On January 27th, the U.S. Senate Committee on Appropriations released the highlights of the approved American Recovery and Reinvestment Plan. The plan focuses on five areas:
- Infrastructure and Science
- Education and Training
- Energy
- Protecting the Vulnerable
- Health
What is of
particular interest to us, as a CDFI, is the $250 million set aside for CDFI
Fund programs. The money is to be used
“to immediately provide capital to qualified community development financial
institutions to invest in the development of underserved communities.”
Other highlights in the plan that could be potentially big wins for small business:
- $730 million to stimulate lending to small business
- $400 million for rural business initiatives including development of renewable energy
We here at
CCV are particularly interested in seeing this bill pass since funding for the
CDFI Fund potentially translates into funding for our organization. Since 2003, CCV has received funding from the
CDFI Fund on multiple occasions. These funds have allowed us to expand our
reach in Chicago’s
under-served communities, provide technical assistance to small business owners
and increase our capabilities to assist in bringing resources to our
clients.
This
important legislation is in the process of moving through Congress. We will keep you posted as we continue to
learn more about the passage of this bill.
For more information on the entire American Recovery and Reinvestment
Plan read the committee’s press release here.
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