New Growth Capital grows with development support
New Growth Capital makes micro loans to rural businesses. New support from the U.S. Treasury CDFI Fund will help us grow that work! More on that below.
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CDFI Fund Announces FY 2022 Technical Assistance Awards
September 26, 2022
Washington – Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that 218 organizations received $27.57 million in Technical Assistance awards to build their capacity to provide services to low-income and underserved people and communities across America. The awards were made through the fiscal year (FY) 2022 funding round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program).
“I am pleased to announce the largest number of Technical Assistance awards in the history of the CDFI Program and NACA Program,” said CDFI Fund Director Jodie Harris. “The continuing high demand for funding for technical assistance reflects the urgent need that CDFIs are facing in their communities today. These awards will help CDFIs build their capacity and resilience to respond to the evolving economic and community development impacts in underserved and distressed communities across the country.”
The CDFI Program and the NACA Program provide monetary awards 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 Technical Assistance 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 Technical Assistance 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 Technical Assistance awards after a competitive application process, the NACA Program specifically awards funding to CDFIs that primarily serve Native American, Alaska Native, and Native Hawaiian people and communities.
For FY 2022, 202 organizations received $25.22 million in CDFI Program TA awards. They are headquartered in 41 states, the District of Columbia, and Puerto Rico. In addition, 16 organizations received $2.35 million in NACA Program TA awards. They are headquartered in 10 states. A full list of the award recipients can be found below.
The CDFI Fund also provides Financial Assistance Awards through the CDFI Program and NACA Program to further expand and support the financing activities of CDFIs. The CDFI Fund anticipates announcing the FY 2022 Financial Assistance Awards in early 2023.
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.