Welcoming the Next Director of the CDFI Fund

Today, Pravina Raghavan began her tenure as the next Director of the CDFI Fund.  Noel Poyo, Deputy Assistant Secretary (DAS) for Community and Economic Development said, “I am proud to introduce Ms. Raghavan to the CDFI Fund team and the broader community finance field.  She is a seasoned leader in community and economic development with an impressive track record of overseeing billions of dollars in mission-oriented federal investments.“

Since December 2021, Ms. Raghavan has served as the Director of the Manufacturing Extension Partnership Program (MEP) at National Institute of Standards and Technology (NIST).  NIST MEP is a public private partnership that empowers manufacturers by funding 51 centers across the United States that provide hands-on services and consulting in multiple areas.  Prior to her role at Commerce, Ms. Raghavan served for more than five years as an Executive Vice President of Empire State Development, New York State’s economic development agency that provides billions of dollars in economic assistance to companies to grow jobs and industries. In that role, she was responsible for the design and implementation of the $800 million NYS COVID-19 Small Business Recovery Grant Program.  She also launched the $100 million CDFI New York Forward Loan Fund that provided low-cost capital to small businesses, including through partnerships with CDFIs.  Her experience also includes serving as a Senior Advisor to the Deputy Secretary of Commerce during 2015 and 2016.  Before that she served as a Deputy Associate Administrator and New York District Director in the US Small Business Administration, managing the Office of Investment and Innovation and overseeing a $1 billion loan portfolio, including working with CDFIs and credit unions. 

Since May 2023, Marcia Sigal, Deputy Director of Policy and Programs has served in the role of Acting Director. DAS Poyo stated, “I want to take this opportunity to express my respect and admiration for Marcia Sigal, who has served as the Acting Director of the CDFI Fund for almost a year. Under her leadership, the CDFI Fund completed the landmark update of the CDFI certification application and continued to distribute capital at a historic pace.”