The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) allocated $76.32 million in Technical Assistance (TA) Awards spread across 256 organizations to enhance their capacity to offer financial products and services to low-income and underserved people and communities throughout the country during the fiscal year 2024 funding round.
All awards were distributed through the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program), according to a CDFI press release.
“It is our great delight to celebrate the 30th anniversary of the CDFI Fund by announcing the CDFI and NACA Program Technical Assistance Award Recipients,” CDFI Fund Director Pravina Raghavan said in the release. “It is fitting that in this combined round, the CDFI Fund was able to award the largest number and amount of TA Awards in the history of the program.”
TA Awards are commonly used to analyze financial products and services to determine which ones are appropriate for target markets, developing lending policies and procedures, and building staff lending capacity. More established CDFIs also use TA Awards to provide new products, to serve current target markets in new ways, or to enhance the efficiency of their operations.
The CDFI Fund also provided Financial Assistance Awards through the CDFI program and NACA program to further expand and support CDFI financing activities.