ALBANY, N.Y. (NEWS10) — The Community Loan Fund has been awarded $1,025,000 from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The organization is a non-profit community development financial institution serving the Capital Region with the mission to promote sustainable community development efforts for economically underserved people and communities.
The organization will receive $500,000 in a base award to increase volume of products and services and another $525,000 to enhance the organization’s capacity to address challenges of individuals with disabilities. The financial institutions receiving 2021 CDFI and NACA Program Financial Assistance awards include 149 loan funds, 67 credit unions, 44 depository institutions and holding companies, and 5 venture capital funds.
“The Community Loan Fund is very proud to receive this award. This is a very competitive grant, and every year that we apply, we know we are vying against institutions that are larger than us. This year marks the first time since 2016 that we have won the award two consecutive years in a row, and we believe it speaks to the growing need in this region and the Community Loan Fund’s strong track record of effectively serving our community,” said Linda MacFarlane, Executive Director of the Community Loan Fund.
The organization was one of 14 organizations across the country to receive disability funds. The funds can be used to help organizations build affordable, accessible, and safe housing; create employment opportunities and increase access to services that support a healthy community.
“The Community Loan Fund is privileged to work with some of this region’s strongest champions for equity. Our financing has helped organizations like Living Resources, Inc., Capital District Center for Independence, Battenkill Community Services, Creative Living Solutions, and the Independent Living Center of the Hudson Valley build capacity and serve more individuals with disabilities. This funding will help us finance more programs and further our shared mission,” said MacFarlane.