Press Release

Gillibrand Announces Nearly $117 Million to Help NYS Businesses in Underserved Communities Recover From Covid-19

Apr 14, 2023

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 NameCityFinancial Institution TypeCDFI ERP Award Amount
1199 SEIU FCUNew YorkCredit Union$3,718,258
Accompany Capital, Inc.New YorkLoan Fund$6,118,187
BOC Capital Corp.BrooklynLoan Fund$6,197,097
Brooklyn Cooperative Federal Credit UnionBrooklynCredit Union$3,470,374
CAMBA Economic Development CorporationBrooklynLoan Fund$500,000
Carver Federal Savings BankNew YorkBank or Thrift$2,478,839
CheckSpring Community CorporationBronxBank Holding Company$3,718,258
Community Development Trust, LP, TheNew YorkLoan Fund$6,197,097
Community Development Venture Capital Alliance, TheNew YorkVenture Capital$500,000
Community Loan Fund of the Capital Region, Inc.AlbanyLoan Fund$1,239,419
Concord Federal Credit UnionBrooklynCredit Union$500,000
Corporation for Supportive HousingNew YorkLoan Fund$3,718,258
Disability Fund, Inc., TheRockville CentreLoan Fund$4,957,678
Entertainment Industries FCUNew YorkCredit Union$1,680,652
Finest Federal Credit Union, TheNew YorkCredit Union$4,957,678
Genesee Co-Op Federal Credit UnionRochesterCredit Union$3,718,258
Grameen America, Inc.Jackson HeightsLoan Fund$4,957,678
Greater Jamaica Local Development Company, Inc.JamaicaLoan Fund$500,000
Habitat for Humanity NYC Fund, Inc.New YorkLoan Fund$500,000
Harlem Entrepreneurial Fund, LLCNew YorkLoan Fund$1,074,824
Heritage Financial CUMiddletownCredit Union$3,718,258
Home Headquarters, Inc.SyracuseLoan Fund$2,478,839
Inclusiv IncNew YorkLoan Fund$6,197,097
Launch New York, Inc.BuffaloVenture Capital$500,000
Leviticus 25:23 Alternative Fund IncTarrytownLoan Fund$2,478,839
Local Initiatives Support CorporationNew YorkLoan Fund$4,957,678
Lower East Side Peoples Federal Credit UnionNew YorkCredit Union$3,718,258
Neighborhood Housing Services of New York City, Inc.New YorkLoan Fund$500,000
Neighborhood Trust Federal Credit UnionNew YorkCredit Union$2,187,988
New Covenant Dominion Federal Credit UnionBronxCredit Union$500,000
Nonprofit Finance FundNew YorkLoan Fund$2,478,839
NYBDC Local Development CorporationAlbanyLoan Fund$1,735,187
Oswego County FCUOswegoCredit Union$2,478,839
Ponce BankBronxBank or Thrift$3,718,258
Renaissance Economic Development CorporationNew YorkLoan Fund$3,305,118
Seneca Nation of Indians Economic Development CompanySalamancaLoan Fund$500,000
Sustainable Neighborhoods LLCNew YorkLoan Fund$1,735,187
Syracuse Cooperative Federal Credit UnionSyracuseCredit Union$3,718,258
The Working World, Inc. dba Seed CommonsNew YorkLoan Fund$1,491,269
TruFund Financial Services, Inc.New YorkLoan Fund$2,354,897
Upper Manhattan Empowerment Zone Development CorporationNew YorkLoan Fund$1,353,446
Vital Healthcare CapitalNew YorkLoan Fund$3,513,754
Westminster Economic Development Initiative, Inc.BuffaloLoan 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.