Treasury Department awards grants to boost local economies after COVID

The Treasury Department today announced that the Community Development Financial Institutions Fund has awarded more than $1.73 billion in grants to 603 CDFIs to boost local economies negatively affected by the COVID-19 pandemic. Banking entities make up 129 organizations receiving funds, for a total of $513.7 million.

The grants may be used to support lending related to small businesses and microenterprises, community facilities, affordable housing, commercial real estate and intermediary lending to nonprofits and CDFIs, according to the Treasury Department. The funds can also be used for financial services, development services to support borrowers and operational support for the CDFI grant recipient.