Second CDFI Fund grant in two years will enable microloan fund to develop its capacity to serve low-income entrepreneurs
Sacramento, Calif. (September 19, 2019) – The Community Development Financial Institutions Fund (CDFI Fund), an agency of the U.S. Department of the Treasury, today announced that the Economic Justice Fund will receive a $125,000 technical assistance grant through the fiscal year 2019 round of the Community Development Financial Institutions Program (CDFI Program).
This marks the second consecutive year that the Economic Justice Fund has been selected to receive a CDFI Fund grant. One year ago, the organization received a $125,000 technical assistance grant through the fiscal year 2018 round of the CDFI Program.
The CDFI Fund awards CDFI Program technical assistance grants of up to $125,000 to enable community development organizations to build their capacity to serve low-income communities. The recipients may use the grants for a wide range of purposes, including purchasing equipment, training staff or board members, paying salary and benefits, and hiring consulting or services.
The Economic Justice Fund is a nonprofit microloan fund established in 2018 to provide business loans and training to underserved entrepreneurs.
“The CDFI Program’s technical assistance grants are essential tools for helping emerging community development organizations such as the Economic Justice Fund to develop their capacity to serve underserved communities,” said Scott Berman, president of the Economic Justice Fund’s governing board. “We are very grateful for the CDFI Fund’s support for the Economic Justice Fund and many other organizations across the nation.”
The CDFI Fund received 81 applications for technical assistance grants through the fiscal year 2019 round of the CDFI Program and provided a total of $9.79 million in grants to 60 organizations nationwide, including the Economic Justice Fund. Since the CDFI Fund was created in 1994, it has awarded more than $3.3 billion in funding to community development organizations through its flagship CDFI Program and a number of other programs.
For more information about the Economic Justice Fund, please visit www.economicjusticefund.org.
To read the CDFI Fund’s complete fiscal year 2019 CDFI Program award announcement, click here.