The U.S. Department of the Treasury is investing $1.5 million into the Community Investment Fund of Indiana to support underserved businesses. CIFI is one of more than 850 community development financial institutions in the country receiving funds totaling $1.25 billion from the program.
The federal grant is from the treasury’s Covid-19 Rapid Response Program recently passed by Congress.
“The grant from Treasury’s CDFI Fund is a much-needed investment that we will use to help rebuild and grow underserved small businesses in Indiana,” said Phil Black, CIFI’s executive director. “Small business recovery is essential to overcoming the economic hardship caused by the pandemic. This investment from the U.S. Treasury will bring more resources to Indiana small-business owners.”
CIFI says its mission is to assist small businesses owned by people of color, women, and low-income individuals living and working in urban and rural areas. CIFI is funded through grants and loans from federal and state agencies, Indiana banks, and other charitable organizations.