Amid orders to reduce the Community Development Financial Institutions (CDFI) Fund as much as possible, Treasury Secretary Scott Bessent is doing what he can to preserve it, according to a Bloomberg report.

The CDFI Fund provides tailored resources and programs that invest federal dollars in conjunction with private sector capital to support economically disadvantaged communities. The first CDFIs were formed in the 1970s to expand economic opportunities in areas where people and businesses faced hurdles to securing traditional loans due to insufficient credit history and lack of collateral. Then, Congress created the fund for them in 1994.

Now, more than $300 billion of mortgages and loans for small businesses and commercial real estate projects in low-income communities could be at stake, said Bloomberg. Last year, the fund gave $6.3 billion in awards, tax credits and guarantees.

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