New Mexico Community Capital is receiving a $99,990 technical assistance award from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of the Treasury to analyze alternative forms of capital for business development.
“It has been a difficult last few years for small businesses as traditional sources of start-up and growth capital have tightened tremendously,” said NMCC President & CEO Leslie Elgood.
“The CDFI Fund plays a key role in spreading economic opportunity,” Elgood said. “It’s a wise use of government dollars, because it helps attract additional private investment and its grants flow into communities in ways that help low- and moderate-income people, while it can also helps the state and national economies.”
It is the 4th award that NMCC has received from the CDFI Fund. The awardees were selected after a competitive review of 393 applications received by the CDFI Fund from organizations across the nation that requested, in total, nearly $466 million in funding under the FY 2011 round of the CDFI Program.