The Community Development Financial Institutions Fund awards for 2013 were announced on Sept 24. The CDFI Fund awards annually grant to institutions that serve underserved, low-to-moderate-income communities. The companies that are considered for funding are certified Community Development Financial Institutions (CDFI), and specialize in this field. This year, the CDFI fund distributed awards totaling over $172 million.
We were happy to receive word that Accion, who participated in Access to Capital: Money to Mainstreet Chicago, was awarded a $7.1 million grant from the CDFI fund. Accion U.S. Network consists five independent organizations: Accion Chicago, Accion East & Online, Accion New Mexico-Arizona-Colorado, Accion San Diego and Accion Texas. Accion is a micro and small business lender that not only provides millions of dollars in loans across the country, but also financial and business education through a variety of workshops, consultations and online help.
Additionally, Access to Capital for Entrepreneurs (ACE), a participant in Access to Capital: Money to Mainstreet Atlanta, received a $1.3 million grant from the CDFI fund. ACE is a private non-profit loan fund that provides loans and business development resources to help its borrowers generate growth, which in response generates jobs in underserved communities. Bigwood Boards and Sha’Mari Salons are fantastic examples of businesses that have been funded through CDFI loans by ACE, a CDFI.
A number of CDFIs will be present at our event, Access to Capital: Money to Mainstreet, in Seattle. Businesses attending our Seattle event, as well as those outside the area, can check out the list of award recipients to see what CDFIs are offering loans through this fund near your area.
It’s always good to see big things happen to great companies. Congratulations to Accion U.S. Network and ACE!