WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) today announced that $55 million in funding has been allocated to Community Development Financial Institutions (CDFI) under the American Recovery and Reinvestment Act. Among potential fund recipients are 24 Ohio CDFIs, which are instrumental in providing access to affordable credit, capital, and financial services in underserved communities.
“Access to affordable credit and capital is essential to getting our economy back on track,” Brown said. “Whether it is a student in need of a college loan, an adult who wants to purchase a home, or an entrepreneur who wants to open a business, this funding will help Ohioans realize dreams.”
CDFIs expand the funds available to financial institutions, enabling them to provide more loans and services to underserved populations and communities. Increased funding to these financial institutions can promote economic revitalization and community development in communities that would otherwise lack adequate access to financial assistance.
To apply for these funds, eligible CDFIs must file an application by May 27, 2009. These institutions are eligible for the funding because they are a legal entity with the mission of promoting development in the communities they serve.
Since its inception in 1994, $864 million has been awarded to CDFIs and other community development and financial organizations.
A list of Ohio CDFIs can be found here and is listed below:
Enterprise Community Fund
Cincinnati Development Fund
Cornerstone Homesource Regional Loan
Greater Cincinnati Microenterprise Initiative
The Home Ownership Center of Greater Cincinnati
Faith Community United Credit Union, Inc.
Shorebank Enterprise Group
Village Capital Corporation
WECO Fund, Inc.
Columbus Compact Corporation
Columbus Growth Fund, Inc.
Economic and Community Development
Finance Fund Capital Corporation
Ohio Capital Finance Corporation
Bethel Baptist Federal Credit Union
Neighborhood Housing Services
Marion Federal Credit Union
Neighborhood Development Services, Inc.
Neighborhood Housing Services of Toledo
Northwest Ohio Development Agency
Toledo Urban Federal Credit Union
Cornerstone Housing Fund