[ad_1]
President Joe Biden’s 2025 budget request includes $325 million for the Treasury Department’s Community Development Financial Institutions (CDFI) Fund, an increase of $1 million from 2023 levels. Of his 1,460 accredited CDFIs nationwide, 516 are credit unions, the largest percentage of any type of financial institution.
Certified CDFIs can apply for awards and grants through the CDFI Fund. The CDFI Fund provides technical and financial assistance awards and grants aimed at expanding economic access for underserved communities.
The budget also calls for $4 million for the NCUA’s Community Development Revolving Loan Fund, which funds revolving loan programs and technical assistance programs, and $216 million to fund the Treasury Department’s Financial Crimes Enforcement Network. are doing.
Notably, Pravina Raghavan began her term as CDFI Foundation Director from Monday. An acting director had been appointed to the fund since May 2023. Mr. Raghavan previously held positions at the Department of Commerce, the U.S. Small Business Administration, the National Institute of Standards and Technology’s Manufacturing Extension Partnership Program, and the New York State Economic Development Authority. . In her role with Empire, State, and Development, she was instrumental in supporting CDFI partnerships.
Continue reading ”
[ad_2]
Source link
