Newly created microlender will use the funds to support underserved entrepreneurs in Sacramento
Sacramento, Calif. (September 19, 2018) – Today, the Economic Justice Fund was awarded a $125,000 technical assistance grant by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The Economic Justice Fund will use the grant to continue building its capacity to provide microloans and business training to empower underserved, low-income entrepreneurs.
The CDFI Fund awarded the grant through the fiscal year 2018 round of its flagship program, the Community Development Financial Institutions Program (CDFI Program), which provides grants to community-based organizations dedicated to increasing access to affordable financial services in low-income communities. Since its creation in 1994, the CDFI Fund has awarded more than $3 billion through the CDFI Program and other programs.
The CDFI Fund awards its CDFI Program loans and grants through a highly competitive application process. In the fiscal year 2018 round of the program, the Economic Justice Fund was one of 68 organizations across the nation to apply for a technical assistance grant and one of 43 organizations to receive a grant. It was the first time that the Economic Justice Fund had applied for an award from the CDFI Fund. The amount of the award— $125,000—was the maximum amount allowed for technical assistance grants under the CDFI Program.
“It is a tremendous honor for the Economic Justice Fund to be chosen to receive a technical assistance award through the CDFI Program,” said Scott Berman, president of the Economic Justice Fund’s governing board. “We are grateful for the CDFI Fund’s support, and we will be guided by a deep sense of responsibility to use these resources efficiently and effectively as we develop our organization’s capacity to generate new opportunities for aspiring entrepreneurs.”
For more information, visit www.economicjusticefund.org.
To read the CDFI Fund’s fiscal year 2018 CDFI Program award announcement, click here.