MACED is Awarded CDFI Program Funds
On August 28, 2008 MACED was awarded funds from the U.S. Treasury Department’s Community Development Financial Institution (CDFI) Program.
MACED received a financial assistance award of $1 million to be used as lending capital for enterprises. A technical assistance award in the amount of $98,698 was also received. The funds will support an expansion of the core service area beyond the Appalachian counties of Kentucky. The initial expansion includes Appalachian counties in Virginia and West Virginia.
The technical assistance funds will support the expanded service
area including a new staff person, travel, new equipment, a market research subscription service and procurement of
professional services to conduct market research and produce marketing materials.
“The board and staff of MACED are honored to receive such a large award from the CDFI fund. This money will be put to good use in the distressed communities in the mountains of Central Appalachia," stated MACED President Justin Maxson.
Nationwide, 89 organizations that serve economically distressed communities were awarded $54.2 million in CDFI funds. The successful proposals were chosen through a competitive review of 225 applications that totaled $205 million in requested funding under the 2008 round of the CDFI Program.
For more information on the CDFI Program, visit www.cdfifund.gov.