September 23, 2019

Mass. Orgs Awarded Nearly $350K in Federal Grants Through Community Development Financial Institutions Fund

Funding Will Help Spur Economic Development in Low-Income and Underserved Communities

Boston, MA - United States Senators Elizabeth Warren (D-MA) and Edward J. Markey (D-MA), along with Representatives James P. McGovern (D-MA-02) and Lori Trahan (D-MA-03), today applauded the announcement that three organizations in Massachusetts were awarded a total of $347,760 in federal grants through the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund). The grants will assist certified and emerging CDFIs in providing financial services to low-income and underserved communities in Lowell, Dorchester, and Ware.

The CFDI Fund's Program Technical Assistance grants were awarded to the following organizations in Massachusetts:

  • Mills42 Federal Credit Union (Lowell, MA) - $125,000
  • Dorchester Bay Neighborhood Loan Fund (Dorchester, MA) - $123,000
  • Quaboag Valley Business Assistance Corporation (Ware, MA) - $99,760

"These grants are wonderful news for our CDFIs across Massachusetts and will support economic development in neighborhoods that need it most," said Senator Warren. "The CDFI Fund is an important investment in our communities and a great example of how the federal government can partner with cities and towns across the Commonwealth to provide financial services to low- and moderate-income families."

"These CDFI awards are critical tools for areas of the Commonwealth that are underserved by traditional financial institutions," said Senator Markey. "The funding will provide important financial support and unlock opportunity for underserved communities across the state.  That's why Senator Warren and I, along with Reps. McGovern, Pressley and Trahan, continue to work hard to make sure that this important stream of federal funding remains accessible to Massachusetts CDFIs today and far into the future."

"The CDFI Fund has allocated billions of dollars to cities and town across America to help improve neighborhoods and change lives for the better," said Congressman McGovern. "I am proud to be a strong supporter of this program here in Congress, and I look forward to seeing all the good that these federal dollars will do here in Massachusetts."

"CDFI funds represent an important investment in communities like Lowell, and are a great example of how the federal government can support the growth and development of our cities and towns across Massachusetts. I am pleased to see the Mills42 Federal Credit Union receiving this support so it can continue its service to our community," said Congresswoman Trahan.

The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. Technical Assistance awards provide seed capital that enables uncertified organizations to successfully secure certification as a CDFI. Award Recipients often use the funds to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity. To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov. Additional information about the CDFI Program is available at www.cdfifund.gov/cdfi.

In April, Senators Warren and Markey signed a letter to Senate appropriators urging them to provide $300 million for the CDFI Fund in the Fiscal Year 2020 appropriations bill.

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