Congressman Rick Nolan

Representing the 8th District of Minnesota
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Nolan Announces $500,000 United States Department of Treasury Community Development Financial Assistance Award for Mid-Minnesota Federal Credit Union of Baxter

Sep 21, 2018
Press Release

[WASHINGTON D.C.] Congressman Rick Nolan today announced a $500,000 Community Development Financial Assistance Award from the U.S. Department of Treasury for the Mid-Minnesota Federal Credit Union in the city of Baxter.

Nolan said, “This announcement comes as great news for the city of Baxter and the Mid-Minnesota Federal Credit Union. This Financial Assistance (FA) award funding will help boost community development by allowing Mid-Minnesota Federal Credit Union to offer an increased volume of product services and/or new products and services to aide local residents and businesses." 

The U.S. Department of the Treasury noted that the “Community Development Financial Institutions Fund (CDFI Fund) awarded 302 Community Development Financial Institutions (CDFIs) $202.2 million in awards. The awards, through the fiscal year (FY) 2018 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation. One-third of the awardees have committed to specifically serving Persistent Poverty Counties.

The CDFI Fund awarded $165 million in Financial Assistance and Technical Assistance to 264 organizations in 45 states, the District of Columbia, and Puerto Rico. The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. In addition, the CDFI Fund awarded $22 million to 14 CDFIs through the Healthy Food Financing Initiative Financial Assistance awards (HFFI-FA), a supplemental program designed to encourage investments in businesses that provide healthy food options for communities. The CDFI Fund also awarded $5 million to 15 CDFIs through the Disability Funds Financial Assistance awards (DF-FA), a supplemental program designed to help CDFIs finance projects and services that will assist individuals with disabilities.”