WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) announced today that the Economic and Community Development Institute will receive $600,000 in funds to provide lending capital to underdeveloped communities in central Ohio. The funding is awarded by the U.S. Department of Treasury's Community Development Financial Institutions Program Financial Assistance and Technical Assistance Award Program.

"This award creates greater opportunities in the greater Columbus area," Brown said. "By providing loans to communities that have been historically left out, Ohio can move forward and generate new jobs and build a stronger, more vibrant economy."

The Economic and Community Development Institute, certified as a Community Development Financial Institution Fund (CDFI) by the Treasury Department, will provide financial and technical assistance to a target population in central Ohio.

Through the CDFI Program Financial and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and nonprofit community based lending organizations known as Community Development Financial Institutions (CDFIs). These organizations, like the Economic and Community Development Institute,  are certified as CDFIs by Treasury and serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process.

 

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