September 14, 2015
The Small Business Lending Arm for National Development Council Receives an award from the CDFI Fund of $1.75 Million
NEW YORK, NY – The Community Development non-profit, National Development Council’s small business lending arm, Grow America Fund, has been selected to receive a grant from the Community Development Financial Institutions Fund (CDFI Fund) in the amount of $1.75 million.
The CDFI Fund supports Community Development Finance Institutions or CDFI’s by issuing monetary awards that will be used to promote access to capital and local economic growth in low-income communities across the United States.
NDC Grow America Fund has loaned more than $195 million to over 530 small businesses across the United States, with a special focus on minority and women-owned companies. The program has created or retained more than 13,000 permanent jobs while increasing investment in underserved communities.
“We are thrilled to receive an award,” said Robert Davenport President of NDC. “We are proud of our program and its achievements, but more importantly we are ready to get this money invested in communities across the country.”
“We see the impact of small businesses and the jobs they create in communities first hand,” said John Palyo President of NDC Grow America Fund. “This grant will provide us with capital that we can use to make a positive impact in urban and rural low-income communities across America.”
About National Development Council and NDC Grow America Fund
Founded in 1969, the National Development Council (NDC) is a national non-profit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. NDC’s Grow America Fund (GAF) is a Community Development Finance Institution (CDFI) licensed under US SBA preferred lenders program (PLP). GAF focuses on providing flexible and patient expansion loans to existing small businesses, manufacturers and distributors www.ndcgaf.org