Madison, Wis. – October 2, 2009 – Forward Community Investments (FCI) was today awarded a $1 million financial assistance grant from the CDFI Fund, which is part of the US Department of Treasury.
“This is great news for Wisconsin nonprofits because it affirms the impact we have when we work together and invest in our communities,” said Salli Martyniak, president of Forward Community Investments.
FCI is a community development loan fund that provides low-interest loans and technical assistance to nonprofits throughout the state that seek to improve conditions for low- and moderate-wealth individuals and families. As the nonprofit repays its loan, the funds are recycled and redistributed to other nonprofits.
Over the past 15 years, FCI loans have developed or preserved over 425 units of affordable housing, preserved 8,000 childcare slots, provided affordable health and dental care to 7,300 uninsured or under-insured individuals, educated 255 at-risk youth and served over 450 seniors.
Thus far in 2009, FCI has approved 19 loans to nonprofits with an average loan size of $188,700.
“The need for responsible financing continues to grow, and this grant allows us to do an even better job of infusing capital into needed community projects,” said Martyniak.
FCI was one of four community development financial institutions in Wisconsin to receive a grant. Other recipients include: Milwaukee Economic Development Corporation, Legacy Bank and North Milwaukee State Bank.
In total, the CDFI Fund announced $53 million in financial assistance grants to build the capacity of 62 CDFIs across the nation serving economically distressed communities.
According to CDFI Fund Director Donna Gambrell, it was the largest-ever annually appropriated funding round for the cornerstone CDFI Program.
About the CDFI Fund
The CDFI Fund provides monetary awards to community development financial institutions (CDFIs) through its CDFI Program, which invests in and builds the capacity of these financial institutions, helping them serve low-income people and communities lacking access to credit, capital, financial products and services. Since its creation in 1994, the CDFI Fund has awarded over $1.1 billion to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award (BEA) Program, and the Native Initiatives.
About Forward Community Investments
Forward Community Investments expands the financial capacity of Wisconsin nonprofits through low-cost flexible financing and technical assistance.
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