U.S. Department of the Treasury: Community Development Financial Institutions
Access to affordable financial products and services is a staple of economically vibrant communities. Yet at least one quarter of American households do not have a bank account or rely on costly payday lenders and check-cashing outlets. Additionally, many small businesses and critical community development projects lack access to the capital investment necessary to spark economic growth in their communities. The Community Development Financial Institutions Program (CDFI Program) actively works to address these issues by investing federal resources—which are matched with private funding—in CDFIs working to serve low-income and underserved people and communities.
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.
Financial Assistance awards are made in the form of loans, grants, equity investments, deposits, and credit union shares, which CDFIs are required to match dollar-for-dollar with non-federal funds. This requirement enables CDFIs to multiply the impact of federal investment to meet the demand for affordable financial products in economically distressed communities. Technical Assistance grants are offered to CDFIs and Certifiable CDFIs to build their organizational capacity.
Healthy Food Financing Initiative – Financial Assistance awards are also offered for CDFIs that are interested in expanding their healthy food financing activities.
Amount: Approximately $184,000,000 is available to make up to 265 awards ranging from $10,000-$1,000,000.
Eligibility: Certified or Certifiable CDFIs.
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