The U.S. Department of Treasury, through the Community Development Financial Institutions Fund (CDFI Fund) named Virginia Community Capital (VCC) one of the recipients of the fiscal year 2012 awards. VCC will receive a grant for $1,453,806 to support operations and bolster lending capital. This year’s awards, comprised of both the Community Development Financial Institutions Program and the Native American CDFI Assistance Program, represent the largest single designation of award dollars and award recipients in the CDFI Fund’s 18-year history.
The grants will be spread across 210 institutions in 41 states. VCC received the maximum amount designated for this particular award cycle.
“We are delighted to receive the news of our CDFI Program award and will put the grant to excellent use,” said Jane Henderson, President and CEO of VCC. “Funding of this type allows us to pursue a broad range of mission-directed projects and programming to support low-income communities across Virginia. It is an honor to be part of this historic announcement.”
The U.S. Department of the Treasury’s CDFI Fund was established in 1994 to promote economic development in the nation’s disadvantaged urban and rural communities. One of the primary ways the CDFI Fund works to achieve this goal is by investing in and building the capacity of certified CDFIs through the CDFI Program and other funding vehicles.