Project Grant 231FA064588G

Award Date 9/26/24
Completion Date 12/31/27
Dollars Obligated $800K
Federal Grant Program
21.020
Assistance Type
Project Grant
Place of Performance
United States
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This Project Grant award of $300,000 from the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Program aims to promote economic revitalization and community development. The funding will provide technical assistance to build the capacity of certified and emerging CDFIs to serve low-income people and communities that lack adequate access to affordable financial products and services. The grant will support eligible activities such as personnel compensation,...
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The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Program has awarded a $800,000 Project Grant to Magnolia Federal Credit Union. This grant, awarded on September 26, 2024, is intended to promote economic revitalization and community development through investment in and financial assistance to Community Development Financial Institutions (CDFIs).

The grant funding will enable Magnolia Federal Credit Union, a certified CDFI, to build its financial capacity to lend to eligible markets and its target markets, which include rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. The grant can be used for financial products, financial services (for regulated institutions only), development services, loan loss reserves, and capital reserves (for regulated institutions only), in order to serve these underserved populations and communities.

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