BIPOC-Led CDFIs in Rise Economy’s Resilience Fund Secure Prestigious Treasury Awards

Several members of Rise Economy’s Resilience Fund (RF) cohort are celebrating a major milestone, having been named recipients of the U.S. Department of the Treasury’s 2024 Technical Assistance (TA) Awards. The awards, part of the Community Development Financial Institutions (CDFI) Fund, recognize 256 organizations nationwide, allocating $76.32 million to bolster financial services in underserved communities.

Launched in 2022, Rise Economy’s Resilience Fund program supports Black, Indigenous, and People of Color (BIPOC)-led CDFIs by helping them expand their operational capacity, enhance infrastructure, and create impactful programming. In its first two years, our program achieved impressive results, including the creation of 108 micro-businesses, 223 new loan originations, and nearly 500 loan applications processed.

The TA Awards mark a historic moment for the CDFI Fund, which is celebrating its 30th anniversary with record-breaking award totals. This year, Rise Economy partnered with the California Community Economic Development Association (CCEDA) to assist several RF cohort members in applying for competitive grants. Five organizations—Native First Lending, Coalition for Responsible Community Development, CSC Lending, First Community Capital, and Creser—secured $300,000 each.

Rise Economy CEO Paulina Gonzalez-Brito has been vocal about the power of CDFIs, saying in a 2022 panel discussion held by the Latino Community Foundation, “CDFI’s are especially important to me because they provide financial services to people who are often excluded from traditional banking services.”

About the grants, she said: “These grants are transformative. They will enable recipients to scale their operations, improve infrastructure, and create new financial products that empower communities of color and drive economic opportunity.”

A key highlight of the 2024 TA funding is the $7.2 million dedicated to initiatives supporting Native populations. Native First Lending, one of Rise Economy’s cohort members, exemplifies how targeted funding can uplift communities by addressing systemic barriers and creating pathways for economic resilience.

As the CDFI Fund enters its fourth decade, awards like these reinforce the essential role of CDFIs in combating economic inequities. Rise Economy’s commitment to advancing economic justice through innovative partnerships and strategic support continues to yield measurable impact, creating opportunities for communities historically excluded from traditional financial systems.

Congratulations to all the awardees, whose work exemplifies the power of collective action in creating lasting change.