The U.S. Treasury Department's Community Development Financial Institutions Fund has reopened the 2009 applications period for credit union and other CDFIs to obtain money appropriated in the recent economic stimulus package.
The fund announced that the additional $90 million from the stimulus plan has given it a total of $145 million to distribute through the Financial Assistance awards program. So called FA awards include money for equity investments and a wide variety of other programs. They and the Technical Assistance awards are the primary kinds of awards that credit union CDFI's obtain. TA awards fund the purchase of new equipment or training in new skills.
The Fund said it would increase the size of the largest FA award possible from a $1 million cap to $2 million and will give organizations which already filed an application for funding a chance to amend the application to increase their grant request. The funding round for this year had previously closed in October of last year.
The Fund also said it would fund some CDFI fund applications for the 2009 that had previously not been funded and that it would reopen the window for making applications for those credit union and other CFFI's who had not already applied.
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