Congressman Serrano Announces Nearly $240,000 in Federal Funds For Bronx Community Development Institution
The Bronx – Congressman José E. Serrano, Ranking Member of the House Appropriations Commerce, Justice, and Commerce Subcommittee, today announced that the Treasury Department Community Development Financial Institutions Fund (CDFI Fund) has awarded Spring Bank in the Bronx $233,387 in federal funds as part of its fiscal year (FY) 2017 funding round of the Bank Enterprise Award (BEA) Program.
“I am proud to once again announce federal funding for a key community development institution in our borough, Spring Bank. The CDFI program has been crucial to the Bronx’s economic growth, allowing individuals and businesses to avoid financial ruin and prosper over the years," said Congressman Serrano. "This funding will allow them to access resources that mainstream financial institutions won’t provide in our communities. This is why I will continue defending this important program from the Trump Administration’s efforts to gut it, along with many other important social and economic development programs that are crucial for underserved communities."
For more than a decade, Congressman Serrano has fought to protect and ensure the CDFI program is allocated adequate levels of funding as a member of the Appropriations. For years, Congressman Serrano served as either Chairman or Ranking Member of the Financial Services and General Government Appropriations Subcommittee, which has jurisdiction over the program.
The CDFI Program invests in credit unions, banks, loan funds, and other financial institutions operating in underserved communities that do not have access to affordable financial products and services. It is a vital resource that draws in additional private money and investment to underserved communities. Statistics show that for every dollar of federal funding through the CDFI program, awardees can leverage $13 in private investment.
CDFIs help bridge the financial services gap in underserved communities like the Bronx, helping ensure that local businesses and non-profits have the ability to expand and that individuals have access to mainstream financial services. This financial support has helped create and expand some of the community's most important priorities- including affordable housing, health care services, and small businesses.
Congressman José E. Serrano has represented The Bronx in Congress since 1990. He is a Senior member of the House Appropriations Committee.