Citi Foundation Awards $35 Million to 70 Community Organizations Helping U.S. Families Strengthen their Financial Well-Being
NEW YORK, NY / AGILITYPR.NEWS / September 29, 2026 / Financial Assistance award funds a loan loss reserve grant, strengthening the nonprofit lender’s balance sheet and its capacity to serve small business owners nationwide.
NEW YORK, September 29, 2026 — Ascendus, a national nonprofit Community Development Financial Institution (CDFI), announced today that it has been awarded $1,031,000 in Financial Assistance from the CDFI Fund, a program of the U.S. Department of the Treasury. The award funds a loan loss reserve grant that strengthens Ascendus’s balance sheet and supports its ability to serve small business owners across the country.
A stronger loan loss reserve helps Ascendus manage the risk in its lending portfolio responsibly. Because funders and lenders review audited financial statements closely when making capital and grant decisions, a stronger balance sheet also helps Ascendus attract additional debt capital and grants going forward, supporting its ability to serve more small business owners and reinvest in its mission.
Since its founding in 1991, Ascendus has deployed more than $435 million in capital to more than 62,000 entrepreneurs across 49 states, supporting more than 162,000 jobs.
“This award strengthens our balance sheet by mitigating the impact of loan loss provision expense. A stronger balance sheet allows us to attract more debt capital and grants, because foundations study our audited financials when making large grant decisions. More debt capital and grants allow us to serve more clients and reinvest further in our mission.”
Paul Quintero, Chief Executive Officer, Ascendus
About Us
About Ascendus
Ascendus is a mission-driven, nationwide Community Development Financial Institution (CDFI) with over 35 years of experience empowering small business owners. We provide access to capital and personalized financial coaching to help entrepreneurs achieve financial health and ascend toward lasting success. With deep local impact and national reach, Ascendus has delivered over $435 million in financial support to more than 62,000 entrepreneurs — many from historically overlooked communities. From corner bakeries in the Bronx to beauty salons in Miami, we help build thriving businesses and vibrant neighborhoods, shaping a future of financial ascension for all. ascendus.org
About the CDFI Fund
The Community Development Financial Institutions Fund (CDFI Fund) is part of the U.S. Department of the Treasury. It generates economic growth and opportunity by supporting mission-driven financial institutions with resources and programs that deploy federal dollars alongside private capital, helping certified CDFIs finance businesses, create jobs, and build homes in communities that lack access to financing.
Contacts
Gustavo Banchero
Director of Communications
gbanchero@ascendus.org260 Madison Avenue
Phone: 6465064790
ascendus.org