Casey Announces Over $8.5 Million in Funding to Help Pennsylvania Communities Create Jobs

$5.5 million Awarded to Institutions in Philadelphia

PHILADELPHIA, PA U.S. Senator Bob Casey (D-PA) today announced Community Development Financial Institutions (CDFI) funding for financial institutions in Pennsylvania to help local communities provide access to capital and create jobs.

“I am pleased to announce over $8.5 million in funding to help communities across our Commonwealth invest in business and create jobs,” Casey said. “These funds will provide much-needed capital to small business, investments in economically distressed communities and financial services for working families. My top priority is job creation and this funding will help put Pennsylvanians back to work.”

Senator Casey made the announcement today at 30th Street Station in Philadelphia. Pennsylvania received the 3rd largest number of awards and 3rd highest dollar amount in the nation. Senator Casey urged the CDFI to prioritize Pennsylvania communities in need.

The Community Development Financial Institutions (CDFI) Fund is under the United States Department of Treasury. The CDFI Fund's mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. A chart of funding awarded to institutions in Pennsylvania is below:

Awardee Name City State Type Total Award
Bridgeway Capital, Inc. Pittsburgh PA FA $1,500,000
FINANTA Philadelphia PA FA $1,500,000
Impact Loan Fund, Inc. Philadelphia PA FA $400,000
MetroAction Inc. Scranton PA TA $100,000
Opportunity Finance Network Philadelphia PA FA $1,500,000
People for People Community Development CU Philadelphia PA FA $599,990
Progress Fund, The Greensburg PA FA $1,500,000
Reinvestment Fund, Inc., The Philadelphia PA FA $1,500,000
Scranton Neighborhood Housing Services, Inc. Scranton PA TA $95,262
Total       $8,695,252