Five Nebraska Entities To Share $13 Million In Federal Grants Aimed At Helping Low-Income Areas

From Nebraska Examiner:

By Cindy Gonzalez

April 10, 2023

OMAHA — Five Nebraska entities are to receive a combined nearly $13 million to improve access to financial services and stir investment in underserved communities, the Biden administration announced Monday.

Midwest Housing Development Fund Inc. of Omaha was awarded the bulk of the Nebraska share, about $6.2 million.

Other recipients are: Omaha 100 Inc., $2.97 million; Oakland-based Nebraska Enterprise Fund, $2.23 million; Grand Island-based Native360 Loan Fund Inc., $961,541; Omaha’s Economic Empowerment Center, $527,331.

The awards were part of $1.73 billion in grants that are to go to 603 Community Development Financial Institutions across the country through the Treasury Department’s CDFI Equitable Recovery Program.

The ERP is a competitive grant program designed to expand lending and investment activity in low- to moderate-income communities that have disproportionate and unmet need for capital and financial services.

“These grants — representing the largest CDFI grant program in history — will enable hundreds of community lenders to invest in small businesses and entrepreneurs, provide home loans for families, financial services for local nonprofits, and capital for community organizations,” Vice President Kamala Harris said in a statement.

Jodie Harris, CDFI Fund director, said the program funding is expected “to help families make ends meet” in tough times exacerbated by COVID-19. It can be used by participating organizations to build staff, technology and other tools to accomplish those goals and to better deliver financial and credit services.

Federal officials said the CDFI Equitable Recovery Program is one in a suite of federal investments providing greater access to capital in communities facing barriers to full participation in the nation’s financial system.

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