Gillibrand Announces Nearly $117 Million to Help NYS Businesses in Underserved Communities Recover from COVID-19
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. Photo by Pixabay