Chester County Economic Development Council inches closer to key U.S. Treasury Department designation

An Exton-based nonprofit is one step closer to being granted status as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury.

Receiving the designation would give the Chester County Economic Development Council (CCEDC) the means to financially support the area’s underserved businesses and low-income communities.

The federal department recently awarded CCEDC $300,000 to “build operational capacity, provide training and education.”

“To get to this point, CCEDC has needed to demonstrate a continued commitment to accessing and supporting minority- and women-owned businesses across the region, including those serving low-income areas, and we can’t wait to build on our success by delivering capital, training and assistance to businesses that have had trouble qualifying for such services,” CCEDC President and COO Michael Grigalonis said in Monday’s press release.

The federal government first established CDFIs in 1994 to promote “economic revitalization and community development in low-income communities through investment in and assistance.” The Department of Treasury views CDFIs as an important player in rescuing underserved neighborhoods.

Thirty years later, more than 1,000 operate across the country. CCEDC began the application process nearly a year ago.

CCEDC has served Chesco for more than 60 years. The organization offers resources for financial solutions, innovation and entrepreneurship, location services and workplace development to support local businesses.