PHOENIX, AZ / ACCESSWIRE / September 25, 2024 / Prestamos CDFI, LLC, a division of Chicanos Por La Causa, is proud to announce it has been awarded $65 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund. Prestamos is one of the top recipients receiving the highest award in the country. Prestamos has received six previous awards totaling $235 million which were deployed to businesses and community services projects in highly distressed, low-income communities in Arizona, California, Nevada, New Mexico, Puerto Rico, and Texas.
Founded in 2000 by community development corporation Chicanos Por La Causa, Prestamos provides all its investment activities to disadvantaged businesses and communities. During the pandemic, the CDFI became the top PPP lender in the nation, working to ensure that socially and economically disadvantaged businesses had access to this resource so that they could remain in business and retain their employees.
"We are excited about this award which further validates both our mission and capacity to fulfill it," said Jose Martinez, President of Prestamos CDFI. "Prestamos has a deep-seated commitment that seeks to alleviate issues of inequality in majority-minority low-income communities, particularly Latino, Black, Native American, and Asian communities in AZ, CA, NV, NM, PR, and TX. We invest in projects that create and preserve living wage jobs, expand critical services such as childcare, quality education, job training, and health care services in underserved communities."
The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making investments in qualified projects within economically distressed communities. Created by Congress in 2001, the credit totals 39 percent of the original investment amount and is claimed over a period of seven years. This award is part of a $5 billion NMTC allocation authority package announced last week by the CDFI Fund. Federal data show that for every dollar of allocation provided under the NMTC program, an additional $8 of private investment is leveraged for the economic development of these communities.
About Prestamos CDFI, LLC
Prestamos CDFI is a Community Development Financial Institution and a Community Development Entity that provides small business loans and high-quality technical support services to its clients. Prestamos partners with the most recognized organizations in our target markets including the CDFI Fund, U.S. Small Business Administration, National Association for Latino Asset Builders, SCORE, and State, County and Local Economic Development Authorities. Prestamos CDFI is an equal opportunity provider.
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Media Contact:
MarÃa Jesús Cervantes
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SOURCE: Prestamos CDFI, LLC