 | First Children’s Finance to receive a $1 million Financial Assistance grant from the U.S. Department of the Treasury
10/8/2009 3:49 PMFirst Children’s Finance learned this week that it will receive $1 million from the Community Development Financial Institutions Fund Program of the U.S. Department of the Treasury. First Children’s Finance will use these funds to support work in financial and development services over the next four years.
Director Donna J. Gambrell made the announcement of the awards, which total $52,715,000, to 62 organizations serving economically distressed communities across the nation. The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to community development financial institutions Since its creation, the CDFI Fund has awarded over $1 billion to community development organizations and financial institutions.
First Children’s Finance has received several prior grants from the CDFI program for its loan fund. According to President and CEO Jerry Cutts, “This is a highly competitive granting process, and we are pleased the Treasury recognizes the importance of loans to support quality child care enterprises. This grant will help us continue to serve larger numbers of providers who deserve our help.” Other grants to First Children’s have been to expand the loan pool, create a logic model, invest in technology, build reserves and to provide business assistance to child care professionals. The CDFI Fund received 452 applications from organizations across the nation requesting more than $529 million in funding under the FY 2009 round of the CDFI Program.
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