October 8, 2013
National Development Council’s (NDC) small business lending arm, Grow America Fund, Inc. (GAF), is the recipient of a $1,347,000 award from the United States Treasury’s Community Development Financial Institutions Fund (CDFI). These funds will be used to increase GAF’s lending to healthy and growing small businesses in low-income and distressed communities served by NDC throughout the United States.
NDC’s Grow America Fund was one of 191 organizations selected from over 400 applicants to receive allocations totaling $150 million by the CDFI Fund. To date, GAF has been the recipient of more than $5 million in CDFI Financial Assistance awards.
“The CDFI FA Award is an indispensable resource to NDC as we pursue our mission to create jobs, stimulate investment, and build the strength of the entrepreneurial and small business base in low-income communities across the United States” stated Bob Davenport, NDC President. “We feel privileged to be recognized again by the CDFI Fund and look forward to continuing our support to viable small businesses that are creating jobs and strengthening neighborhoods.”
The 2013 round of the CDFI Program provided the most awards in the program’s history, funding a range of institutions including credit unions, depository institutions, loan funds, and venture capital funds. Since its creation, the CDFI Fund has awarded over $1.8 billion to community development organizations and financial institutions.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded over $1.8 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Award 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 $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. Learn more about the CDFI Fund and its programs at http://www.cdfifund.gov.