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Latino Daily News

Thursday August 19, 2010

Government Announces $105 Million Support for Small Businesses and Entrepreneurs

Today, the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced $104.9 million in awards for 180 local financial institutions serving struggling communities in 44 states. These grants represent the largest single round of awards in the CDFI Fund’s history and will help those financial institutions support local entrepreneurs and small businesses, and spur local economic growth and recovery by expanding access to capital and affordable financial services in under served areas.

“CDFIs play a critical role financing small businesses and providing access to capital where it is needed most,” said Treasurer of the United States Rosie Rios. “The awards we are announcing today will provide critical support to local financial institutions, which are on the front lines creating jobs and economic opportunity in communities across the country.”  Treasurer of the United States Rosie Rios, Director Donna J. Gambrell of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, Congresswoman Nydia Velázquez, and Congressman José E. Serrano made this announcement at El Maguey Y La Tuna – a restaurant on the Lower East Side of Manhattan.

“When I was looking for a loan to help finance my small business, my local CDFI delivered the critical support I needed,” said Maria Cortez, owner of El Maguey Y La Tuna. “The Lower East Side People’s Federal Credit Union also provided me the opportunity to develop my skills as an entrepreneur and ultimately to help build my community.”

These awards will enable CDFI’s to expand their impact and to provide the critically needed loans, capital, and support that have been instrumental in establishing and sustaining successful small businesses such as El Maguey y La Tuna.  In Illinois there are six CDFI sanctioned local financial institutions that each have an average of $600,000 in loan funds available. 

For a complete list of local financial institutions and the amount they will have available to help your business, visit the HSN Library. 

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