The Community Development Financial Institutions (CDFI) Fund of the U.S. Department of Treasury announced Friday the awarding of $202 million in grants and loans to 195 CDFIs through the CDFI Program and the Native American CDFI Assistance (NACA) Program, capping the 20th anniversary of CDFI funding. The purpose of the CDFI Program is to invest in and build the capacity of community credit unions, banks, loan funds, and other financial institutions that serve rural and urban communities and do not have access to affordable financial products and services, according to Treasury. Since 31 CDFIs received the first CDFI Program awards ($35.5 million from the CDFI Fund) in 1996, the CDFI Fund has awarded more than $1.5 billion through 20 rounds, building a nationwide network of more than 950 CDFIs covering all states. All CDFIs are focused on empowering the communities they serve. "Today’s awards highlight how much the CDFI Program has contributed in its 20 ye...
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