Largest Grant Received in Nonprofit’s 27-year History from the CDFI Fund; Funds will be Deployed to Support Businesses in Southern California, Including Riverside and San Bernardino Counties
Nonprofit lender Accessity, formerly Accion serving Southern California, was awarded a $1.8 million grant from the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Fund Rapid Response Program, which will provide the necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities. This is the largest grant awarded from the CDFI Fund to Accessity.
“This funding from the federal government demonstrates the critical role CDFI’s play when it comes to an equitable economic recovery, particularly in reaching and serving low-to-moderate-income and diverse communities,” stated CEO Elizabeth Schott. “We are honored to be an integral part of that equitable recovery for small business owners in Southern California, and we remain committed to serving these communities with much-needed access to capital and a community of support for their long-term success.”
The award will be used primarily as loan capital to reach low-to-moderate-income and diverse business owners, loan loss reserve and general operating capital, which will be deployed in the four counties that Accessity serves: Imperial, Riverside, San Bernardino, and San Diego.
Vice President Kamala Harris and Treasury Secretary Janet L. Yellen announced the awards on Tuesday, June 15, at the White House as part of $1.25 billion in COVID-19 relief funds to 863 community development financial institutions in the United States.
The CDFI Fund designed the program to disburse the funds rapidly, considering the nationwide economic impacts of the COVID-19 pandemic. The CDFI RRP was authorized by the Consolidated Appropriations Act, 2021.
Awardees represent a diverse group of credit unions, depository institutions, loan funds and venture capital funds. View the full list of awardees here. To learn more about the CDFI Fund RRP, please visit the CDFI Fund’s website at https://www.cdfifund.gov/news/420.