Project Grant 241BE066520G

The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund awarded a $280,369 Project Grant to Mechanics And Farmers Bank, a minority-owned, for-profit financial institution based in Durham, North Carolina, under the Bank Enterprise Award (BEA) Program (CFDA 21.021). The grant funding supports Mechanics And Farmers Bank's efforts to increase investments and expand community development financing and service activities in economically distressed communities. Specifically, the grant enables the bank to provide critical financial services such as loans, equity investments, deposits, and technical assistance to other CDFIs, with a focus on affordable housing initiatives, small business lending in low-income communities, and building organizational capacity. The grant aims to promote economic development and increase access to capital for underserved populations, particularly communities of color and areas disproportionately impacted by the COVID-19 pandemic.