Tuesday, Jul 19 2011 3:32PM
The U.S. Treasury Department awarded $142.3 million to 155 organizations recently, including $1.5 million to RCAC.
The U.S. Department of the Treasury recently awarded $142.3 million to 155 organizations through its
Community Development Financial Institutions (CDFI) Fund, including $1.5 million to Rural Community Assistance Corporation (RCAC).
Money from the fund is awarded only to organizations that help disadvantaged communities by helping them progress economic growth and expand access to affordable products and services.
"The CDFI Program provides access to rural and urban communities across the country by investing in local financial institutions that serve these communities," Deputy Treasury Secretary Neal Wolin said in a statement. "Today's awards will provide much-needed capital to help community-based financial institutions offer products and services that would otherwise be out of reach for thousands of low-income Americans."
According to the Treasury Department, this year's round of funding through the CDFI Fund is the largest amount ever in a year. The CDFI Fund has provided more than $1 billion to organizations since its inception in 1994.