ADC Receives $750K Federal Grant!
The African Development Center is among the
180 organizations serving struggling communities that will receive CDFI funding for 2010! ADC will receive a $750,000 financial assistance award to increase lending within the organization’s niche market. The funds will fuel entrepreneurial activity and promote community economic development throughout the state of Minnesota.
ADC’s inventive and unique work assisting new American communities in Minnesota made the organization a successful candidate and steep competition in this year’s pursuit of CDFI funding. Donna Gambrell, director of the Community Development Financial Institutions (CDFI) Fund noted last year that ADC serves a niche market, providing services to those who may not have access to conventional financing sources.
“Minnesota offers immigrants an established African population, a strong economy, a good quality of life, and educational opportunities… these factors more than any other have helped make it an ideal refuge for many who have known nothing but war and poverty for most of their lives.”
The CDFI Fund operates under the U.S. Department of the Treasury. The department hopes to promote community development and expand the capacity of institutions that assist underserved populations in the United States. Like ADC, the CDFI Fund hopes to train and support entrepreneurs to promote economic sustainability. The African Development Center has undoubtedly put Minnesota on the federal radar for empowering low-income communities.
