Nearly $117 Million Allocated to Help NYS Businesses in Community Development Financial Institutions
Many small businesses and microenterprises in low and moderate-income communities across New York State hurt by the COVID-19 pandemic may qualify to receive additional funding.
$116,822,564 in federal financial resources will go to 43 Community Development Financial Institutions (CDFIs) across New York State, including the Genesee Coop Federal Credit Union in Rochester, to allow them to expand lending to businesses in these communities.
The funds will be used for grant making and investing in underserved communities, and to support borrowers that experienced disproportionate economic impacts from the pandemic and have unmet capital and financial services needs. Additionally, the grant funds may be used to support community facilities, affordable housing, commercial real estate and intermediary lending to non-profits and CDFIs.
U.S. Senator Kirsten Gillibrand announced the funding today, being delivered through the U.S. Treasury’s CDFI Equitable Recovery Program.
“The pandemic disproportionately harmed small businesses and entrepreneurs in low- and moderate-income communities, and it is essential that the federal government aid their recovery,” said Gillibrand. “Providing small businesses and entrepreneurs with access to capital is critical to growing generational wealth and to creating economic opportunity.”
Organizations receiving money includes the following: