VCCDC Awarded $500,000 CDFI Grant

We are excited to announce that VCCDC has been awarded $500,000 through the CDFI Program! These grant funds will be used to support our financial products and services at VCCDC.

 Access to affordable financial products and services is a staple of economically sound communities. Yet at least one quarter of American households do not have bank accounts or rely on costly payday lenders and check-cashing outlets. In recent years, the lack of access to capital investments for small businesses and other critical community development projects has also led to increased need for alternative and reliable sources of financing. Mission-driven organizations called Community Development Financial Institutions–or CDFIs–fill these gaps by offering affordable financial products and services that meet the unique needs of economically underserved communities. Through awards and trainings, the Community Development Financial Institutions Program (CDFI Program) invests in and builds the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of their communities.

“This funding is vital for CDFIs such as NALCAB and our network CDFI members that are working to advance economic mobility in Latino and other underserved communities across the US. Our work has never been more critical to stabilizing and growing our economy,” said Marla Bilonick, President & CEO of NALCAB. “We applaud the CDFI Fund for this round of awards that will generate significant impact in terms of narrowing the racial and ethnic wealth divide."