Brightpoint Development Fund Awarded $500,000 Equitable Recovery Program Grant
Fort Wayne, IN – Brightpoint Development Fund (BDF) received a $500,000 grant from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.
Last Monday, the CDFI Fund announced that 603 organizations, including BDF, received $1.73 billion in awards to boost their ability to help low- and moderate-income communities recover from the lasting impacts of the COVID-19 pandemic and support long-term prosperity. BDF was one of only five organizations in Indiana to receive funding in this round.
Due to this funding, BDF will launch a new Small Business Loan product for loan amounts from $50,000 to $200,000. The increased loan amount will help small business owners and entrepreneurs start or grow in the current economic situation of rising costs and inflation. It also continues BDF’s mission of increasing access to capital for those individuals and families unable to access traditional lending.
Founded in 2011, BDF is a subsidiary of Brightpoint, the Community Action Agency for northeast Indiana. As a nonprofit loan fund, it provides affordable loans and financial education to 17 counties in northeast Indiana. It is a U.S. Department of the Treasury Certified Community Development Financial Institution and a U.S. Small Business Administration (SBA) Microloan Intermediary.
Brightpoint is a private, 501(c)(3) nonprofit organization annually serving more than 30,000 people across northeast Indiana. Through a wide range of programs, Brightpoint helps communities, families, and individuals remove the causes and conditions of poverty. All Brightpoint services are provided without regard to race, age, color, religion, sex, sexual orientation, disability, national origin, ancestry, or status as a veteran.
The Brightpoint Development Fund (BDF) creates economic opportunities for communities, families, and individuals who lack access to affordable capital and financial services.