Thursday, September 26, 2013

[Press Release] Accion San Diego Receives $747,000 CDFI Fund Grant

--Grant is the single largest financial contribution made to the organization to date—

Accion San Diego, a nonprofit microlender offering business loans from $300 to $50,000, was awarded a $747,000 grant on Sept. 24, from the Department of Treasury’s Community Development Financial Institutions Fund (CDFI). The CDFI fund uses federal resources to invest in local non-profits in order to serve low-income people and communities that lack access to affordable financial products and services.

This is the largest CDFI Fund grant that the organization has ever received, having been awarded $600,000 for the past two years in a row. It is also the single largest financial contribution received in the organization’s 19-year history.

“We are thrilled that our work in economic development continues to be recognized by the CDFI Fund,” said Executive Director Elizabeth Schott. “We remain committed to our mission of empowering entrepreneurs, and will utilize much of this grant to provide capital for small business owners to start or grow their businesses, support their families and continue to assist in rebuilding the economy.”

The other four members of the Accion U.S. Network, the largest micro- and small business lending network in the United States, were also awarded grants from the CDFI Fund. This is the first time that all five members, which operate as independent 501(c) 3 nonprofit organizations, were all awarded grants in the same year. In total, $7.1 million was awarded:

  • Accion San Diego received $747,000,
  • Accion Chicago received $847,000,
  • Accion East and Online received $1.35 million,
  • Accion New Mexico • Arizona • Colorado received $1.35 million,
  • and Accion Texas Inc. received $1.35 million. In addition, the organization also received $1.5 million as part of the Healthy Foods Financing program, one of only 10 awardees in this category.

Accion's CDFI Fund awards will support the five organizations in increasing access to capital in the 25 cities and 49 states they collectively serve.

This year’s CDFI Fund awards provided over $172 million to 191 organizations serving low-to-moderate communities throughout the United States. Awardees represent a diverse group of credit unions, depository institutions, loan funds and venture capital funds.

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About Accion San Diego
Accion San Diego is a non-profit microlender dedicated to connecting entrepreneurs with the accessible financing and resources it takes to create or grow healthy businesses. By providing loans ranging from $300 to $50,000, it creates opportunity for increased income, economic stability and employment. Since 1994, Accion has provided more than 2,900 loans totaling more than $18 million in San Diego County. 

Accion San Diego is a member of the Accion U.S. Network, the largest micro- and small business-lending network in the United States. The network’s five members have collectively made more than 47,700 loans totaling more than $380 million. Globally, Accion is a pioneer in microfinance, reaching millions of individuals through its international network of partners. For more information on Accion San Diego, visit www.accionsandiego.org.

About the CDFI Fund 
Since its creation in 1994, the CDFI Fund has awarded over $1.7 billion to CDFIs, community development organizations and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $33 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.

FOR IMMEDIATE RELEASE
Press Contact: 
Elizabeth Schott
(619) 795-7250 ext. 406

1 comment:

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