SBAC Awarded $737,500 in CDFI Fund Community Development Grants

Staff Report

Tuesday, September 29th, 2020

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced Thursday that Small Business Assistance Corp. (SBAC) was awarded $737,500 in grants through the 2020 round of the CDFI Program. The awards will enable SBAC to expand its efforts to provide access to capital for businesses in low-income and economically distressed communities and persistant poverty counties.

SBAC is one of 357 organizations in the U.S. to receive funding through the CDFI Program in 2020. The program is intended to build the capacity of CDFIs such as SBAC to serve low-income people and communities lacking adequate access to affordable financial products and services. SBAC intends to use the funds to sustain and expand their financial products and services to underserved small businesses.

“The impacts of COVID-19 have disproportionately impacted minority and disadvantaged businesses and communities. We are committed to continuing our mission of enabling equitable access to capital for all businesses,” said Tony O'Reilly, president and CEO of SBAC. “We are grateful for the support of the CDFI Fund to advance our work and provide even more support to local businesses.”