WASHINGTON, D.C. — New federal resources have been awarded to the New Entrepreneurs Opportunity Fund in Ashtabula. U.S. Sen. Sherrod Brown (D-OH) today announced that the New Entrepreneurs Opportunity Fund, a community development organization, was awarded $92,037 through a competitive grant from the Community Development Financial Institutions Fund (CDFI). The CDFI Fund, administered by the U.S. Treasury Department, helps rural and low-income communities that lack access to affordable financial products and services.
“The New Entrepreneurs Opportunity Fund is a critical resource for maintaining and growing Ohio’s economy,” Brown said. “These resources will help build upon Northeast Ohio’s existing strengths while bringing new development to the region.”
According to the Treasury Department, the CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative. Since its inception, more than $1.11 billion has been awarded to CDFIs and other community development and financial organizations. The CDFI was created to promote economic revitalization and community development through investment in and assistance to CDFIs. These institutions are eligible for funding because they are a legal entity with the mission of promoting development in the communities they serve. Specifically, CDFIs expand the resources available to financial institutions, enabling them to provide more loans and services to qualified, yet historically underserved, populations and communities.
A list of Ohio CDFIs can be found here.