WASHINGTON–Treasury has named Pravina Raghavan as the new director of the CDFI Fund.
Since December 2021, Raghavan has served as the director of the Manufacturing Extension Partnership Program (MEP) at National Institute of Standards and Technology (NIST). NIST MEP is a public private partnership that empowers manufacturers by funding 51 centers across the United States that provide hands-on services and consulting in multiple areas.
Prior to her role at Commerce, Raghavan served for more than five years as an executive vice president of Empire State Development, New York State’s economic development agency that provides billions of dollars in economic assistance to companies to grow jobs and industries. In that role, she was responsible for the design and implementation of the $800 million NYS COVID-19 Small Business Recovery Grant Program.
She also launched the $100 million CDFI New York Forward Loan Fund that provided low-cost capital to small businesses, including through partnerships with CDFIs, according to Treasury.
Additional Positions
Raghavan has also served as senior advisor to the Deputy Secretary of Commerce during 2015 and 2016, as deputy associate administrator, and New York district director in the U.S. Small Business Administration, managing the Office of Investment and Innovation and overseeing a $1 billion loan portfolio, including working with CDFIs and credit unions.
Since May 2023, Marcia Sigal, deputy director of Policy and programs, has served in the role of acting director.
"We were delighted to hear of Ms. Raghavan’s appointment as the incoming director of the CDFI Fund and look forward to her leadership of the agency," said CU Strategic Planning CEO Stacy Augustine. "Director Raghavan’s leadership role in economic development, and background working with both loan funds and credit unions should make her a tremendous addition to the CDFI Fund’s professional staff."
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