WACIF Awarded Technical Assistance Grant by CDFI Fund

WACIF Awarded Technical Assistance Grant by CDFI Fund

Washington, D.C. (July 19, 2011) — The Washington Area Community Investment Fund, Inc. (WACIF) has been awarded a Technical Assistance grant through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).

The announcement yesterday morning by the Director of the CDFI Fund, Donna Gambrell, U.S. Senator Dick Durbin and U.S Representative Danny Davis, was historic in being the largest round of awards in the existence of the CDFI Fund Program. In all, 155 organizations were recognized amongst 393 applicants throughout the country. WACIF is one of three awardees based in the District of Columbia and one of eight in the Metropolitan Area.

Timothy Flanagan, WACIF’s Executive Director remarked “WACIF is honored to be recognized with this award by the CDFI Fund. We are thrilled for our organization and the communities we serve. Through this award WACIF will be able to have an even greater impact in strengthening our small businesses, building affordable housing, creating jobs and furthering WACIF’s mission.”

WACIF is a $4.6 million community development loan fund based in the District of Columbia. WACIF has actively served the metropolitan area for over twenty-three years. In the last year alone, WACIF served over 400 clients, holding 30 capacity building seminars for small businesses, 10 small business “loan days”, and packaged loans for small businesses valued at $2.4 million.

WACIF manages the Certified Business Enterprise (CBE) Microloan Program, a public/private partnership with the District of Columbia’s Department of Small and Local Business Development. The loan fund was seeded with $233,000 of appropriated funds from the D.C. government. To date, the fund has provided $379,000 in access to capital, created 35.5 full-time equivalent jobs, 24.5 of which employed low- and moderate income individuals. Since inception, WACIF has closed 253 loans totaling $16.7 million, helping leverage $147.7 million in financing for local low- and moderate-income entrepreneurs and nonprofit organizations. WACIF has assisted over 1200 small businesses, helping create more than 1,350 full and part-time jobs in local underserved communities and $45.6 million in access to capital for small businesses.

About WACIF:
The Washington Area Community Investment Fund (WACIF) is a regional community development financial institution (CDFI) that provides technical and financial assistance to small businesses, child care providers and affordable housing developers serving and operating in low-and moderate- income communities in the greater Washington region.

To invest in WACIF, please contact Timothy Flanagan at 202-529-5505 ext. 11 or by email at tflanagan@wacif.org

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