| Fitchburg-based Workers Credit Union and Pittsfield-based Greylock Federal Credit Union were among eight organizations in Massachusetts to receive money awards from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
The fund, which awarded 303 community development financial institutions (CDFIs) $208.7 million, gives money to financial institutions to increase lending and investment activity in low-income and economically distressed communities across the nation.
“This is the largest pool of awardees in the history of the CDFI Fund,” CDFI Fund Director Annie Donovan said in a statement. “These award recipients represent a diverse array of organization types and community investment strategies, serving a broad spectrum of communities. We are especially proud that one-third of the awardees have committed to investing in persistent poverty counties.”
The awards are separated into several different categories.
One is for financial assistance of up to $2 million for lending capital, loan loss reserves, capital reserves, financial services and development services as it relates to increasing current or providing new products/services, expanding operations into a new investment areas or servicing new targeted populations.
Another category is technical assistance, which are grants of up to $125,000 for capacity development.
The CDFI Program also administers the Healthy Food Financing Initiative Financial Assistance (HFFI-FA) awards for eligible CDFIs that expressed an interest in expanding their healthy food-focused financing activities and have received FA awards.
Financial Assistance Awards
- Boston Community Loan Fund – $1.06 million
- Community Health Center Capital Fund – $1.09 million
- Greylock Federal Credit Union – $686,500
- The Housing Partnership Fund – $1.096 million
- Local Enterprise Assistance Fund – $916,000
- Lowell Community Loan Fun – $350,000
- Workers Credit Union $596,000
Technical Assistance Awards
- Dorchester Bay Neighborhood Loan Fund – $122,000
Healthy Food Financing Initiative Financial Assistance
- Boston Community Loan Fund – $1.5 million
