The Treasury Department announced an award of $1,453,806 in federal funds to The Progress Fund to provide loan capital to small businesses in Southwestern Pennsylvania. The award was announced by the Treasury Department as part of $186 million in financial assistance awards spread between 210 Community Development Financial Institutions selected under this year’s competitive grant process. The Progress Fund received the maximum amount awarded, and was the only CDFI in Western Pennsylvania to receive funding.
President & CEO of The Progress Fund and its Co-founder, Mr. David Kahley said, “We’re honored to have received the maximum allowed under this federal program. This grant is truly significant in size and it will soon translate into new jobs in the tourism and agricultural sectors of the region.”
“This funding will be used to make new loans to small businesses in Southwestern Pennsylvania”, said Karen Post, Treasurer & CFO and Co-founder of The Progress Fund. “This gives us more resources to help small businesses to grow and create jobs”.
Click here to read the full announcement from the Community Development Financial Institutions Fund.