FOR IMMEDIATE RELEASE
Northside Economic Opportunity Network (NEON) | September 20, 2018
Minneapolis, Minnesota - The Northside Economic Opportunity Network (NEON) received notice of receipt of the CDFI Program Award for Technical Assistance from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI), September 19, 2018. This year CDFI awarded 264 organizations with $187,041,119 in financial and technical assistance awards (nationally). NEON was one of six organizations in Minneapolis that received financial or technical assistance funding this fiscal year.
About the Community Development Financial Institutions (CDFI) Program
Access to affordable financial products and services is a staple of economically sound communities. Yet at least one quarter of American households do not have bank accounts or rely on costly payday lenders and check-cashing outlets. In recent years, the lack of access to capital investments for small businesses and other critical community development projects has also led to increased need for alternative and reliable sources of financing.
Mission-driven organizations called Community Development Financial Institutions–or CDFIs–fill these gaps by offering affordable financial products and services that meet the unique needs of economically underserved communities. Through awards and trainings, the Community Development Financial Institutions Program (CDFI Program) invests in and builds the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of their communities.
What’s Next for #TeamNEON
As a community-driven organization, NEON will continue to work toward the completion of our 2017-19 strategic objectives with a vision to create a prosperous, visible, sustainable and highly diverse multicultural business community in north Minneapolis and the surrounding area. As NEON continues to build capacity as a community resource; we strengthen the pathways to support entrepreneurship as businesses start, grow and thrive.