Yesterday, Vice President Kamala Harris announced $1.25 billion in awards through the Department of the Treasury’s Community Development Financial Institution (CDFI) Fund to hundreds of certified CDFIs around the country, the largest single funding round in the agency’s history.
Enterprise Community Loan Fund (ECLF), our CDFI, was awarded $1.8 million. These funds will help us support Black, Indigenous and people of color (BIPOC)-led small businesses through Equitable Path Forward, our five-year, $3.5 billion initiative to dismantle the deeply-rooted legacy of racism in housing – including the types of homes that are built, who builds them and the wealth that is generated from them.
“Community Development Financial Institutions have always provided essential support to communities of all kinds around the country, and they will continue to be essential throughout the recovery from Covid-19. We are glad to see our partners in federal government recognize the importance of CDFIs like ours,” said ECLF President Lori Chatman.
She added, “To change a system that has led to historic disinvestment in communities of color, we must start by investing in BIPOC housing developers – many of which are small businesses – so that they in turn are better equipped to invest in the residents and neighborhoods that count on them. Through Equitable Path Forward, we are bringing all of Enterprise’s expertise and resources to bear to help equalize power and profit in the real estate industry. The grant from the CDFI Fund will help amplify this critical work.”