Treasure from the Treasury

Two weeks ago Kathy received an email with the subject: "CDFI award notification email".

We had been anticipating that email for quite some time. (273 days to be exact - not that I was counting or anything.)

Last fall we applied for a grant from the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund. If awarded, the funding would allow us to expand our Technology & Green Loan Fund - basically so that we could provide more technical assistance and loans for businesses in these growing industries.

Well, the email was good news. In fact, it was great news!! The Initiative Foundation was awarded $750,000 from CDFI!

In total our staff logged something like 225 hours in order to prepare that application. It consumed my time and conscience for quite awhile. (I even had a dream that we were awarded $60 million from them and that I had to keep it a secret for a week!)

Well, I can dream easy now. We're thrilled to have received the award but more importantly, we're thrilled that we can invest in more locally owned businesses that are creating good jobs for central Minnesota communities.

Right now we're working through the paperwork but stay tuned as we announce more details about this funding and how businesses can benefit from it! In the meantime, feel free to read CDFI's announcement about the awards and list of recipients.