xlsx). To receive funding through the CDFI Fund, organizations must first become a certified CDFI. Learn more at cdfifund.gov.