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Biden Budget Includes $325M for CDFI Fund; New Director Appointed

The proposed budget from President Joe Biden for fiscal year 2025 includes $325 million for the Community Development Financial Institutions (CDFI) Fund. Among the 1,460 certified CDFIs nationwide, 516 are credit unions, including MECU Credit Union, SkyPoint FCU, DC Credit Union, and Democracy FCU in our area.

Pravina Raghavan

Additionally, the budget includes a request for $4 million for the NCUA’s Community Development Revolving Loan Fund, which supports both a revolving loan program and a technical assistance program.

Meantime, the CDFI Fund has new leadership. Pravina Raghavan was appointed Monday as its director by the U.S. Treasury Department. Raghavan brings a wealth of experience from her previous roles within the Commerce Department, U.S. Small Business Administration, the National Institute of Standards and Technology’s (NIST) Manufacturing Extension Partnership Program, and New York state’s economic development agency.

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