Partners for the Common Good Receives $1.4 million Award from the CDFI Fund
(August 6, 2012) Partners for the Common Good is pleased to announce a grant award of $1,453,806 from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. CDFI Fund Director Donna J. Gambrell and Treasury Deputy Assistant Secretary Don Graves joined U.S. Representative Gwen Moore to announce an aggregate total of $186,853,456 in awards distributed under this year’s competitive grant process. The grants, made to 210 organizations across 41 states, represent the largest single announcement of award dollars and award recipients in the CDFI Fund’s history. Partners for the Common Good received the maximum amount awarded under the Financial Assistance program.
Chief Executive Officer Jeannine Jacokes stated that “We will use our CDFI award to increase lending to support our partnership lending with CDFIs across the country, as well as our new CapNexus Venture. CapNexus is an online database that matches money and partners to community development finance opportunities.”
Partners for the Common Good is a nonprofit community development loan fund and certified Community Development Financial Institution (CDFI). PCG operates as the first wholesale loan participation network in the CDFI industry. By partnering with other mission focused lenders and socially responsible investors, PCG provides access to capital for low income people and communities. PCG lends money to nonprofit organizations and for-profit, mission driven organizations that promote affordable housing, neighborhood revitalization, entrepreneurship, and healthy communities in the United States and abroad.
This impact is possible because of Partners for the Common Good’s experience and track record. The CDFI Fund provides Financial Assistance grants to achieve economic and community development impact by investing in CDFIs that demonstrate the financial and managerial capacity to provide financial products and services to low-income communities and populations. Partners for the Common Good was selected for this grant through a competitive review of over 200 certified CDFIs.
The CDFI Fund was created to promote economic development in the nation’s disadvantaged urban and rural communities. Since its creation in 1994, the Fund has awarded over $1 billion to build the capacity of certified Community Development Financial Institutions.
“The CDFI Fund is critical to the work of all CDFIs in providing access to capital and serving low-income markets. We are grateful to Congress and the Obama Administration for their continued strong support of the CDFI Fund,” said Ms. Jacokes.