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Washington
CDFI announces 100 of Recovery Act funds deployed
WASHINGTON (9/3/09)--Money awarded through the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund has been dispensed in record time, with the full $98 million in Recovery Act funds for financial assistance being distributed to a total 59 CDFIs and 10 Native American CDFIs within two months of the start of this year’s program, the Treasury announced this week. In a statement announcing the distribution of the funds, CDFI Fund Director Donna J. Gambrell said that the release of the funds was a “significant accomplishment” that was “achieved by utilizing new internal business practices that enabled the disbursement of the Recovery Act resources faster than ever before.” These financial assistance awards are "critical to getting these community-based lenders the capital they need to provide distressed communities they serve with the resources to stimulate local economic recovery,” she added. Gambrell earlier this year reported that recent economic and political changes, combined with the decline of loan availability from the mainstream lending community, caused demand for CDFIs to "skyrocket." “Moving quickly to support communities made particularly vulnerable by the economic downturn” was a top priority for the CDFI Fund, Gambrell said in the recent release.


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