« View All Upcoming Grants

Deadline: April 28, 2017

U.S. Department of the Treasury: Community Development Financial Institutions (CDFI) Program

The Community Development Financial Institutions Program (CDFI Program) works to address the lack of access to capital that many small businesses or critical community projects face. It also works to provide unbanked or underserved Americans with affordable financial products and services. The CDFI Program invests federal resources, which are matched with private funding, in CDFIs working to serve low-income and under-served people and communities. CDFIs are financial institutions that specialize in serving individuals and communities that are under-served by traditional financial institutions. The CDFI Program offers both Financial Assistance and Technical Assistance awards to CDFIs. These competitive awards support and enhance the ability of these organizations to meet the needs of the communities they serve.

  1. Financial Assistance (FA) Awards: Awards are made in the form of loans, grants, equity investments, deposits and credit union shares to enable awardees to build their financial capacity to lend to their markets. FA award funds can be expended for activities serving commercial real estate, small business, microenterprise, community facilities, consumer financial products, consumer financial services, commercial financial services, affordable housing, intermediary lending to nonprofits and CDFIs, and other lines of business as deemed appropriate by the CDFI Fund in the following five categories: (i) financial products; (ii) financial services; (iii) loan loss reserves; (iv) development services; and (v) capital reserves.
  2. Healthy Food Financing Initiative-Financial Assistance (HFFI-FA) Awards: Awards can only be expended for the same five activities that are eligible for FA awards. Awardees must deploy loans, equity investments, and similar financing activities, including the purchase of loans and the provision of loan guarantees for Healthy Food Retail Outlets (e.g., grocery stores, mobile food retailers, farmers markets) and Healthy Food Non-Retail Outlets (e.g., wholesale food outlets, wholesale cooperatives, entities that produce or distribute healthy foods for eventual retail sale, or entities that provide consumer education regarding healthy food consumption). HFFI-FA awards will be provided as a supplement to FA awards; therefore, only those applicants that have been selected to receive an FA award through the CDFI Program FY 2017 Funding Round will be eligible to receive an HFFI-FA award. HFFI-FA awards can be in the form of loans, grants, equity investments, deposits and credit union shares.
  3. Technical Assistance (TA) grants: Grants may be used to increase awardee capacity to serve their markets. TA grant funds can be expended for the following seven eligible activity categories: (i) compensation–personnel services; (ii) compensation–fringe benefits; (iii) professional service costs; (iv) travel costs; (v) training and education costs; (vi) equipment and other capital expenditures; and (vii) supplies.

Note that the form of FA and HFFI-FA awards is based on the form of the matching funds that the applicant includes in its application. Dollar-for-dollar matching funds are required for FA and HFFI-FA awards, must be from non-Federal sources, and cannot have been used as matching funds for any other federal award.

Amount: Varies by type of award:

  • FA-Category I/ Small and/or Emerging CDFI Assistance (SECA): A total of $19,000,000 is available to fund up to 43 awards, ranging from $125,000-$700,000 and averaging $442,000-$487,000.
  • FA-Category II/Core: A total of $130,000,000 is available to fund up to 174 awards, ranging from $500,000-$2,000,000 and averaging $707,000-$1,382,000.
  • TA awards: A total of $4,000,000 is available to fund up to 35 awards, ranging from $10,000-$125,000 and averaging $114,000-$118,000.
  • HFFI-FA awards: A total of $22,000,000 is available to fund up to 10 awards, ranging from $500,000-$5,000,000 and averaging $2,200,000-$2,400,000.

Note: Funds for the FY 2017 Funding Round are subject to change based on passage of a final FY 2017 budget; if Congress does not appropriate funds for the program there will not be a FY 2017 Funding Round. If funds are appropriated, the amount of such funds may be greater or less than the amounts set forth above.

Eligibility: Certified or certifiable, and emerging CDFIs. Certifiable CDFIs are entities that submit a certification application to the CDFI Fund by the applicable deadline, but are not yet officially certified at the time of Financial Assistance application submission. Emerging CDFIs are entities that have not submitted a CDFI Certification Application but that demonstrate it has an acceptable plan to meet certification requirements by the end of its performance period, or another date that the CDFI Fund selects.

Category I applicants are certified or certifiable CDFIs that request $700,000 or less and either: 1) have total assets in the following amounts: Insured depository institutions and depository institution holding companies: up to $250 million, insured credit unions: up to $10 million, venture capital funds: up to $10 million, other CDFIs: up to $5 million; or 2) have begun operations on or after January 1, 2013.

Category II applicants are certified or certifiable CDFIs that meet the SECA requirements stated above, that request more than $700,000 in award funds, regardless of its total assets and/or years in operation.

Eligibility requirements are specific for each award type (TA and FA); refer to the solicitation for further specific eligibility details.

Link: http://bit.ly/2lRQodR

This post was filed under:

« View All Upcoming Grants