Two WI-07 Institutions Receive Community Development Financial Institutions Fund Grants from Treasury Department
CoVantage Credit Union in Antigo and Community Assets for People (CAP) Services in Stevens Point both have received grant awards from the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) - both awards were in the amount of $1,500,000. More information on the CDFI Program is below, courtesy of the Department of the Treasury:
The CDFI Program Awards
Through the CDFI Program’s Financial Assistance and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and non-profit community based lending organizations known as Community Development Financial Institutions, or CDFIs. These organizations, certified as CDFIs by the U.S. Treasury Department, serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process.
The CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded nearly $1.3 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $29.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.
For more information on the CDFI Fund and its programs, please visit www.cdfifund.gov.