SCHUMER, GILLIBRAND ANNOUNCE OVER $16 MILLION IN FEDERAL FUNDING TO SUPPORT ECONOMIC GROWTH IN LOW-INCOME & DISTRESSED COMMUNITIES ACROSS NEW YORK

Senators Say Awards Build Capacity of CDFIs, Helping Meet the Unique Needs Of Economically Underserved Communities And Disadvantaged Small Businesses

Schumer, Gillibrand: Investment Into Vulnerable Communities Is Critical To Recovery Of Entire NY Economy

U.S. Senate Majority Leader Chuck Schumer and U.S. Senator Kirsten Gillibrand today announced $16,006,830 in federal funding for 28 Community Development Financial Institutions (CDFI) across New York. The funding was allocated by the Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund) and includes both financial assistance and technical assistance awards to support the services offered by CDFIs. The senators said the funding will be used to invest in the capacity and capital programs offered by CDFIs, empowering them to grow, achieve organizational sustainability, and support low-income and distressed communities by contributing to their revitalization and expanding access to capital and other critical assistance for disadvantaged small businesses.

“The CDFI Fund is a vital stream of federal investment that supports financial services to New York’s most vulnerable communities and expands access to capital and support for disadvantaged small businesses,” said Senator Schumer. “I have made it a high priority to fund the CDFI program and deliver this critical assistance to New York to help to uplift our most vulnerable neighborhoods, businesses, and families who are still struggling from the impacts of the COVID-19 pandemic, and boost recovery efforts across the state. I will continue to fight to protect critical investments like these for our communities and make sure New York gets the federal investment it needs to fully recover and come back stronger.”

“This critical CDFI funding will support New York’s underserved communities, low-income neighborhoods, and small businesses,” said Senator Gillibrand. “This significant federal investment is great news for New York State and will put over $16 million back into the businesses and communities that need it most. I will keep fighting in the Senate for the resources needed to stimulate local businesses, bolster support for our communities, and create sustainable jobs.”

The Community Development Financial Institutions Fund (CDFI) provides small businesses and community development projects with capital investment unavailable in their local economies. The program funds projects that work to revitalize low-income and underserved communities. Some CDFIs focus their programs on an immediate region of service while others are national in the scope of their work, including projects and investments in New York.

A breakdown of the funding appears below:

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