On Monday, Vice President Kamala Harris and the Treasury Department announced that the CDFI Fund has awarded over $1.73 billion in grants to 603 Community Development Financial Institutions (CDFIs) through the Equitable Recovery Program (ERP).
Vice President Kamala HarrisThese grants—representing the largest CDFI grant program in history – will enable hundreds of community lenders to invest in small businesses and entrepreneurs, and also provide home loans for families, financial services for local nonprofits, and capital for community organizations.
Forty organizations committed to serving small businesses and farms received a total of $99.7 million — and 23 of those are California CAMEO members – for a total of $47.2 million – almost half of the total for small business. Great job! Below is a list of statewide CAMEO members who received an ERP award.
| Organization | City | Award Amount |
|---|---|---|
| 3CORE, Inc. | Chico | $500,000 |
| Accessity | San Diego | $5,887,242 |
| Accion Opportunity Fund | San Jose | $1,650,510 |
| Ampac Tri-State CDC | Ontario | $3,123,337 |
| Arcata Economic Development Corporation | Eureka | $500,000 |
| California Capital Small Business Financial Development Corporation | Sacramento | $608,141 |
| California Coastal Rural Development Corporation | Salinas | $2,478,839 |
| California FarmLink | Aptos | $4,957,678 |
| Economic Justice Fund | Sacramento | $500,000 |
| Excite Credit Union | San Jose | $2,478,839 |
| Feed the Hunger Fund | San Francisco | $961,975 |
| Fresno Area Hispanic Foundation | Fresno | $500,000 |
| ICA Fund | Oakland | $1,695,525 |
| Inclusive Action for the City | Los Angeles | $500,000 |
| Main Street Launch | Oakland | $2,602,780 |
| National Asian American Coalition | Daly City | $941,958 |
| PACE Finance Corporation | Los Angeles | $2,400,507 |
| Pacific Coast Regional, Small Business Development Corp. | Los Angeles | $1,612,732 |
| Pacific Community Ventures, Inc. | Oakland | $3,248,766 |
| Santa Cruz Community Credit Union | Santa Cruz | $4,957,678 |
| TMC Community Capital | Oakland | $500,000 |
| Vermont-Slauson LDC, Inc. | Los Angeles | $500,000 |
| Working Solutions CDFI | San Francisco | $4,072,009 |
Seven out-of-state CAMEO members also received an ERP award, totaling $14.2 million:
| Organization | City/State | Award Amount |
|---|---|---|
| Prestamos CDFI, LLC | Phoenix, AZ | $2,478,839 |
| CBA Fund | Washington, DC | $500,000 |
| Palm Beach County Black Business Investment Corporation | Riviera Beach, FL | $500,000 |
| CLIMB Fund | Charleston, SC | $2,850,664 |
| CommunityWorks | Greenville, SC | $2,148,327 |
| National Association for Latino Community Asset Builders | San Antonio, TX | $727,126 |
| Capital Impact Partners | Arlington, VA | $4,957,678 |
Congratulations to all these impactful organizations!
The Equitable Recovery Program was created as a response to the economic impacts of the COVID-19 pandemic on low-to-moderate income communities across the country. The awards enable CDFIs to expand their lending, grant making, and investment capabilities in order to shore up resources for underserved areas and minority populations.
These critical resources will allow mission-driven lenders to expand access to capital in financially underserved communities, which will help increase contributions to long-term economic growth.
Treasury Secretary Janet Yellen