$5.5 million Awarded to Institutions in Philadelphia
PHILADELPHIA, PA – U.S. Senator Bob Casey (D-PA) today announced Community Development Financial Institutions (CDFI) funding for financial institutions in Pennsylvania to help local communities provide access to capital and create jobs.
“I am pleased to announce over $8.5 million in funding to help communities across our Commonwealth invest in business and create jobs,” Casey said. “These funds will provide much-needed capital to small business, investments in economically distressed communities and financial services for working families. My top priority is job creation and this funding will help put Pennsylvanians back to work.”
Senator Casey made the announcement today at 30th Street Station in Philadelphia. Pennsylvania received the 3rd largest number of awards and 3rd highest dollar amount in the nation. Senator Casey urged the CDFI to prioritize Pennsylvania communities in need.
The Community Development Financial Institutions (CDFI) Fund is under the United States Department of Treasury. The CDFI Fund's mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. A chart of funding awarded to institutions in Pennsylvania is below:
| Awardee Name | City | State | Type | Total Award |
| Bridgeway Capital, Inc. | Pittsburgh | PA | FA | $1,500,000 |
| FINANTA | Philadelphia | PA | FA | $1,500,000 |
| Impact Loan Fund, Inc. | Philadelphia | PA | FA | $400,000 |
| MetroAction Inc. | Scranton | PA | TA | $100,000 |
| Opportunity Finance Network | Philadelphia | PA | FA | $1,500,000 |
| People for People Community Development CU | Philadelphia | PA | FA | $599,990 |
| Progress Fund, The | Greensburg | PA | FA | $1,500,000 |
| Reinvestment Fund, Inc., The | Philadelphia | PA | FA | $1,500,000 |
| Scranton Neighborhood Housing Services, Inc. | Scranton | PA | TA | $95,262 |
| Total | $8,695,252 |
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