CDFI News

 

 

CDFI Fund Receives 17 Applications Requesting $9.8 Million Under the 2009 Supplemental Round of the Native American CDFI Assistance Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=113CDFI Fund Receives 17 Applications Requesting $9.8 Million Under the 2009 Supplemental Round of the Native American CDFI Assistance Program<p class="body"> <strong>Washington, DC</strong> - The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced today that it received a total of 17 applications from 11 states, for the fiscal year (FY) 2009 supplemental round of the Native American CDFI Assistance (NACA) Program. The applicants requested an aggregate total of $9.8 million in Financial Assistance.</p><p class="body">In order to accommodate the additional solicitation of applications, yet still expedite the flow of Recovery Act award dollars into Native Communities, the CDFI Fund announced all $8 million of Recovery Act funding earlier this month, in addition to $3.3 million of Technical Assistance-only awards utilizing annually appropriated resources. A second announcement will be made in September 2009, when approximately $3.7 million of remaining annual appropriations will be awarded to the most highly rated applicants in a combined pool that includes: 1) applicants that submitted applications in response to the amended Notice of Funds Availability (NOFA); and 2) applicants that applied under the original FY 2009 NOFA but did not receive an award in the first funding announcement.</p><p class="body">The characteristics of the applicant pool include:</p><p class="body"> <u>Geographic Distribution</u></p><ul><li>Applications were received from 11 states.</li><li>17 applicants applied under the NACA Program requesting an aggregate total of $9,857,193 in Financial Assistance.</li><ul><li>Institutional type:</li><ul><li>13 (76 percent) applicants are loan funds;</li><li>2 (12 percent) applicants are credit unions; and</li><li>2 (12 percent) applicants are a bank, thrift or a holding company.</li></ul></ul></ul><p class="body">For more information on the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.</p><p class="body">To view the new Native Initiatives Strategic Plan, please <a href="/Documents/Native%20American%20Strategic%20Plan.pdf" target="_blank">click here</a>. </p>2009-07-20T04:00:00ZUpdates113
CDFI Fund Receives 192 Applications Requesting More than $270 Million Under the 2009 Supplemental Round of the CDFI Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=112CDFI Fund Receives 192 Applications Requesting More than $270 Million Under the 2009 Supplemental Round of the CDFI Program<p class="body"><strong>Washington, DC</strong> - The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced today that it received a total of 194 applications from 44 states, the District of Columbia, and Puerto Rico for the fiscal year (FY) 2009 supplemental round of the CDFI Program. The applicants requested an aggregate of over $270 million in financial assistance.</p><p class="body">In order to accommodate the additional solicitation of applications, yet still expedite the flow of Recovery Act award dollars into low-income communities, the CDFI Fund announced all $90 million of Recovery Act funding earlier this month. A second announcement will be made in September 2009, when approximately $52 million of annual appropriations will be awarded to the most highly rated applicants in a combined pool that includes: 1) applicants that submitted applications in response to the amended Notice of Funds Availability (NOFA); and 2) applicants that applied under the original FY 2009 NOFA but did not receive an award in the first funding announcement.</p><p class="body">During the initial FY 2009 application round, the CDFI Fund received 260 applications requesting more than $237 million in assistance. The applications from the initial round were due on October 27, 2008. Through these two FY 2009 application rounds, a total of 419 applicants have now requested an aggregate total of $507 million in assistance through the CDFI Program.</p><p class="body">"I'm incredibly pleased to see the impressive number of CDFIs that have applied in this supplemental round. Coupled with the geographic diversity that they represent, this clearly demonstrates the demand for capital by CDFIs throughout the country," said CDFI Fund Director Donna J. Gambrell. "I'm looking forward to congratulating our awardees later this fall and I'm confident that they will immediately begin to use these awards to enhance their ability to deliver much needed financial services and products within distressed communities."</p><p class="body">The characteristics of the applicant pool include:</p><p class="body"><u>Geographic Distribution</u></p><ul><li>Applications were received from 44 states, the District of Columbia, and Puerto Rico.</li></ul><p class="body"><u>Category I – Small and Emerging CDFI Assistance</u></p><ul><li>61 (32 percent) applicants applied under Category I – or SECA – requesting an aggregate total of $33,242,348 in Financial Assistance:</li><ul><li>Institutional type:</li><ul><li>39 (64 percent) applicants are loan funds;</li><li>21 (34 percent) applicants are credit unions; and</li><li>1 (2 percent) applicants are venture capital funds.</li></ul></ul></ul><p class="body"><u>Category II - Core</u></p><ul><li>131 (68 percent) applicants applied under Category II – or Core – requesting an aggregate total of $237,512,068 in Financial Assistance:</li><ul><li>Institutional type:</li><ul><li>99 (76 percent) applicants are loan funds;</li><li>12 (9 percent) applicants are credit unions;</li><li>14 (11 percent) applicants are banks, thrifts or holding companies; and</li><li>6 (5 percent) applicants are venture capital funds.</li></ul></ul></ul><p class="body">For more information on the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.</p> 2009-07-16T04:00:00ZUpdates112
Treasury Awards $8 Million in Recovery Act Funding for Native Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=40Treasury Awards $8 Million in Recovery Act Funding for Native Communities<p>​At Event on the Pine Ridge Indian Reservation, CDFI Fund Director Gambrell Announces Awards for Native Community Development Financial Institutions</p><p><strong>Kyle, SD</strong> - As part of the Obama Administration's continued investment in economic development in communities around the country through the Recovery Act, Treasury's Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell today announced $8 million in financial assistance awards for 10 CDFIs committed to serving economically distressed Native American, Alaska Native, and Native Hawaiian communities across the nation.</p><p>"These Native CDFIs are transforming their communities by helping to create businesses and needed jobs, provide affordable housing and build vital community facilities in places that desperately need them. They are providing personal financial education and developing business skills in communities that have been excluded from our nation's economic mainstream and they are helping to change the lives of the people they serve," said Gambrell. "In addition to the Recovery Act awards announced today, I'm pleased to announce that the CDFI Fund is releasing a new Native Initiatives five-year strategic plan reaffirming our commitment to overcoming the barriers to capital within Native communities."</p><p>The event was hosted by The Lakota Funds, a Treasury certified Native CDFI that provides microloans, small business loans, and business training and technical assistance to members of the Oglala Sioux Nation living on the Pine Ridge Indian Reservation. The announcement was held at the Lakota Trade Center, a 13,000 square foot building supported by The Lakota Funds that provides prime office space for reservation businesses and programs. The center has given rise to The Lakota Funds' award-winning Wawókiye Business Institute that provides entrepreneurs with training and a support network of local, regional, and national business experts.</p><p>Also announced at the event were the names of the 26 Native institutions selected from across the nation to receive an aggregate total of $3.3 million in technical assistance grants under the Native American CDFI Assistance Program made possible through the CDFI Fund's FY 2009 annual appropriations.</p><p>Recognized at the event were five South Dakota-based award recipients: First Nations Oweesta Corporation (Rapid City); Mazaska Owecaso Otipi Financial, Inc. (Pine Ridge); The Lakota Funds (Kyle); Four Bands Community Fund, Inc. (Eagle Butte); and The Harvest Initiative, Inc. (Fort Thompson) – all of which are leaders serving the community development needs of their Native communities.</p><p>The awardees were selected after a competitive review of 49 applications received by the CDFI Fund from organizations across the nation that requested $16.5 million in funding under the 2009 round of the NACA Program.</p><p></p><p>The CDFI Fund's Native Initiatives work to increase access to credit, capital, and financial services in communities by creating and expanding CDFIs primarily serving Native communities. This is achieved by funding programs and providing a series of training programs to organizations working in Native areas. The CDFI Fund's Native Initiatives also makes financial assistance awards to certified Native CDFIs and provides grants to Native organizations to help them build the capacity to become a certified Native CDFI.</p><p>For more information about these awards, or about the CDFI Fund and its programs, please visit the Fund's website at: http://www.cdfifund.gov.</p><p>To view the new Native Initiatives strategic Plan entitled, "Building Native Leaders for Tomorrow" please <a href="/Documents/Native%20American%20Strategic%20Plan.pdf">click here</a>.</p><p>2009 NACA Program Recovery Act Awards</p><ul><li> <a href="/Documents/2009%20NACA%20Program%20Award%20List.pdf"> 2009 NACA Program Award List</a></li><li> <a href="/Documents/2009%20NACA%20Program%20Award%20Highlights.pdf">2009 NACA Program Highlights</a></li><li> <a href="/Documents/2009%20NACA%20Program%20Awardee%20Profiles.pdf">2009 NACA Program Awardee Profiles</a></li><li> <a href="/Documents/2009%20NACA%20Program%20Award%20Booklet.pdf">2009 NACA Program Award Booklet</a></li></ul>2009-07-01T04:00:00ZPress Releases40

 Stay In Touch

Sign up to receive news and important information.

Sign Up

 Archives