Washington, DC – U.S. Senate Minority Leader Charles E. Schumer and U.S Senator Kirsten Gillibrand today announced $110,000 in federal funding for Adirondack Economic Development Corporation (AEDC). The funding was allocated through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI) and will help AEDC establish a financial literacy training program for underserved communities. The funding will also help AEDC provide professional development opportunities for their staff. Gillibrand pushed for this funding and wrote a letter of support for AEDC’s grant application.
“Fostering financial literacy in the North Country is absolutely critical, in that it gives residents the tools and wherewithal needed to make financially sound decisions and investments that help support them and their families for the long-term future,” said Senator Schumer. “I’m proud to announce this federal funding, which will allow AEDC to promote financial literacy among underserved communities, and will continue fighting tooth and nail to secure as many resources as possible that help New Yorkers invest in their own futures.”
“This federal investment is great news for the North Country. With this funding, the Adirondack Economic Development Corporation will be able to provide financial literacy training to communities across the North Country,” said Senator Gillibrand. “This will help give people the tools they need to support their financial well-being. The funding will also help provide AEDC’s staff important professional development opportunities so they can better serve small businesses and entrepreneurs in the region. I was proud to fight for this funding on behalf of AEDC, and I will continue working in the Senate to ensure that our communities have the resources they need to be successful.”
“We are delighted for the opportunity to expand our CDFI programming. This program will allow us to work intensively with a wider group of clients and specifically to improve financial literacy in our region,” said Victoria Duley, Executive Director, Adirondack Economic Development Corporation.
The Community Development Financial Institutions Fund (CDFI) provides small businesses and community development projects with capital investment unavailable in their local economies. The program funds projects that work to revitalize low-income and underserved communities. More information on CDFI’s grant and investment process may be found here.
The full text of Senator Gillibrand’s letter to the Department of Treasury may be found here and below.
The Honorable Steven Mnuchin
United States Department of Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
Dear Secretary Mnuchin,
I write in support of the application submitted by the Adirondack Economic Development Corporation (AEDC) for funding from the Technical Assistance Grant through the Community Development Financial Institutions (CDFI) Fund. The funding will be used to build AEDC’s organizational capacity and increase their ability to contribute to the revitalization of the distressed communities they serve.
The 14 county region in Northern New York serviced by AEDC rank among the most distressed areas in New York State, and have experienced a slow recovery from the recession that lags substantially below the national average according to multiple economic indicators. AEDC is located in Saranac Lake and has served as a non-profit with a mission of providing access to capital, training, and technical assistance to North Country’s small businesses since 1976. AEDC is the only federal and state-certified CDFI in the North Country/Adirondack region of New York State, providing critical lending and technical assistance to un- and underserved entrepreneurs throughout the region.
The requested funding will be used by AEDC to build its capacity by focusing on three strategic areas: implementing a new financial literacy training program for underserved residents; improved delivery of technical assistance to low and moderate income and other disadvantaged clients through increased human resources; and professional development support to strengthen their overall services. The funding will also be used to build local business capacity to thrive and capitalize on existing resources to generate new economic opportunity for the region.
I ask that you please give this application your full consideration. If you have any questions, or desire further information, please do not hesitate to contact my staff member, Dominic Sanchez, at (202) 224-4451.