The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Program is awarding more than $10 million to support 10 Virginia-based opportunities.
The federal funding, totaling $10,035,800, will expand lending and investment in disadvantaged neighborhoods and communities. The CDFI program invests in and builds capacity of CDFIs so that they can serve low-income and underserved communities that lack adequate access to affordable financial products and services.
“CDFIs are critically important financial institutions that help underserved communities across the Commonwealth and the country access capital,” U.S. Sens. Mark R. Warner and Tim Kaine said. “Early on in the pandemic, we fought for increased CDFI funding because we saw that initial relief efforts weren’t reaching underserved communities. We’re glad to see that funding flowing to communities across Virginia to help bridge that gap.”
The funding is distributed as follows:
- $6,140,000 to Capital Impact Partners in Arlington
- $797,900 to Freedom First Federal Credit Union in Roanoke
- $660,000 to the ECDC Enterprise Development Group in Arlington
- $560,000 to Arlington Community Federal Credit Union in Falls Church
- $510,000 to the Southeast Rural Community Assistance Project, Inc. in Roanoke
- $510,000 to Appalachian Community Capital Corporation in Christiansburg
- $482,900 to RVA Financial Federal Credit Union in Richmond
- $125,000 to Foodshed Capital in Charlottesville
- $125,000 to Mobility Credit Acceptance, LLC in Richmond
- $125,000 to Peoples Advantage Federal Credit Union in Petersburg
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Rebecca Barnabi
