Fattah Announces Treasury and Small Business Administration Grant Awards to Three District Organizations

WASHINGTON, Sept. 11, 2015 /PRNewswire-USNewswire/ -- Congressman Chaka Fattah (PA-02), a top Democratic appropriator and co-chair of the Congressional Urban Caucus, announced today that organizations in his district will receive grants and loans from the Treasury Department's Community Development Financial Institutions (CDFI) Fund and the Small Business Administration (SBA).

The Impact Loan Fund will receive $82,470 and the Economic Opportunities Fund—part of the Women's Opportunities Resource Center—will receive $125,000 in CDFI grants.  The awards are part of $202 million in funding support awarded across the country this week from the CDFI Fund.  Each was awarded a technical assistance grant that will support capacity development to encourage organizational success.

"I am extremely pleased to announce the CDFI grant award funding for two outstanding organizations in my district that continue to make a difference for individuals and businesses in our great city. These organizations work tirelessly to help our community by providing access to capital to low-income and underserved populations through Philadelphia," Congressman Fattah said. "Their work supporting small and minority business owners in growing and sustaining a business is invaluable to the strength and vitality of our local economy."

"Today's awards highlight how much the CDFI Program has contributed in its 20 year history towards building a strong network of CDFIs across the country," said CDFI Fund Director Annie Donovan. "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."

In addition, the Small Business Administration has awarded $239,323 to The Enterprise Center (TEC) of Philadelphia as part of its ScaleUp America Initiative. ScaleUp helps existing businesses grow and scale by strengthening the training, support, and networks available to growth-minded entrepreneurs.

TEC will support eligible small business owners in Philadelphia, particularly those within West Philadelphia and the federally designated Promise Zone, with a comprehensive program of 12 weeks of curriculum and an additional six months of extensive mentoring, technical assistance, and events with a  goal of accelerating their business growth.

The SBA initiative is specifically focused on inclusive entrepreneurship, which means ensuring that innovators from underserved and underrepresented communities receive the necessary support to help them expand.

SOURCE Office of Congressman Chaka Fattah

Related Links

http://www.fattah.house.gov

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