Entrepreneur Fund Receives $776K from CDFI Fund for Local Business Owners

Entrepreneur Fund Receives $776K from CDFI Fund for Local Business Owners

Posted on October 03, 2017 at 12:32 PM. Written by Entrepreneur Fund
The Entrepreneur Fund was recognized by the U.S. Treasury’s Community Development Financial Institutions Program (CDFI Fund) with a $776,500 grant to support local small business growth and expansion.

“This is a huge milestone for the Entrepreneur Fund,” said Shawn Wellnitz, CEO of the Entrepreneur Fund. “We are honored to have been selected and excited to invest in the growth of even more entrepreneurs. This funding will have a significant impact on our regional economy.
Community Development Financial Institutions (CDFIs), like the Entrepreneur Fund, are mission-driven financial institutions that fill gaps by providing access to capital by offering affordable financial products and services that meet the unique needs of economically underserved communities.

The CDFI Fund has awarded $171.1 million in Financial Assistance and Technical Assistance in 2017 to 265 organizations in 46 states and the District of Columbia. This year’s application emphasized the extent of economic distress in the areas CDFIs are serving; the extent to which their activities have expanded, or will expand, economic opportunities; and the extent to which CDFIs will collaborate with their communities and increase their resources through collaborations and partnerships.
“We are very pleased to announce the FY 2017 CDFI Program and NACA Program award recipients. This is the largest pool of awardees in the history of the CDFI Fund,” said CDFI Fund Director Annie Donovan. “These award recipients represent a diverse array of organization types and community investment strategies, serving a broad spectrum of communities. We are especially proud that one-third of the awardees have committed to investing in Persistent Poverty Counties.”

With this additional CDFI Fund support, the Entrepreneur Fund plans to drive economic growth and diversity with entrepreneur-focused programming and increased funding for regional business owners.

View more information about the FY 2017 CDFI Program and NACA Program awardees at https://www.cdfifund.gov.


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