Opportunity Title: Community Development Financial Institutions Fund (CDFI)
Description:
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 (see eligibility below) to build their organizational capacity.
Both Financial and Technical Assistance awards empower CDFIs to grow, achieve organizational sustainability, and contribute to the revitalization of the communities they serve.
Healthy Food Financing Initiative - Financial Assistance awards are also offered for CDFIs that are interested in expanding their healthy food financing activities.
Eligibility:
To be eligible to apply for a Financial Assistance award, your organization must be a Certified CDFI.
The CDFI Fund also offers supplemental awards through the Healthy Food Financing Initiative. CDFIs that are selected to receive a Financial Assistance award may also receive a Healthy Food Financing Initiative award to expand their healthy food financing activities.
Certified and Emerging CDFIs are eligible to apply for Technical Assistance awards. However, Emerging CDFIs must demonstrate that they have the ability to become a Certified CDFI within three years of receiving a Technical Assistance grant.
Award Details:
Pending final Congressional appropriations, the CDFI Fund plans to award approximately $204 million in FY 2022 awards to be divided as follows:
$140 million in CDFI Program Financial Assistance (FA) and Technical Assistance (TA) awards.
$14.3 million in NACA Program FA and TA awards.
$20.7 million in Persistent Poverty County-Financial Assistance (PPC-FA) awards, which includes $19 million in PPC-FA awards for CDFI Program applicants and $1.7 million in PPC-FA awards for NACA Program applicants.
$23 million for Healthy Food Financing Initiative-Financial Assistance (HFFI-FA) awards, which both CDFI Program and NACA Program applicants can apply for.
$6 million for Disability Funds-Financial Assistance (DF-FA) awards, which both CDFI Program and NACA Program applicants can apply for.
Submission Details:
Application Deadline: 3/14/22
Grant Management Associates has years of experience with opportunities like this one. Contact us today for a consultation.
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