";s:4:"text";s:4899:"The Community Development Financial Institutions (CDFI) Fund is an innovative federal agency within the Treasury Department that was established in 1994, through the Riegle Community Development and Regulatory Improvement Act, to promote community development in distressed Community development financial institutions (CDFIs) are private financial institutions that are 100% dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. Tom Wolf announced $225 million will be distributed to community development financial institutions this week to go out to help Main Street and historically disadvantaged businesses get back on their feet in the wake of the COVID-19 pandemic. The PA CDFI Network is a group of 17 PA-based community development financial institutions that primarily provide financing options for small businesses.More information about the COVID-19 Relief Statewide Small Business Assistance program can be found on DCED’s On January 20, 2015, Tom Wolf was sworn in as Pennsylvania’s 47th governor. Bank of America supports local economies by partnering with community development financial institutions (CDFIs) across the U.S., and Puerto Rico and the District of Columbia. The Community Development Financial Institutions Fund (CDFI Fund) plays an important role in generating economic growth and opportunity in some of our nation’s most distressed communities. Jan Murphy| jmurphy@pennlive.comAs Pennsylvania moves into the recovery era from the COVID-19 pandemic, some $225 million of the $2.6 billion in federal coronavirus relief money that the state received will be directed to help small businesses get back on their feet.“Businesses will be able to use the grants to cover operating expenses during the shutdown and to help them in their transition to reopening,” said Gov. Wolf. The Community Development Financial Institutions Program (CDFI Program) actively works to address these issues by investing federal resources—which are matched with private funding—in CDFIs working to serve low-income and underserved people and communities. Debt financing for Community Development Financial Institutions (CDFIs) Public funds (25 percent) matched with private sector funds (75 percent) to create a loan pool for eligible CDFIs Community and economic development loans that support job creation. In 1997, PIDC established PIDC Community Capital (also known as PIDC-RDC). The CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, and it is administered by the U.S. Department of the Treasury. Applications will continue to be accepted after 10 business days but will be considered for future rounds of funding, as this is not a first-come, first-served program. “The needs of these businesses that were unable to get much needed help from other state and federal programs were a priority” to his caucus in its proposalfor spending the state’s allotment of the federal stimulus money.Businesses will be required to submit proposals that document their losses, projected revenues, the duration of their closure, and any state, federal and local government relief aid they have received.“After months of coming together as a commonwealth to protect ourselves from this virus, light is finally at the end of the tunnel,” Wolf said.“However as we begin to emerge from our homes and walk down the streets of our towns again, we must do more.
To find an OFN member CDFI that you are looking for, use the search filters below. An Official Applications will be prioritized and selected for funding based on the program criteria.The Department of Community and Economic Development (DCED) will distribute the funds to the Community Development Financial Institutions (CDFIs), which will then administer the funding in the form of grants.Today, DCED Secretary Dennis Davin joined state Senate Democratic Leader Jay Costa, Senator Vincent Hughes, Senator John Blake, Representative Jordan Harris, Mark Masterson of Northside Community Development Fund, Leslie Benoliel of Entrepreneur Works, Jim Burnett of West Philadelphia Financial Services, and Dan Betancourt from the Community First Fund at a virtual press conference to announce the opening of the first of four application windows.Eligible businesses will be able to use the grants to cover operating expenses during the shutdown and transition to re-opening, and for technical assistance including training and guidance for business owners as they stabilize and relaunch their businesses.The funds will be available through three programs:This project is financed by a grant from the federal Department of U.S. Treasury, under the administration of the Commonwealth of Pennsylvania and the Pennsylvania CDFI Network.
