Warner & Kaine Applaud Over $10 Million in Federal Funding to Expand Investment Opportunities in Underserved Communities
WASHINGTON, D.C. — Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) applauded $10,035,800 in federal funding to support 10 Virginia-based Community Development Financial Institutions (CDFIs) in their mission to expand lending and investment opportunities in disadvantaged neighborhoods and communities. The funding was awarded through the U.S. Department of the Treasury’s Community Development Financial Institutions Program (CDFI Program). The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services.
“CDFIs are critically important financial institutions that help underserved communities across the Commonwealth and the country access capital,” the Senators said. “Early on in the pandemic, we fought for increased CDFI funding because we saw that initial relief efforts weren’t reaching underserved communities. We’re glad to see that funding flowing to communities across Virginia to help bridge that gap.”
The funding is distributed as follows:
- $6,140,000 to Capital Impact Partners in Arlington, VA.
- $797,900 to Freedom First Federal Credit Union in Roanoke, VA.
- $660,000 to the ECDC Enterprise Development Group in Arlington, VA.
- $560,000 to Arlington Community Federal Credit Union in Falls Church, VA.
- $510,000 to the Southeast Rural Community Assistance Project, Inc. in Roanoke, VA.
- $510,000 to Appalachian Community Capital Corporation in Christiansburg, VA.
- $482,900 to RVA Financial Federal Credit Union in Richmond, VA.
- $125,000 to Foodshed Capital in Charlottesville, VA.
- $125,000 to Mobility Credit Acceptance, LLC in Richmond, VA.
- $125,000 to Peoples Advantage Federal Credit Union in Petersburg, VA.
Warner and Kaine have long worked to ensure that underserved communities have better access to financial services. During the COVID-19 pandemic, Warner and Kaine secured funding for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) in pandemic relief packages modeled after Warner’s Jobs and Neighborhood Investment Act. Last year, Warner launched the bipartisan Senate Community Development Finance Caucus to serve as a platform where policymakers can coordinate and expand on public and private-sector efforts in support of the missions of Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs).