Washington, DC – September 10, 2015 – The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced awards of more than $202 million to 195 organizations.
The Progress Fund is excited to announce that it received $1,653,000, the maximum amount it was eligible for under this year’s competitive grant process.
Congressman Tim Murphy (PA-18) said, “This is tremendous news for Southwestern Pennsylvania small businesses. The Progress Fund’s strong track record of success in helping entrepreneurs to finance their dreams has revitalized towns, created thousands of jobs, and resulted in a stronger and more diverse economy for our region. This award will allow The Progress Fund to continue its important work and provide a critical source of small business financing.”
The Progress Fund is a certified Community Development Financial Institution (CDFI) that provides customized loans and technical assistance to businesses in the region’s growing tourism industry and to family farmers selling locally grown foods in southwestern PA. The Progress Fund serves forty rural counties in Pennsylvania, West Virginia, western Maryland, and twenty-two Appalachian counties in Ohio.
President & CEO of The Progress Fund and its Co-founder, David Kahley said, “We’re batting 1,000! This is the seventh year in a row that The Progress Fund has received the maximum award.”
“This grant will be used to make new loans in the coming year,” said Karen Post, Treasurer & CFO and Co-founder of The Progress Fund.