Great Falls Development Authority Wins Community Development Financial Institution (CDFI) $1,280,000 Loan Capital Grant
I’m excited to let you know that the Community Development Financial Institution (CDFI) Fund of the U.S. Treasury today announced an award of $1,280,000 in grant funds to the Great Falls Development Authority for loan capital!
This will help us continue to fill financing gaps and provide bridge loans for start-up entrepreneurs, existing businesses, nonprofits and real estate developers in Great Falls and throughout Montana’s Golden Triangle region. The award comes from the CDFI Fund’s one-time Rapid Response Program which Congress created in December.
We have closed a record $9,172,170 in loans since January 1st and have several million in immediate new loan requests to fill gaps to get projects into construction, so this new capital infusion comes at a critical time.