ALBANY, NY – October 26, 2021 – In 2007, New York passed into law a State Community Development Financial Institutions (CDFI) Fund modeled after that of the U.S. Treasury. In 2020, the first round of funding was appropriated, and after 14 years, money has begun to flow to CDFIs across New York State.
“New York’s CDFIs are uniquely positioned to leverage these funds for community economic development, small business expansion, and job creation,” said Linda MacFarlane, Chair of the nonprofit NYS CDFI Coalition. “These grants will build capacity and enhance the financial stability of CDFIs of all sizes.”
Empire State Development and the New York State Department of Financial Services announced the first awards from the NYS CDFI Assistance Program to support access to safe and affordable banking services in historically underserved and low-income communities across New York State.
With a commitment of $25 million over 5 years, the NYS CDFI Assistance Program will provide resources for the growth of New York State CDFIs to support the delivery of affordable financial products and services and financial literacy programming to low- and moderate-income New Yorkers.
The NYS CDFI Assistance Program will also increase access to capital and technical assistance services for New York State small businesses and non-profit organizations. 31 CDFIs of 79 certified in New York State were selected to receive financial inclusion grants, totaling $4,907,000.
“With members from Albany to Buffalo, from the North Country to New York City, CDFIs are on the ground and able to prioritize need and evaluate resources,” said Clifford N. Rosenthal, author of Democratizing Finance: Origins of the Community Development Financial Institutions Movement and a member of the NYS CDFI Coalition’s advisory committee. “They provide important technical assistance to nonprofits, businesses, and individuals. CDFIs are made for this moment, and I’m so pleased to see the years of hard work to secure state funding for their efforts finally come to fruition.”
Region | Amount | Number of CDFIs |
New York City | $2.807 million | 18 |
Central NY | $350,000 | 2 |
Western NY | $350,000 | 2 |
Southern Tier | $325,000 | 2 |
North Country | $275,000 | 2 |
Long Island | $225,000 | 2 |
Mid-Hudson | $200,000 | 1 |
Capital Region | $200,000 | 1 |
Statewide | $175,000 | 1 |
A full list of CDFIs receiving awards is available at https://esd.ny.gov/sites/default/files/CDFI-Awards.pdf
The nonprofit NYS CDFI Coalition represents the institutions that make innovative financing possible, foster financially vibrant and healthy communities, and strengthen all regions of New York State. For more information, visit www.nyscdfi.org.
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