To promote economic revitalization and community development through investment in and assistance to community development financial institutions (CDFIS) and emerging CDFIS.

The Department of the Treasury's Community Development Financial Institutions Fund awarded a $125,000 Project Grant to Mentorworks Education Capital, Inc. to provide technical assistance services under the Community Development Financial Institutions Program (CFDA 21.020). The goal is to build the organizational capacity of certified and emerging Community Development Financial Institutions to serve low-income communities and individuals who lack access to affordable financial products and services. Funding will support eligible activities including personal and professional services, travel, training, equipment and supplies through December 2023. No subrecipient activities were indicated. The award aims to promote economic revitalization and community development consistent with the objectives of the CDFI Program.

Activities

Technical assistance must be used for the following eligible activities subject to the applicable provisions of the uniform requirements: compensation ? Personal services, compensation ? Fringe benefits, professional service costs, travel costs, training and education costs, equipment, supplies, and incorporation costs (sponsoring entities only). End goal/expected outcomes: the goal of the technical assistance is to build certified and emerging cdfi?S organizational capacity to serve eligible markets and/or their target markets, in order to serve rural and urban low-income people, and communities across the nation that lack adequate access to affordable financial products and financial services.

Intended beneficiaries

Profit organization, private nonprofit institution/organization, other private institution/organization investment areas and targeted populations, as defined in 12 C.F.R. 1805.

Subrecipient activities

Only in the case where a cdfi depository institution holding company applicant intends to carry out the activities of an award through its subsidiary cdfi insured depository institution, as identified in its assistance agreement with the cdfi fund.