We are pleased to announce that Northcountry Cooperative Foundation has been awarded the Community Development Financial Institution (CDFI) Fund Technical Assistance (TA) Grant.
The TA Grant will allow NCF to make important investments in its burgeoning lending program.
“The organization has made significant progress in the last two years to assess, organize, and develop a plan for a loan fund that is designed to serve the unique capital needs of cooperative homeowners. The TA Grant acknowledges many months of dedicated work by staff and board members and undergirds our ability to execute the next phase of our growth,” Executive Director Victoria Clark said.
The CDFI Program provides monetary awards to invest in and build the capacity of specialized financial institutions called Community Development Financial Institutions (CDFIs), empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of low-income and distressed communities nationwide. CDFIs, or emerging CDFIs, typically use Technical Assistance awards to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity.
The TA Award will allow NCF to hire an underwriter to underwrite loans deployed through our pilot program, support staff salaries and continuing education opportunities, engage consultants, and invest in technology enhancements like loan management software.
