MACED is Awarded CDFI Program Funds
On August 25, 2006 MACED was awarded funds from the U.S. Treasury Department’s Community Development Financial Institution (CDFI) Program.
MACED received a financial assistance award of $577,500 to enhance delivery of services to small and micro-businesses. The funds will assist in the provision of comprehensive financial and business development services to an investment area that consists of the 51 rural Appalachian counties in eastern Kentucky.
A technical assistance award in the amount of $7,500 was also received. These funds will be used to conduct a market assessment in Central Appalachian to define the need for additional development finance capital, explore the investment potential in these areas for targeted lending interests and identify strategic partnerships.
“The board and staff of MACED are proud to have been selected to receive CDFI funding. We are eager to put these funds to use in the Appalachian communities of Kentucky,” stated Justin Maxson, MACED President.
Nationwide, 73 organizations that serve economically distressed communities were awarded CDFI funds. The successful proposals were chosen through a competitive review of 172 applications that totaled $149 million in requested funding under the 2006 round of the CDFI Program.
For more information on the CDFI Program, visit www.cdfifund.gov.