United States Department of the Treasury

COVID-19: Council approves €87.4 billion in financial support for member states under SURE

Saturday, September 26, 2020 - 8:00am

The Council today approved 87.4 billion of financial support to 16 member states in the form of EU loans under SURE a temporary EU instrument to mitigate unemployment risks during the COVID-19 crisis.

Key Points: 
  • The Council today approved 87.4 billion of financial support to 16 member states in the form of EU loans under SURE a temporary EU instrument to mitigate unemployment risks during the COVID-19 crisis.
  • Financial support under SURE is granted to member states as follows:

    Other member states can still present their requests for financial assistance.

  • SURE loans are backed by the EU budget and guarantees provided by member states according to their share in the EUs GNI, for a total amount of 25 billion.
  • Next steps

    The Commission will now raise funds on international capital markets on behalf of the EU and provide them as back-to-back loans to the member states that requested the loans.

Florida Community Loan Fund Awarded $825,000 for Low-Income Communities

Friday, September 25, 2020 - 5:12pm

ORLANDO, Fla., Sept. 25, 2020 /PRNewswire/ -- Florida Community Loan Fund , a statewide nonprofit lending institution, announced it was awarded $825,750 by the U.S. Treasury Department Community Development Financial Institutions (CDFI) Fund.

Key Points: 
  • ORLANDO, Fla., Sept. 25, 2020 /PRNewswire/ -- Florida Community Loan Fund , a statewide nonprofit lending institution, announced it was awarded $825,750 by the U.S. Treasury Department Community Development Financial Institutions (CDFI) Fund.
  • FCLF has a 25-year history of providing capital for community and economic development in Florida, creating a high social impact.
  • About Florida Community Loan Fund.
  • Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 20+ year history of providing flexible capital and expertise to people and places outside the economic mainstream across Florida.

Capital Impact Partners Awarded $3.5 Million in CDFI Fund Community Development Grants

Friday, September 25, 2020 - 10:43am

ARLINGTON, Va., Sept. 25, 2020 /PRNewswire/ -- The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced yesterday that Capital Impact Partners was awarded $3.5 million in grants through the 2020 round of the CDFI Program.

Key Points: 
  • ARLINGTON, Va., Sept. 25, 2020 /PRNewswire/ -- The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced yesterday that Capital Impact Partners was awarded $3.5 million in grants through the 2020 round of the CDFI Program.
  • "We are grateful for the support of the CDFI Fund to advance our work to champion equitable access to capital and opportunity through these programs."
  • In addition, Capital Impact Partners received a $2.75 million Healthy Food Financing Initiative Financial Assistance (HFFI-FA) award to support equitable access to capital for healthy food entrepreneurs and retailers operating across California.
  • Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success.

CI Financial completes acquisition of BDF, a Chicago-area private wealth firm with US$4.5 billion in assets

Wednesday, September 16, 2020 - 11:06pm

The addition of BDF increases CI's U.S. wealth management assets to approximately US$11 billion (based on assets as at August 31, 2020) and gives CI a leading presence in the vital Chicago region.

Key Points: 
  • The addition of BDF increases CI's U.S. wealth management assets to approximately US$11 billion (based on assets as at August 31, 2020) and gives CI a leading presence in the vital Chicago region.
  • CI is one of the industry's fastest-growing RIA platforms, having made its first acquisition in the first quarter of this year.
  • "BDF is a thriving, high-quality firm and we're excited to welcome the team to CI," said Kurt MacAlpine, CI Chief Executive Officer.
  • CI held approximately $189 billion (US$143 billion) in fee-earning assets as of August 31, 2020.

Truist Awarded $65 Million in New Markets Tax Credit Allocation to Fuel Community Development

Wednesday, September 2, 2020 - 2:30pm

CHARLOTTE, N.C., Sept. 2, 2020 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it has been selected by the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund to receive $65 million in New Markets Tax Credit (NMTC) allocation.

Key Points: 
  • CHARLOTTE, N.C., Sept. 2, 2020 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it has been selected by the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund to receive $65 million in New Markets Tax Credit (NMTC) allocation.
  • The bank's subsidiary, SunTrust Community Development Enterprises (CDE), was one of 76 recipients to receive an award.
  • The allocation was tied for the largest award made to any Community Development Entity.
  • It marks the 10th time the subsidiary has been selected as a recipient, with awards totaling $643 million in allocation authority.

U.S. Bank Receives $65 Million in Tax Credit Allocations

Tuesday, July 21, 2020 - 1:00pm

U.S. Bancorp Community Development Entity, LLC (USBCDE, LLC), the community development arm of U.S. Bank, received $65 million in tax credit allocations from the U.S. Department of Treasury to help address persistent gaps in economic outcomes in lower-income communities.

Key Points: 
  • U.S. Bancorp Community Development Entity, LLC (USBCDE, LLC), the community development arm of U.S. Bank, received $65 million in tax credit allocations from the U.S. Department of Treasury to help address persistent gaps in economic outcomes in lower-income communities.
  • The $65 million allocation is part of the more than $3.5 billion New Market Tax Credit (NMTC) program from the Treasury.
  • Through tax credits, we can drive funding and job creation where its needed most and help close the economic opportunity gap.
  • With $33.2 billion in tax credit equity committed as of June 30, 2020, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs.

Enhanced Community Development Awarded $35 Million in New Markets Tax Credit Allocation from U.S. Treasury Department

Thursday, July 16, 2020 - 8:00pm

NEW ORLEANS, July 16, 2020 /PRNewswire/ --Enhanced Community Development, a subsidiary of Enhanced Capital, announced that it has been awarded $35 million in New Markets Tax Credits (NMTC) allocation.

Key Points: 
  • NEW ORLEANS, July 16, 2020 /PRNewswire/ --Enhanced Community Development, a subsidiary of Enhanced Capital, announced that it has been awarded $35 million in New Markets Tax Credits (NMTC) allocation.
  • This award marks the eighth time Enhanced Community Development has been awarded federal New Markets Tax Credits.
  • Including this most recent round, Enhanced Community Development has received a total of $390 million in federal NMTC allocation.
  • The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund announced the allocation to Enhanced as part of $3.5 billion award to 76 organizations throughout the country this year.

Treasury's CDFI Fund Announces 2019 NMTC Awards

Wednesday, July 15, 2020 - 10:48pm

WASHINGTON, July 15, 2020 /PRNewswire/ --The U.S. Department of the Treasury's CDFI Fund announced the Calendar Year 2019 New Markets Tax Credit (NMTC) allocation awards today .

Key Points: 
  • WASHINGTON, July 15, 2020 /PRNewswire/ --The U.S. Department of the Treasury's CDFI Fund announced the Calendar Year 2019 New Markets Tax Credit (NMTC) allocation awards today .
  • The CDFI Fund awarded $3.5 billion to 76 Community Development Entities (CDEs) from 30 states and the District of Columbia.
  • The CDFI Fund indicated 206 CDEs applied for allocations for a total demand of nearly $14.7 billion in credits.
  • VIDEO: Watch to learn more about the impact of the 2019 NMTC allocation awards.

Virender Ahluwalia Joins Radiant Ventures, Inc. as Chief Financial Officer

Friday, June 26, 2020 - 7:05pm

SANTA ROSA, Calif., June 26, 2020 /PRNewswire/ --Radiant Ventures, Inc., a cannabis supply chain management company with manufacturing and distribution operations in California, today announced the hiring of Virender Ahluwalia as Chief Financial Officer.

Key Points: 
  • SANTA ROSA, Calif., June 26, 2020 /PRNewswire/ --Radiant Ventures, Inc., a cannabis supply chain management company with manufacturing and distribution operations in California, today announced the hiring of Virender Ahluwalia as Chief Financial Officer.
  • "Virender has a sterling record of success building world class enterprises from the bottom up, and expect the same result here."
  • In doing so, he also successfully set up IRS 280-E optimized accounting processes, FINCEN compliant practices and strong company-wide financial controls.
  • Radiant Ventures, Inc. is a cannabis holding company which owns and operates Radiant Farm, Inc., doing business as Cosmic Distribution .

SLC Management Successfully Raises $500M for TALF 2020 Strategy

Monday, May 18, 2020 - 12:05pm

NEW YORK, May 18, 2020 /PRNewswire/ -SLC Management, the $168 billion institutional asset management business of Sun Life Financial, today announced the successful closing of their Term Asset-Backed Securities Loan Facility (TALF) 2020 strategy for institutional investors.

Key Points: 
  • NEW YORK, May 18, 2020 /PRNewswire/ -SLC Management, the $168 billion institutional asset management business of Sun Life Financial, today announced the successful closing of their Term Asset-Backed Securities Loan Facility (TALF) 2020 strategy for institutional investors.
  • SLC Management previously managed a successful TALF strategy in 2009 under the same portfolio management team, which resulted in an annual IRR of 21.5%.
  • The SLC Management TALF 2020 strategy is already two-times oversubscribed.
  • Our portfolio management team successfully managed the TALF program in 2009 and they will apply a similar philosophy and consistent approach to our 2020 strategy.