The Department of the Treasury Community Development Financial Institutions Fund awarded $280,000 under the Small Dollar Loan Program (CFDA 21.025) to Cooperativa De Ahorro Y Credito De Lares on September 23, 2021. Through this Project Grant, the awardee will establish a loan loss reserve and receive technical assistance to support small dollar lending to underserved populations through 2024. Specifically, the funding will enable the certified Community Development Financial Institution to defray costs of maintaining a small dollar loan program and support related technology, staffing, and eligible activities. The intended outcomes are increased access to affordable capital and credit building opportunities for unbanked and underbanked individuals, allowing greater participation in the mainstream financial system. There are no sub-awardees associated with this award.
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