The Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded Quaboag Valley Business Assistance Corporation $500,000 under the Community Development Financial Institutions Fund Equitable Recovery Program (CDFI ERP, CFDA 21.033) on April 10, 2023. The grant will support Quaboag Valley's provision of lending, investments, and other financial services to underserved communities and borrowers disproportionately impacted by COVID-19 through June 30, 2028. Specifically, the funding will enable Quaboag Valley to expand its lending, grant making, and investment activity in low- and moderate-income communities, providing over $700,000 in loans, grants, and investments. The award will also allow Quaboag Valley to build organizational capacity, acquire necessary technology and staff to carry out the CDFI ERP's goal of responding to economic impacts of the pandemic in hard-hit areas and populations. As a non-profit community development corporation, Quaboag Valley has leveraged past CDFI grants totaling $200,000 to similarly support underserved groups through financial services and initiatives.
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