Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that 256 organizations received $76.32 million in Technical Assistance (TA) Awards to build their capacity to provide financial products and services to low-income and underserved people and communities across America. The Awards were made through the fiscal year (FY) 2024 funding round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program).
“It is our great delight to celebrate the 30th Anniversary of the CDFI Fund by announcing the CDFI and NACA Program Technical Assistance Award Recipients,” said CDFI Fund Director Pravina Raghavan. “It is fitting that in this combined round, the CDFI Fund was able to award the largest number and amount of TA Awards in the history of the program.”
The CDFI Program and the NACA Program provide TA Awards in the form of grants to invest in and build the capacity of specialized financial institutions called Community Development Financial Institutions (CDFIs), empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of low-income and distressed communities nationwide. CDFIs commonly use TA Awards to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity. More established CDFIs also use TA Awards to provide new products, to serve current target markets in new ways, or to enhance the efficiency of their operations. While both programs provide TA Awards through a competitive application review process, the NACA Program specifically awards funding to Native CDFIs that primarily serve Native American, Native Alaskan, and Native Hawaiian individuals and communities.
For FY 2024, 246 organizations received $72.6 million in CDFI Program TA Awards. They are headquartered in 42 states, the District of Columbia, and Puerto Rico. In addition, 10 organizations received $3.72 million in NACA Program TA awards. They are headquartered in seven states and the District of Columbia.
The CDFI Fund also provided Financial Assistance Awards through the CDFI Program and NACA Program to further expand and support the financing activities of CDFIs. The CDFI Fund announced the FY 2024 Financial Assistance Awards September 26, 2024.
To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov. Additional information about the CDFI Program is available at www.cdfifund.gov/cdfi and the NACA Program at www.cdfifund.gov/native.
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