Washington, DC – Senator Hillary Rodham Clinton welcomed the announcement of $100,000 for the Lower East Side People’s Federal Credit Union (LESPFCU) in New York City from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of Treasury.

“Thriving small businesses and individual entrepreneurship are critical components of New York City’s growing economy. Through CDFI’s grant and services provided by LESPFCU, more individuals will be equipped with the necessary means to expand small business and build a stronger New York,” said Senator Clinton.

The Lower East Side People’s Federal Credit Union provides traditional credit union financial products as well as micro-enterprise loans, small business loans, and lines of credit to self-employed and other small businesses. The funds will be used for LESPFCU to purchase and install new computers and technology for the use of Credit/Debit/ ATM cards.

The CDFI Fund invests in and builds the capacity of community-based, private, for-profit and non-profit financial institutions with a primary mission of community development in economically distressed communities. These institutions - certified by the CDFI Fund as community development financial institutions – are able to respond to gaps in local markets that traditional financial institutions are not adequately serving. CDFIs provide critically needed capital, credit and other financial products in addition to technical assistance to community residents and businesses, service providers, and developers working to meet community needs.

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