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Senator Chris Van Hollen: Van Hollen, Schatz Introduce New Bill to Create CDFI Crisis Fund

Senator Chris Van Hollen, August 6, 2020: Van Hollen, Schatz Introduce New Bill to Create CDFI Crisis Fund

U.S. Senators Chris Van Hollen (D-Md.) and Brian Schatz (D-Hawai’i) have introduced legislation to create a new $2 billion fund for Community Development Financial Institutions (CDFIs) that would automatically provide capital during a natural disaster or economic crisis, giving impacted communities the support they need for a faster and fuller recovery.

“CDFIs are a key vehicle for funding businesses and projects in economically underserved communities, and the recession caused by the COVID-19 pandemic has hit these communities hardest. While we work on getting emergency funds to these neighborhoods, we must invest in keeping businesses and families afloat during both this and future crises by creating an automatic boost for this resource,” said Senator Van Hollen. Senator Van Hollen has introduced legislation to inject $1 billion into the existing CDFI fund to jumpstart economic activity in these hard-hit communities.

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