WASHINGTON–Forty-five credit unions are among the 191 organizations that have been granted awards totaling $24.1 million from the Treasury Department’s Community Development Financial Institutions Fund. Nearly all of the awards are for $125,000.
According to Treasury, the fiscal year (FY) 2021 Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) Technical Assistance Awards will allow CDFIs and emerging CDFIs to build their capacity to provide services to low-income and underserved people and communities across America.
“CDFI Fund’s Technical Assistance Awards play a vital role in building the capacity of startup and existing CDFIs and, ultimately, increase the impact of the capital and credit they deploy in distressed and underserved communities,” said CDFI Fund Director Jodie Harris. “The FY 2021 CDFI Program and NACA Program Technical Assistance recipients will continue that work in communities across the country, including 39 states, the District of Columbia, and Puerto Rico.”
FY 2021 CDFI Program Technical Assistance Awards
According to Treasury, the CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. Technical Assistance awards provide seed capital that enables uncertified organizations to successfully secure certification as a CDFI.
“Award Recipients often use the funds to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity,” Treasury said. “More established CDFIs also use Technical Assistance awards to provide new products, to serve current target markets in new ways, or to enhance the efficiency of their operations.”
For FY 2021, 174 organizations received more than $21.6 million in CDFI Program Technical Assistance Awards.
FY 2021 NACA Program Technical Assistance Awards
The NACA Program facilitates the creation and advancement of Native CDFIs, Treasury noted. Organizations funded through the NACA Program serve a wide range of Native American, Alaska Native, and Native Hawaiian communities, and reflect a diversity of institutions in various stages of development, including, including organizations in the early planning stages of CDFI formation, tribal entities working to certify an existing lending program, and established Native CDFIs in need of further capacity building assistance, Treasury said.
For FY 2021, 17 organizations received $2.5 million in NACA Program Technical Assistance Awards. The maximum award amount available was $150,000.
The list below includes the winners:
List of FY 2021 CDFI Program and NACA Program Technical Assistance Award Recipients