CDFI Fund Resources Specific for COVID-19: Details
The $3 billion in emergency support through the CDFI Fund provides grants and other financial and technical assistance, and includes:
- $1.25 billion in immediate support for the current fiscal year, and
- $1.75 billion available until expended, for supporting Minority Lending Institutions.
Who is eligible? Credit unions must be a certified CDFI for RRP, COVID-19 Recovery, and FA grants through an application process from the U.S. Department of Treasury. Please note that even if your credit union isn’t currently CDFI certified, you can still apply for a CDFI TA grant.
The CDFI Fund Rapid Response Program ($1.25 billion)
- Notice of Funding Availability (NOFA) released February 25th
- Only institutions certified by February 26th are eligible
- Average grant size expected to be approximately $2 million per awardee
- Non-competitive process
- Funding will be allocated on formula basis
- Expect due diligence review based on compliance, safety and soundness
- Expect simple application with minimal or no narrative requirements
- Federal applications require active registration with SAM.gov and submission of SF-424 on Grants.gov
- Past CDFI applicants should verify account status with SAM and Grants.gov
The CDFI Fund COVID-19 Recovery Grants ($1.75 billion)
- Program still in development by CDFI Fund
- $1.2 billion to focus on Minority Lending Institutions (that is, MDIs)
- Expected NOFA release date in late 2021 or early 2022
- Requirement for CDFI certification is expected
- As with all federal grants, applicants must have active registrations with SAM.gov and Grants.gov
Some Funds Not Tied to the COVID-19 Stimulus
The CDFI Fund Financial Assistance ($150 million)
- Notice of Funding Availability (NOFA) released February 18th
- Maximum grant size expected to be $1 million per awardee
- Highly competitive process
- Applications require detailed narratives, financial and impact data
- Federal applications require active registration with SAM.gov and submission of SF-424 on Grants.gov
- Past CDFI applicants should verify account status with SAM and Grants.gov
The CDFI Fund Technical Assistance ($40 million)
- Notice of Funding Availability (NOFA) released February 18th
- CDFIs and Non-CDFIs may apply
- CDFI credit unions must have less than $100 million in total assets
- Non-CDFI credit unions are exempt from asset limit, but must demonstrate ability to become certified within three years
- Maximum expected grant size: $125,000
- Non-competitive process
- Applications require basic narratives, financial data
- Application requires registration with SAM.gov, Grants.gov and CDFI Fund AMIS
- Past CDFI applicants should verify account status with SAM and Grants.gov
Inclusiv Helps Credit Unions
Inclusiv is the only CDFI-certified intermediary and national advocate for community development credit unions.
Learn about our CDFI expertise, what to do if it's your first time applying for a CDFI grant, and about the benefits of membership, including free CDFI annual certification reporting (ACR) and eligibility analysis. Inclusiv membership is an essential investment in the future of your credit union and your community. As well, we provide free, live weekly informational sessions every Wednesday at 3 p.m. EST to assist credit unions interested in the CDFI program.
Inclusiv's consulting services helps credit unions of all types and sizes expand and improve their financial service offerings.
Further Information
CDFI advocacy and impact stories
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More about stimulus programs
Information about these programs are evolving. Inclusiv will share new information as it becomes available.