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News Now

Washington
CDFI Fund requests nearly double for fiscal 2010
WASHINGTON (12/7/09)--The U.S. Treasury's Community Development Financial Institutions Fund (CDFI Fund) on Friday announced that it has received applications from a total of 408 financial institutions requesting a total of $467 million in funds for the 2010 fiscal year round of the program. A total of 51 of the financial institutions that applied for the CDFI funds are credit unions. According to the NCUA, credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding that will help maintain their credit union's presence in the community. The CDFI Fund received requests for just over $237 million in funds during the 2009 fiscal year. CDFI Fund Director Donna Gambrell said that the “extraordinary demand” for CDFI Program funds “shows the great need in distressed communities for capital to provide affordable financial products and services.” "Today’s economy is creating a need for CDFIs to expand their impact as low-income people and communities across the nation continue to bear a disproportionate burden and rely on CDFIs to provide critically needed support,” she added. The Treasury's CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit. The CDFI Fund is currently evaluating applications, and awards will be announced in the summer of 2010.


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