Funding Aims to Help Small Businesses Affected by COVID-19
The Northside Community Development Fund (The Fund), a certified Community Development Financial Institution (CDFI) and a member of the Pennsylvania CDFI Network, has received $1,826,265 in funding from the U.S. Department of the Treasury’s CDFI Rapid Response Program. This award was the largest dollar amount awarded to any CDFI headquartered in Pittsburgh.
The federal CDFI Rapid Response Program was created to distribute $1.25 billion in COVID-19 relief grant funding to 863 CDFIs across the country. The funding, announced this month by Vice President Kamala Harris and Treasury Secretary Janet L. Yellen, will provide the capital these CDFIs require to respond to economic obstacles created by the COVID-19 pandemic – with an emphasis on assisting business owners in underserved and historically disadvantaged communities.
Located in Pittsburgh’s Northside neighborhood, The Fund serves as a conduit between local businesses and the resources they seek. The additional capital available to The Fund through the CDFI Rapid Response Program will enable The Fund to continue connecting local businesses with loan opportunities, grant applications, educational resources and strategic counsel – so that these businesses can mitigate the economic impacts they have experienced during the COVID-19 pandemic.
“We’re honored to have received this award from the CDFI Rapid Response Program to help local businesses who are in need of support,” said Mark Masterson, executive director, Northside Community Development Fund. “This money will be instrumental in our efforts to help the small business community, especially minority and women-owned businesses, to recover from the COVID-19 pandemic.”
Since the onset of the pandemic, The Fund has offered loan payment deferrals and loan forgiveness to most of its loan customers. The Fund also worked with the Pennsylvania CDFI Network to distribute more than $250 million in grants to small businesses, 50% of which went to historically disadvantaged businesses. Additionally, The Fund connected local small businesses with Small Business Administration (SBA) Paycheck Protection Program loans – helping more than 400 small businesses to receive these SBA loans.
For more information on The Fund and its services, please visit: www.nscdfund.org.
About the Northside Community Development Fund (The Fund)
The Northside Community Development Fund is a neighborhood-focused community loan fund that started on Pittsburgh’s Northside 20 years ago. The Fund makes thriving communities for all by promoting economic opportunity and community revitalization. The Fund also helps underserved populations by providing capital to spur business and job growth, the creation of affordable housing, and the redevelopment of Northside neighborhoods. These activities include opportunities for all members of the community, including racial and ethnic minorities and women.
Northside Community Development Fund