Today, U.S. Senator Kirsten Gillibrand announced that 43 Community Development Financial Institutions (CDFIs) across New York State will receive $116,822,564 in federal funding to help low- and moderate-income communities recover from the COVID-19 pandemic. The funds will be used to expand lending related to small businesses and microenterprises, for grant making and investing in underserved communities, and to support borrowers that experienced disproportionate economic impacts from the pandemic and have unmet capital and financial services needs. Additionally, the grant funds may be used to support community facilities, affordable housing, commercial real estate and intermediary lending to non-profits and CDFIs.
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