LEXINGTON, Ky. — Kentucky-based non-profit and certified Community Development Financial Institution (CDFI) Community Ventures has been awarded $2.478 million in funding through the Equitable Recovery Program (ERP), an initiative of the U.S. CDFI Fund aimed at strengthening the ability of CDFIs to help low- and moderate-income communities recover from the COVID-19 pandemic and invest in long-term prosperity.
Since its inception in 1982, Community Ventures has been the catalyst behind the creation and/or expansion of 8,600 businesses across the Commonwealth, resulting in over 15,000 jobs for Kentuckians. This funding will bolster Community Ventures’ ongoing efforts to ensure that low- and moderate-income families grow by providing education, technical assistance and affordable, fixed-rate lending capital.
“As an organization committed to providing the education, tools and financial resources needed to lift individuals out of poverty and put them on a wealth-building path, we are grateful for funding like this that is crucial to our mission and to our success,” notes Kevin Smith, CEO of Community Ventures. “As we assist low- or moderate-income entrepreneurs, particularly those in an underserved demographic–to achieve their dream of launching and growing their businesses, we see previously disinvested neighborhoods coming back to life.”
Secretary of the Treasury Janet L. Yellen explains, “These grant funds will be transformative for grantees that are building a more equitable, resilient economy, along with helping sustain our strong economic recovery. These critical resources will allow mission-driven lenders to expand access to capital in financially underserved communities, which will help increase contributions to long-term economic growth.”
CDFI Fund Director Jodie Harris stated, “The more than $1.73 billion in CDFI ERP funding that is being awarded to CDFIs will be utilized to implement initiatives that, among other things, increase availability of financing and capital for small businesses, promote affordable housing, and improve accessibility to loans that help families make ends meet—all of which were compromised by the pandemic, and are vital to community resilience, sustainability and economic prosperity.”
