Schumer, Gillibrand Announce over $16 Million in Federal Funding to Support Economic Growth in Low-Income & Distressed Communities Across New York

Statement

U.S. Senate Majority Leader Chuck Schumer and U.S. Senator Kirsten Gillibrand today announced $16,006,830 in federal funding for 28 Community Development Financial Institutions (CDFI) across New York. The funding was allocated by the Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund) and includes both financial assistance and technical assistance awards to support the services offered by CDFIs. The senators said the funding will be used to invest in the capacity and capital programs offered by CDFIs, empowering them to grow, achieve organizational sustainability, and support low-income and distressed communities by contributing to their revitalization and expanding access to capital and other critical assistance for disadvantaged small businesses.

"The CDFI Fund is a vital stream of federal investment that supports financial services to New York's most vulnerable communities and expands access to capital and support for disadvantaged small businesses," said Senator Schumer. "I have made it a high priority to fund the CDFI program and deliver this critical assistance to New York to help to uplift our most vulnerable neighborhoods, businesses, and families who are still struggling from the impacts of the COVID-19 pandemic, and boost recovery efforts across the state. I will continue to fight to protect critical investments like these for our communities and make sure New York gets the federal investment it needs to fully recover and come back stronger."

"This critical CDFI funding will support New York's underserved communities, low-income neighborhoods, and small businesses," said Senator Gillibrand. "This significant federal investment is great news for New York State and will put over $16 million back into the businesses and communities that need it most. I will keep fighting in the Senate for the resources needed to stimulate local businesses, bolster support for our communities, and create sustainable jobs."

The Community Development Financial Institutions Fund (CDFI) provides small businesses and community development projects with capital investment unavailable in their local economies. The program funds projects that work to revitalize low-income and underserved communities. Some CDFIs focus their programs on an immediate region of service while others are national in the scope of their work, including projects and investments in New York.

A breakdown of the funding appears below:

Organization

City/State

Award

Accompany Capital, Inc.

New York, NY

$676,530

Alternatives Venture Fund Inc. Ithaca, NY

$125,000

BOC Capital Corp

Brooklyn, NY

$701,530

Brooklyn Alliance Capital Inc

Brooklyn, NY

$125,000

Brooklyn Cooperative Federal Credit Union

Brooklyn, NY

$476,530

CheckSpring Community Corporation

Bronx, NY

$676,530

Community Development Venture Capital Alliance

New York, NY

$701,530

Disability Fund, Inc.

Rockville Centre, NY

$1,090,000

Equitable Facilities Fund

New York, NY

$125,000

Finest Federal Credit Union

New York, NY

$125,000

Grameen America, Inc.

New York, NY

$1,046,530

Habitat for Humanity NYC Fund, Inc.

New York, NY

$125,000

Harlem Business Alliance, Inc.

New York, NY

$125,000

Launch New York, Inc.

Buffalo, NY

$225,000

Local Initiatives Support Corporation

New York, NY

$3,440,000

Lower East Side Peoples Federal Credit Union

New York, NY

$476,530

National Federation of Community Development Credit Unions

New York, NY

$625,000

Neighborhood Trust Federal Credit Union

New York, NY

$676,530

New York University FCU

New York, NY

$701,530

Nonprofit Finance Fund

New York, NY

$1,201,530

Oswego County FCU

Oswego, NY

$590,000

Renaissance Economic Development Corporation

New York, NY

$701,530

Syracuse Cooperative Federal Credit Union

Syracuse, NY

$125,000

The Urban Empowerment Fund

New York, NY

$125,000

The Working World, Inc. dba Seed Commons

New York, NY

$525,000

USAlliance Federal Credit Union

Rye, NY

$125,000

Utica Neighborhood Housing Services, Inc

Utica, NY

$200,000

Seneca Nation of Indians Federal Credit Union

Irving, NY

$150,000

TOTAL:

$16,006,830

Source