Community Development Financial Institutions (CDFIs) will receive new investments based on the efforts of a number of MacArthur grantees. Goldman Sachs announced that it is investing $300 million in CDFIs, which serve low-income and low-wealth communities, through grants and loans as part of a new 10,000 Small Businesses initiative. The announcement comes weeks after President Obama stated that hundreds of millions of dollars in new, low-cost funds would be made available for lending by banks and credit unions that are certified CDFIs. This new support resulted from engagement between top Treasury Department officials and a number of leading CDFIs, most of which have major funding from the Foundation, including the Center for Community Self-Help, led by MacArthur Fellow Martin Eakes; the Enterprise Corporation of the Delta; Shorebank Corporation; the National Federation of Community Development Credit Unions; Local Initiatives Support Corporation; and the Community Reinvestment Fund.
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