DreamSpring Awarded Nearly $5 Million by U.S. Treasury in Equitable Recovery Grant

April 14

$4.96 million in new funds will support DreamSpring in connecting entrepreneurs from low- and moderate-income households with capital and business resources.

Albuquerque, NM (April 14, 2023) — DreamSpring, a nationally recognized Community Development Financial Institution (CDFI) and U.S. Small Business Administration (SBA) lender, has been awarded $4.96 million in funding through the Equitable Recovery Program (ERP). The U.S. Treasury CDFI Fund program is aimed at strengthening the ability of CDFIs to help low- and moderate-income communities recover from the COVID-19 pandemic and invest in long-term prosperity. 

DreamSpring is one of 603 CDFIs across the country to receive funding ranging from $500,000 to $6.2 million, resulting in over $1.73 billion in total ERP awards. DreamSpring’s $4.96 million award is among the larger size commitments issued by the Equitable Recovery Program, which Vice President Kamala Harris hails as the largest single grant program in CDFI Fund history.  

“When we invest in community lenders, we help build a future where all people — no matter who they are or where they start — have the resources they need not only to succeed but to thrive,” says Vice President Harris. “These grants — representing the largest CDFI grant program in history — will enable hundreds of community lenders to invest in small businesses and entrepreneurs, and also provide home loans for families, financial services for local nonprofits, and capital for community organizations.” 

CDFI ERP grant funds will go toward supporting small business and microenterprise lending, commercial real estate, intermediary lending to non-profits and CDFIs, and more. The funds can also be used for financial services, development services to support borrowers, and operational support for CDFI grant recipients. 

“This nearly $5 million award from the CDFI Equitable Recovery Program is significant not only in its historic investment in DreamSpring, but in the critical impact those dollars will have on the small and micro businesses that we serve,” says DreamSpring Founder and President/CEO Anne Haines. “These entrepreneurs represent a wellspring of innovation, jobs, and economic vitality in diverse communities across the Unites States. We are thrilled to continue to support their work through this generous grant.”  

Since its inception in 1994, DreamSpring has funded more than 46,350 loans totaling over $538 million to small businesses, creating or sustaining an estimated 80,200 jobs across 27 states. Through loan capital and technical assistance, the nearly $5 million in funding from the CDFI ERP program will aid DreamSpring’s mission of eliminating systemic wealth inequities and accelerating entrepreneurship among people from low- and moderate-income households, which represent nearly half of all loans in DreamSpring’s portfolio.  

“These grant funds will be transformative for grantees that are building a more equitable, resilient economy, along with helping sustain our strong economic recovery,” says U.S. Secretary of the Treasury Janet L. Yellen. “These critical resources will allow mission-driven lenders to expand access to capital in financially underserved communities, which will help increase contributions to long-term economic growth.” 



About the CDFI Fund

Since its creation in 1994, the CDFI Fund has awarded more than $7.4 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the CDFI Rapid Response Program; the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Economic Mobility Corps; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $71 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for more than $2.1 billion through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.   


About DreamSpring 

DreamSpring is a nonprofit community and U.S. Small Business Administration (SBA) lender dedicated to eliminating systemic wealth inequities and accelerating the economic inclusion and strength of underserved communities. Founded in 1994, the organization provides rapid access to capital and customized wrap-around support to the most vulnerable small business owners in 27 states, focusing on communities including people of color, women, low- to moderate-income earners, people with disabilities, and start-ups. To date, DreamSpring has issued more than 46,350 loans totaling over $538 million to small businesses that support an estimated 80,200 jobs. Learn more at DreamSpring.org