WASHINGTON, D.C. – August 26, 2008 – (RealEstateRama) — Montana’s Congressman, Denny Rehberg, today announced the U.S. Department of Treasury has awarded more than $1.8 million in Community Development Financial Institutions (CDFI) funding to four community development organizations in Montana.
“This important funding program provides significant opportunities for Montana businesses and entrepreneurs and helps strengthen our communities,” said Rehberg, a member of the House Appropriations Committee. “I support the CDFI program because it has a proven track record of providing needed training, expertise and financial assistance here in Montana.”
The CDFI program is funded annually by Congress and consists of Financial Assistance and Technical Assistance awards. In fiscal year 2008, Congress allocated $54.2 million in CDFI funding to 89 organizations from a pool of 225 applicants. CDFI funds promote opportunities for rural communities and low-income assistance organizations through private, for-profit, and nonprofit community-based lending organizations known as Community Development Financial Institutions.
“This funding will help provide additional staff and more expertise, and ultimately increase our ability to finance and service loans,” said Kimberliegh Thiel-Schaaf, Community Asset Director for the Great Falls Development Authority, which serves nine counties in central Montana. “This, in turn, allows us to better serve the business community in central Montana.”
“This funding will go right out into the community,” said Rosalie Sheehy Cates, Executive Director for the Montana community Development Corporation, which serves a five county area in western Montana. “There is currently a great deal of demand and the CDFI funds will provide immediate business loans and technical assistance to businesses in our region.”
The four community development organizations receiving CDFI funding in Montana are: Montana Community Development Corporation, Missoula, $1,090,345; Wolf Point Federal Credit Union (a certified CDFI institution), $593,393; Great Falls Development Authority, $96,950; Butte Local Development Corporation, $22,808.