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$1.73B in CDFI Fund grants available to help communities recovering from pandemic
Credit unions designated as Community Development Financial Institutions (CDFIs) have until August 23 to apply for grants under the CDFI Fund’s new Equitable Recovery Program, which will provide approximately $1.73 billion in grants for CDFIs as they respond to the economic impact of the coronavirus pandemic. Of note, the CDFI Fund will host an informational webinar on the program today, beginning at 1:00 p.m. Eastern, with an additional informational webinar slated for July 7 at 3:00 p.m. Eastern; advance registration is not required to attend.
The funds, allocated for the CDFI Fund via the Consolidated Appropriations Act of 2021, are available to help eligible financial institutions expand lending, provide grants, and make investments in low-to-moderate-income communities, including minority communities, that are in need of better access to financial services and were disproportionately affected by the pandemic. Award funds may be expended for two types of eligible activities: financial products and services and operational support.
For more information, including the eligibility criteria, application requirements, process, and timelines, visit the CDFI Fund’s Equitable Recovery Program webpage.