Grant Will Finance Jobs, Affordable Homes, Early Care & Education and More
In August, VCLF was awarded a $750,000 grant from the Community Development Financial Institutions Fund (CDFI Fund), a program of the US Department of the Treasury. The grant will provide permanent loan capital and support for VCLF's loan programs, providing financial services to Vermont's small businesses, affordable housing developers, child care programs and community facilities.
This 2014 grant is the Loan Fund's eleventh award from the CDFI Fund. To date, VCLF has received more than $8 million through this highly competitive program.
"VCLF creates opportunities leading to healthy communities and financial stability for all Vermonters, and the CDFI Fund has once again recognized the importance of this work," said VCLF Executive Director Will Belongia. "The CDFI Fund has been instrumental in helping VCLF grow over the years, and we're grateful to partner with them once again," he added.
The CDFI Fund was established in 1996 to support CDFIs throughout the country to increase their investments in economically distressed communities. CDFI organizations include community development loan funds like VCLF, community development banks, credit unions and venture capital funds.
"CDFIs are providing critically needed financing that not only allows families to buy their first home, or entrepreneurs to start or expand a business, but that generates economic growth and revitalizes America's low-income and economically distressed communities," said Jessica Milano, the US Department of the Treasury's Deputy Assistant Secretary for Small Business, Community Development, and Housing Policy.
VCLF is among 152 organizations nationwide awarded $195 million through the 2014 CDFI Fund grants program.