The Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded a $3,470,374 Project Grant under the Community Development Financial Institutions Fund Equitable Recovery Program (CDFI ERP, CFDA #21.033) to United Bank of Philadelphia on April 10, 2023.
The grant funding will support United Bank of Philadelphia's efforts to expand lending, grant making, and investment activities in low- and moderate-income communities disproportionately impacted by the COVID-19 pandemic. Specifically, the funds will be used to provide $3.47 million in loans, grants and investments through December 31, 2028 to minority-owned businesses and borrowers in underserved areas that experienced significant unmet capital needs during the pandemic. The award will also enable the institution to strengthen its operational capacity and acquire necessary technology, staff and tools to effectively carry out these activities.
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