The Progress Fund, a non-profit community development corporation and certified Community Development Financial Institution (CDFI), was awarded a $4,050,422 grant under the Community Development Financial Institutions Fund Equitable Recovery Program (CDFI ERP, CFDA 21.033) on April 10, 2023. The grant will support the Progress Fund's efforts to expand lending, grant making, and investment activities in low- and moderate-income communities disproportionately impacted by the COVID-19 pandemic through December 31, 2028. As a prime recipient under the CDFI ERP, the Progress Fund will utilize the funding to provide loans, make equity investments, and deliver technical assistance to small businesses and organizations recovering from the economic impacts of the pandemic. The CDFI ERP aims to support CDFIs in responding to pandemic impacts and enabling borrowers, including minorities, with significant unmet capital needs.
Generated 2/6/24, 11:25 AM