National Bankers Association Applauds the Biden-Harris Announcement of $1.73 Billion to Improve Access to Capital and Financial Services in Underserved Communities
WASHINGTON, DC – National Bankers Association President and CEO Nicole Elam Esq. issued the following statement regarding Vice President Kamala Harris and U.S. Department of the Treasury’s latest announcement that Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded over $1.73 billion in grants to 603 Community Development Financial Institutions (CDFIs) across the country through the CDFI Equitable Recovery Program (CDFI ERP) to aid recovery from the economic impact of the COVID-19 Pandemic.
"We applaud the transformative investment into CDFI Communities, and low-to-moderate communities disproportionately affected by the COVID-19 pandemic. The CDFI Equitable Recovery Program grant fund is one of the largest grant programs in history, providing increased access to financial services for LMI communities, growing opportunities for home ownership, and support for small minority-owned businesses. Investments in community lending build a future for a more equitable and robust economy. Of the CDFI ERP grant funds, 68 grants were awarded to Minority Depository Institutions (MDIs), totaling $200 million invested into community serving institutions.” said Nicole Elam, President and CEO of the National Bankers Association.