Citi Foundation Provides $15 Million in Support to 30 Community Development Financial Institutions Across the U.S.

Nachrichtenquelle: Business Wire (engl.)
19.11.2020, 14:00  |  101   |   |   

The Citi Foundation today named 30 Community Development Financial Institutions (CDFIs) that will collectively receive $15 million to support their efforts to provide small businesses with the vital resources needed to sustain their operations and support economically vulnerable households impacted by COVID-19. The CDFIs, which will each receive $500,000 in unrestricted funding, were selected through an open Request for Proposals application process based on their strong track record of serving small businesses owned by people of color and underserved individuals and communities.

“The disparate economic impacts of COVID-19 and systemic racial inequity reinforce the need for financial institutions of all sizes to work together to support communities of color in more effective ways,” said Brandee McHale, Head of Community Investing and Development and President of Citi Foundation. “By investing – and trusting – in these change agents on the frontlines, we’re helping these organizations to pivot, adjust and expand to address evolving needs and meet clients where they are.”

The $15 million fund was deployed by the Citi Foundation from initial net proceeds donated by Citi through its participation in the U.S. Small Business Administration’s Paycheck Protection Program (PPP). This funding is a component of Citi and Citi Foundation’s more than $100 million provided to date in support of COVID-19-related community relief and economic recovery efforts globally.

“The global pandemic has exponentially increased the demand on CDFIs across the country to provide critical financial support to small businesses and communities of color,” said Calvin L. Holmes, President, Chicago Community Loan Fund. “The support from Citi Foundation is furnishing and emboldening CDFIs like ours with the flexibility we need to advance our work with these communities during a time of great crisis.”

“Citi Foundation’s funding has made it possible for us to continue our work in providing credit and services to small businesses and entrepreneurs who do not have access to loans from traditional commercial sources,” said Janie Barrera, President & CEO of LiftFund. “This latest endorsement of our work gives us the freedom and the opportunity to address local community needs without limitations.”

The following organizations have been selected to receive Citi Foundation funding:

Arizona

  • Chicanos Por La Causa: Helps individuals and families achieve self-sufficiency by providing affordable access to housing, healthcare, education, work, small business support and financing
  • Raza Development Fund: Serves low-income households and Latino communities by providing capital and technical assistance to small businesses owned by women and minorities that do not have access to traditional banking services

California

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Citi Foundation Provides $15 Million in Support to 30 Community Development Financial Institutions Across the U.S. The Citi Foundation today named 30 Community Development Financial Institutions (CDFIs) that will collectively receive $15 million to support their efforts to provide small businesses with the vital resources needed to sustain their operations and …

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