Cdfi rapid response program award

The Cooperative Business Assistance Corporation received a $1.8 million project grant award from the Department of the Treasury's Community Development Financial Institutions Rapid Response Program on June 15, 2021. The two-year award will support the organization's ability to respond to the economic impacts of the coronavirus pandemic through June 30, 2023.

As the stated purpose of the CDFI RRP is to support Community Development Financial Institutions in preparing for and responding to the pandemic's economic effects, the funding will presumably enable Cooperative Business Assistance Corporation to provide credit, loan assistance, financial counseling or related services to businesses and communities harmed by Covid-19 over the grant period. The award is consistent with the CDFI RRP's goal under the Coronavirus Aid, Relief, and Economic Security Act to maintain economic resilience in hard hit areas through the specialized financing activities of CDFI participants.