On June 15, 2021, the U.S. Department of the Treasury announced it had awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs). A CDFI includes banks, credit unions, loan funds, or venture capital funds. The money is being release through the CDFI Rapid Response Program (CDFI RRP), which will provide capital for CDFIs to be flexible and respond to economic challenges created by the COVID-19 pandemic with a focus on underserved communities.
Following this announcement, the Small Business Assistance Corporation (SBAC) released the news that they are one of the 800+ recipients and will receive $1.8 million in funding from the CDFI Fund to be distributed to underserved markets.
To read more about the announcement, visit https://www.cdfifund.gov/news/420
Visit https://sbacsav.com/ to learn more about the Small Business Assistance Corporation of Savannah and determine if you qualify for a loan.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3.9 billion to CDFIs, community development organizations, and financial institutions through the Bank Enterprise Award Program, the Capital Magnet Fund, the Community Development Financial Institutions Program, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program.
For more information about the CDFI Fund and its programs, please visit www.cdfifund.gov.