Press Releases

LOWELL, MA – Today, Congresswoman Lori Trahan (MA-03) announced the awarding of $4,717,530 in federal COVID-19 relief funding from the interim relief package passed this past December to three community development financial institutions (CDFIs) in Massachusetts’ Third District: Lowell Community Loan Fund (LCLF) in Lawrence, North Central Massachusetts Development Corporation (NCMDC) in Fitchburg, and Workers Credit Union (WCU) in Fitchburg. LCLF will receive $1,826,265, NCMDC will receive $1,065,000, and WCU will receive $1,826,265, respectively. 

“As we continue to rebuild our economy, these rapid response funds are vital to our community development financial institutions that have continued to provide support to people and businesses grappling with the challenges brought on by the COVID-19 pandemic,” said Congresswoman Trahan. “Small businesses, working class families, and other community organizations are crucial to our local economies. These resources are an important step in ensuring they have the tools they need not only to recover financially, but to thrive.”

Trahan supported passage of the CDFI Rapid Response Program (RRP) as part of the interim relief package to respond to the economic challenges caused by COVID-19, especially in underserved communities. The funding will be used to kickstart local economies through the support of financial products, financial services, development services, and operational activities. The CDFI RRP will enable recipients to build capital reserves and loan-loss reserves, which in turn will help communities start to recover from the devastating economic impacts of the pandemic.

“We are very pleased with this resource. The CDFI Rapid Response allows MCCI to deploy more capital to those businesses and homeowners who need it most while simultaneously strengthening MCCI as a long serving community lending institution,” said Glynn Lloyd, CEO of Mill City Investments (the Lowell Community Loan Fund).

“We consider ourselves extremely fortunate to have been able to use our resources to help the region’s hardest hit businesses and populations weather the challenges presented by the COVID-19 pandemic. This CDFI grant will go a long way in allowing us to further those efforts while also supporting new opportunities for entrepreneurs in the wake of the pandemic. This infusion of capital will have a lasting impact on our mission to make North Central Massachusetts a more prosperous region,” said Roy Nascimento, President and CEO of the North Central Massachusetts Development Corporation.

“Workers Credit Union is proud and grateful to have been selected as one of the recipients of the CDFI Rapid Response program to help support members in underserved communities. We would like to thank Congresswoman Trahan and all of our Massachusetts representatives for their leadership in this important initiative. We are excited to put this capital to work through our loans and initiatives that will help business and personal members not just stay on their feet, but grow and thrive by improving their financial health,” said Doug Petersen, President and CEO of Workers Credit Union.

The U.S. Department of Treasury awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs) nationwide. The Treasury’s CDFI Rapid Response Program (CDFI RRP) provides communities with funding to address the economic obstacles caused by the COVID-19 pandemic.

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