CDFI Response to Superstorm Sandy
With decades of expertise in helping small businesses and communities with economic development, community development financial institutions (CDFIs) emerged as a pivotal player in the disaster relief efforts after the devastation of Superstorm Sandy by providing funds for initial relief and to fill the gap for longer-term rebuilding efforts.
The U.S. Department of the Treasury’s CDFI Fund surveyed 13 regional CDFIs, including LIIF, to assess the impact of the storm on the CDFIs themselves, their borrowers and the communities they serve. The CDFI Fund issued a report on its findings, CDFIs Response to Superstorm Sandy Impact Assessment, showing the ability of CDFIs to quickly understand and meet the needs of those most affected by Sandy.
Judith Kende, Senior Vice President, Eastern and Central Regions, at LIIF applauded support of the CDFI Fund and noted that, “LIIF is grateful to the CDFI Fund for its support and for encouraging CDFIs to collectively use their networks and resources to help those in need in the wake of this disaster.”
In the wake of the storm, LIIF committed $1 million to relief and recovery efforts. With these funds as well as additional support from Bank of America, LIIF is providing low-cost loans and grants to small businesses, nonprofits and other community organizations, focusing particularly on the hard hit areas of New York such as the Rockaways, Coney Island and Staten Island.Read the CDFI Fund Superstorm Sandy Impact Assessment
- Read more about LIIF’s Hurricance Sandy relief efforts
- Learn more about LIIF’s rebuilding efforts with Bank of America
Source: CDFI Fund, U.S. Department of the Treasury