Funding will go to 43 Community Development Financial Institutions (CDFIs) Across New York State
CDFIs provide credit, capital, and financial services to underserved populations and communities across the country
Washington, D.C. – Today, U.S. Senator Kirsten Gillibrand announced that 43 Community Development Financial Institutions (CDFIs) across New York State will receive $116,822,564 in federal funding to help low- and moderate-income communities recover from the COVID-19 pandemic. The funds will be used to expand lending related to small businesses and microenterprises, 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.
“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 Senator Gillibrand. “I am proud to announce nearly $117 million in federal funding to help businesses in underserved communities recover from the pandemic. Providing small businesses and entrepreneurs with access to capital is critical to growing generational wealth and to creating economic opportunity.”
The funding is being delivered through the U.S. Treasury’s CDFI Equitable Recovery Program. New York State recipients include:
| CDFI Equitable Recovery Program Award Recipients | |||
| Organization Name | City | Financial Institution Type | CDFI ERP Award Amount |
| 1199 SEIU FCU | New York | Credit Union | $3,718,258 |
| Accompany Capital, Inc. | New York | Loan Fund | $6,118,187 |
| BOC Capital Corp. | Brooklyn | Loan Fund | $6,197,097 |
| Brooklyn Cooperative Federal Credit Union | Brooklyn | Credit Union | $3,470,374 |
| CAMBA Economic Development Corporation | Brooklyn | Loan Fund | $500,000 |
| Carver Federal Savings Bank | New York | Bank or Thrift | $2,478,839 |
| CheckSpring Community Corporation | Bronx | Bank Holding Company | $3,718,258 |
| Community Development Trust, LP, The | New York | Loan Fund | $6,197,097 |
| Community Development Venture Capital Alliance, The | New York | Venture Capital | $500,000 |
| Community Loan Fund of the Capital Region, Inc. | Albany | Loan Fund | $1,239,419 |
| Concord Federal Credit Union | Brooklyn | Credit Union | $500,000 |
| Corporation for Supportive Housing | New York | Loan Fund | $3,718,258 |
| Disability Fund, Inc., The | Rockville Centre | Loan Fund | $4,957,678 |
| Entertainment Industries FCU | New York | Credit Union | $1,680,652 |
| Finest Federal Credit Union, The | New York | Credit Union | $4,957,678 |
| Genesee Co-Op Federal Credit Union | Rochester | Credit Union | $3,718,258 |
| Grameen America, Inc. | Jackson Heights | Loan Fund | $4,957,678 |
| Greater Jamaica Local Development Company, Inc. | Jamaica | Loan Fund | $500,000 |
| Habitat for Humanity NYC Fund, Inc. | New York | Loan Fund | $500,000 |
| Harlem Entrepreneurial Fund, LLC | New York | Loan Fund | $1,074,824 |
| Heritage Financial CU | Middletown | Credit Union | $3,718,258 |
| Home Headquarters, Inc. | Syracuse | Loan Fund | $2,478,839 |
| Inclusiv Inc | New York | Loan Fund | $6,197,097 |
| Launch New York, Inc. | Buffalo | Venture Capital | $500,000 |
| Leviticus 25:23 Alternative Fund Inc | Tarrytown | Loan Fund | $2,478,839 |
| Local Initiatives Support Corporation | New York | Loan Fund | $4,957,678 |
| Lower East Side Peoples Federal Credit Union | New York | Credit Union | $3,718,258 |
| Neighborhood Housing Services of New York City, Inc. | New York | Loan Fund | $500,000 |
| Neighborhood Trust Federal Credit Union | New York | Credit Union | $2,187,988 |
| New Covenant Dominion Federal Credit Union | Bronx | Credit Union | $500,000 |
| Nonprofit Finance Fund | New York | Loan Fund | $2,478,839 |
| NYBDC Local Development Corporation | Albany | Loan Fund | $1,735,187 |
| Oswego County FCU | Oswego | Credit Union | $2,478,839 |
| Ponce Bank | Bronx | Bank or Thrift | $3,718,258 |
| Renaissance Economic Development Corporation | New York | Loan Fund | $3,305,118 |
| Seneca Nation of Indians Economic Development Company | Salamanca | Loan Fund | $500,000 |
| Sustainable Neighborhoods LLC | New York | Loan Fund | $1,735,187 |
| Syracuse Cooperative Federal Credit Union | Syracuse | Credit Union | $3,718,258 |
| The Working World, Inc. dba Seed Commons | New York | Loan Fund | $1,491,269 |
| TruFund Financial Services, Inc. | New York | Loan Fund | $2,354,897 |
| Upper Manhattan Empowerment Zone Development Corporation | New York | Loan Fund | $1,353,446 |
| Vital Healthcare Capital | New York | Loan Fund | $3,513,754 |
| Westminster Economic Development Initiative, Inc. | Buffalo | Loan Fund | $500,000 |
Senator Gillibrand has made delivering federal funding to help underserved populations gain access to capital and build generational wealth a major priority. In April 2023, Gillibrand joined local business leaders and CDFIs in Harlem to call for more than $400 million in federal funding, including $341 million for Treasury’s CDFI Fund, $56 million for the Small Business Administration’s (SBA) microloan program and $10 million for SBA’s Growth Accelerator Fund.