Nonprofit Finance Fund Awarded $1.5 Million by U.S. Dept. of Treasury CDFI Fund

NFF Will Use Award to Support Nonprofits Providing Critical Services in Economically Distressed Communities

NEW YORK, July 18, 2011 /PRNewswire-USNewswire/ -- Nonprofit Finance Fund (NFF) has been awarded $1.5 million by the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) to shore up the financial health of organizations serving economically disadvantaged communities. NFF will use the funds to help education, health, and human service agencies maintain operations and expand services to people in need.

"The recession has limited the amount of public, philanthropic, and private capital available to nonprofits," said Norah McVeigh, Managing Director of Financial Services at NFF. "The organizations that will benefit from the CDFI awards play a crucial role in improving conditions in the country's most distressed communities, but many are unable to obtain needed financing from conventional lenders."

The Department of Treasury announced the CDFI Fund awards today in Chicago. NFF was among those receiving the largest allocations in the most recent round of awards, which at $142.3 million represents the greatest single round of monetary awards in the CDFI Fund's history. NFF was selected as one of 155 recipients after a competitive review of almost 400 applications.

NFF will use the money primarily to make working capital loans, extend lines of credit, and help fund community facility projects for outstanding nonprofit organizations in select markets including Bronx, New York; Los Angeles; New York City; Philadelphia; and Wayne, Mich. For additional information about NFF loans, please contact NFF at 212-868-6710.

ABOUT NONPROFIT FINANCE FUND (www.nonprofitfinancefund.org)
Nonprofit Finance Fund (NFF) is a national leader in nonprofit, philanthropic and social enterprise finance. Founded in 1980, NFF provides loan financing, access to capital and direct advisory services that build the capacity and the financial health of nonprofits. A leading community development financial institution with over $80 million in assets, NFF has provided over $235 million in loans and access to additional financing via grants, tax credits and capital in support of over $1.3 billion in projects for thousands of nonprofit clients nationwide. NFF has a staff of more than 70 serving nonprofits nationally from offices in New York City; Philadelphia; Newark, New Jersey; Boston; Detroit; Washington, D.C.; San Francisco; and Los Angeles.

SOURCE Nonprofit Finance Fund