JUN. 15, 2921—WASHINGTON, D.C.— Today, Vice President Kamala Harris, Treasury Secretary Janet Yellen, Chairwoman Maxine Waters (D-CA), and Senator Mark Warner (D-VA) announced the implementation of the first round of the Jobs and Neighborhood Investment Act (learn more), authorized in the Consolidated Appropriations Act enacted in December 2020. AEO welcomes the implementation of the CDFI Rapid Response Program (CDFI RRP) as it will award $1.25 billion in Coronavirus relief funds to 863 community development financial institutions (CDFIs) in the coming months.
This historic level of investment comes at a pivotal moment for our nation’s vast network of CDFIs and Minority Depository Institutions (MDIs). As we navigate the road to recovery and begin to rebuild Main Street America, AEO believes equitable investment and intentionality must be at the epicenter of everyone’s efforts. These new resources will build off the critical support provided to CDFIs over the last year—allowing them to support traditionally overlooked communities by providing low-cost capital, financial products, and technical assistance, in turn spurring unprecedented investment and growth.
We were proud to endorse the inclusion of the Jobs and Neighborhood Investment Act in December’s federal COVID-relief bill. In the time since its passage, AEO has remained a leading voice ensuring Washington officials advance and increase CDFI support in the new Congress. We look forward to working with the Biden Administration to ensure the productive implementation of the CDFI RRP grant program, among other measures included in the remaining $10 billion of CDFI-focused provisions authorized in the Jobs and Neighborhood Investment Act.
Connie E. Evans, President & CEO
The Association for Enterprise Opportunity
About Association for Enterprise Opportunity (AEO)
AEO is the leading voice of innovation for microbusiness and microfinance. We create economic opportunity for underserved entrepreneurs throughout the United States. We engineer transformational change through Research, Incubation, Convening & Advocacy to foster a robust and inclusive marketplace. For more information, visit aeoworks.org.