Nearly $3.5M awarded during first round of Delaware Community Investment Venture Fund applications
DOVER — Seven banking organizations in the First State have been awarded a cumulative $3,480,000 in funds, thanks to a new initiative created by Senator Darius Brown and the Delaware Council on Banking.
Enabled by legislation in 2023, the Delaware Community Investment Venture Fund (DCIVF) provides funding opportunities for banking organizations, credit unions, and Community Development Financial Institutions (CDFIs) doing business in Delaware to better serve the needs of low- to moderate-income areas.
“Senate Bill 83 was designed to spur economic growth and strengthen entrepreneurship across Delaware,” said Senator Brown. “We created the community investment venture fund to build an economic ecosystem that provides more access to capital. Through these intentional investments back into our community, we continue to make Delaware the place where opportunity lives.”
The successful applicants and amount they have been awarded is listed below:
- Bronze Valley, $670,000
- Community Bank Delaware, $215,000
- NeighborGood Partners, $250,000
- Pursuit Community Finance, $536,000
- REDF Impact Investing Fund, $670,000
- Stepping Stones Federal Credit Union, $469,000
- True Access Capital, $670,000
More information about the Delaware Community Investment Venture Fund can be found at this link.
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