McGovern Announces $2.25 Million U.S. Treasury Award to Cooperative Fund of New England

Statement

Today, Congressman Jim McGovern (MA-02), announced the award of $2.25 million to the Cooperative Fund of New England (CFNE) from the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund to support CFNE's cooperative business lending, healthy food financing, and technical assistance programs.

The CDFI Fund awarded $202 million in grants and loans to 195 Community Development Financial Institutions (CDFIs) across the country through the latest rounds of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program).

"With this award, Cooperative Fund of New England will be able to continue the important work it does to strengthen our communities," Congressman Jim McGovern (MA-02) said. "From supporting local businesses to increasing access to healthy food and helping families put a roof over their head, this will help to change so many lives for the better. I am grateful to have a strong federal partner in the Treasury Department to help us invest in New England businesses and families. I look forward to seeing all the good that CFNE will do as they put this money toward so many good causes."

"We are thrilled and grateful to receive this wonderful award from the US Treasury CDFI Fund on behalf of the cooperatives in New England," said Rebecca Dunn, Executive Director of the Cooperative Fund of New England. "This award will leverage private funds and enable us to lend more money in our market area, creating jobs, affordable housing, as well additional healthy food access to programs to help cooperatives serve the low income community. We really hope we can meet the match challenge by January 2016. What a great way to celebrate our 40th anniversary in 2015!"

"Today's awards highlight how much the CDFI Program has contributed in its 20 year history toward building a strong network of CDFIs across the country," CDFI Fund Director Annie Donovan said "These important community partners are not only on the frontlines of economically distressed communities providing needed capital and credit, they are building a more inclusive economy which benefits the nation as a whole."

Common Capital, a community loan fund and non-profit organization, is among the awardees. They have supported a number of local businesses and organizations in Congressman McGovern's district, including Quabbin Harvest in Orange, Greenfield Solar Array, Simple Gifts Farm in Amherst, South Amherst Veterinary Hospital, and others. Through this work, they support local economies with the goal of creating positive social and community impacts. They connect capital and other resources to community needs and opportunities. They accomplish this by providing financing and business assistance to small businesses and high-impact community projects.

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