Arizona Tribune - Prestamos CDFI Receives $90 Million New Markets Tax Credit Award for 8th Award

With a lending legacy since 1980 through its parent organization, Chicanos Por La Causa, and a quarter century as a certified CDFI, Prestamos supports low-income businesses and communities by providing resources and services, dedicating 100 percent of its investment activities to disadvantaged populations.

"We are grateful for the CDFI Fund's recognition of our work through this NMTC award," said Jose Martinez, President of Prestamos CDFI. "Our mission is rooted in promoting economic prosperity and essential services in low-income communities across AZ, CA, NM, NV, PR, and TX. This award enables us to continue investing in projects that create quality jobs through domestic manufacturing and reliable job-producing small businesses, while also expanding access to essential community health and education infrastructure."

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 on 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 $10 billion NMTC allocation authority package announced this 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: [email protected]

SOURCE: Prestamos CDFI, LLC

View the original press release on ACCESS Newswire

M.Robinson--AT