The U.S. Treasury Department’s Community Development Financial Institutions Fund awarded one of Southeast Pennsylvania Region’s premier economic development, the Economic Opportunities Fund, subsidiary of the Women’s Opportunities Resource Center with an $125,000 Technical Assistance Grant, the maximum amount that can be awarded. The announcement capped the 20th anniversary celebration of the creation of the CDFI Fund and the CDFI Program.
The WORC/EOF was one of ten Pennsylvania organizations to receive an award and the only one in the city of Philadelphia and Southeastern Region to receive the maximum amount. The funds will spur economic growth for small and microbusinesses in low income communities in the areas of technical assistance. The CDFI awarded more than $200 million grants and loans to 195 organizations in 41 states in the 2015 round.
“We are grateful for the support and investment of the CDFI Fund and its recognition to allow us to continue to assist some of the region’s most vulnerable businesses,” said Lynne Cutler, President of the Women’s Opportunities Resource Center. “This Technical Assistance Grant will facilitate a lasting impact through individual achievement of financial and entrepreneurial goals, leading to increased self-sufficiency and business growth.”
Technical Assistance awards are used for capacity development that is integral to CDFI’s organizational sustainability and success. CDFIs often use these awards to purchase equipment; hire consulting or contracting services; pay salaries and benefits; or train staff and board members.
“The awards granted highlight how much the CDFI Program has contributed in its 20 year history towards building a strong network of CDFIs across the country,” stated CDFI Fund Director Annie Donovan. “These important community partners are not only on the frontlines of economically distressed communities providing needed capital and credit, they are building a more inclusive economy, which benefits the nation as a whole.”
The CDFI Program invests in and builds the capacity of community credit unions, banks, loan funds, and other financial institutions serving rural and urban communities across the nation that lack adequate access to affordable financial products and services. Through the first 20 rounds of this program, the CDFI Fund has awarded more than $1.5 billion, helping build a nationwide network of more than 950 CDFIs located in every state, all focused on economically empowering the communities they serve.
To learn more about the Women’s Opportunities Resource, it’s CDFI – Economic Opportunities Fund or if you seeking a business loan, feel free to call (215) 564-5500 or visit the official website at www.worc-pa.com or like us on Facebook @Women’s Opportunities Resource Center or follow us on Twitter @worcphilly.
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