Montana & Idaho CDC Awarded $686,500 from U.S Treasury’s CDFI Fund
Each year, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awards grants to CDFIs across the country. In FY 2017, it awarded 303 CDFIs with $208.7 million in awards. Montana & Idaho CDC was among the beneficiaries of the award, receiving $686,500 to expand its services in Idaho. This is the 9th CDFI Fund Award that we have received in ten years.
Montana & Idaho CDC started serving Idaho residents in 2013 with New Markets Tax Credit funding, and began offering its full suite of services statewide in 2015. The new award from the CDFI Fund will help provide flexible non-bank capital for low-income small business owners and communities, with an emphasis on clients in Idaho.
Montana & Idaho CDC opened its Boise office in fall of 2017, adding a new Client Relations Assistant to assist the consulting team and communicate with Spanish-speaking clients. Additionally, a new accountant will be hired in Boise for Montana & Idaho CDC’s Path to Bankability program for small business clients in Idaho.
Over half of Montana & Idaho CDC’s small business loans serve Idaho residents. In the last year, Montana & Idaho CDC has funded 41 businesses with $5,701,813 in loan funds in Idaho alone.
Since its creation in 1994, the CDFI Fund has awarded more than $2.5 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the Bank Enterprise Award Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, closed guaranteed bonds in the amount of $1.1 billion through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund. Learn more at www.cdfifund.gov.