Project Grant 241FA065247G

Award Date 9/26/24
Completion Date 3/31/28
Dollars Obligated $1.8M
Federal Grant Program
21.020
Assistance Type
Project Grant
Place of Performance
United States
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The funding will enable The Genesis Fund to provide financial products, financial services (for regulated institutions only), development services, loan loss reserves, and capital reserves (for regulated institutions only) to underserved rural and urban low-income communities across Maine and Northern New England that lack adequate access to affordable financial services. This aligns with the CDFI Program's goal of building the financial capacity of CDFIs to serve eligible markets and target populations defined in 12 C.F.R. 1805. The Genesis Fund has received multiple CDFI Program grants totaling approximately $6.17 million between 2021 and 2024, demonstrating its track record of effectively deploying federal funding to drive economic growth and financial inclusion in challenged communities.

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