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Treasury awards $24.1M in CDFI technical assistance
The Community Development Financial Institution Fund (CDFI Fund) of the U.S. Department of Treasury recently awarded more than $24.1 million in Technical Assistance Awards to 191 Community Development Financial Institutions (CDFIs). These awards were distributed through the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program). The 191 CDFI awardees represented 39 states — as well as Washington, D.C., and Puerto Rico.
Through the CDFI Program, more than $21.6 million was awarded to 174 organizations — with most organizations receiving the maximum allotted amount of $125,000 in Technical Assistance Awards. CDFIs use these awards to better serve their target market. It is notable that of the 174 recipients, 45 of them were located in Puerto Rico. Technical Assistance Awards are typically utilized to assist low-income individuals and underserved communities by providing them with access to financial assistance. CDFIs use these funds to determine the necessary financial products and services for their target market — allowing them to develop market-specific strategies and policies for lending. Additionally, experienced CDFIs use this funding to further develop target markets with new strategies while improving efficiency with the products and services they provide. Uncertified organizations are able to secure seed capital through Technical Assistance Awards to become certified as a CDFI.
The NACA Program furthers the initiative of aiding underserved communities. Through this program, 17 organizations were awarded more than $2.5 million in Technical Assistance Awards — with most organizations receiving the maximum allotted amount of $150,000 in funding. The NACA Program serves Native American, Alaska Native, and Native Hawaiian communities across the United States by facilitating the growth of Native CDFIs.
Further information on the CDFI Program and the NACA Program can be accessed from the U.S. Treasury CDFI Fund press release.