CDFI Fund offering $1.73B to help communities recover from pandemic

June 28, 2022

Credit unions designated as Community Development Financial Institutions (CDFIs) have until August 23 to apply for grants under the CDFI Fund’s Equitable Recovery Program.

The CDFI Fund is making $1.73 billion available to help eligible financial institutions expand lending, provide grants, and make investments in low-to-moderate-income communities, including minority communities, that need better access to financial services and were disproportionately affected by the COVID-19 pandemic. Award funds may be expended for two types of eligible activities: financial products and services and operational support.

The CDFI Fund website has a dedicated page with information on this program, including a link to the Notice of Funds Availability, eligibility criteria, and the application requirements, process, and timelines.

The CDFI Fund will host an informational webinar on the Equitable Recovery Program on June 29, beginning at 1 p.m. Eastern and on July 7, beginning at 3 p.m. Eastern. Advance registration is not required. The CDFI’s dedicated web page has information on joining the webinars. The Fund also posted its recorded pre-application webinar.

All applicants must have active accounts with the federal government’s System for Award Management,, and the CDFI Fund’s Awards Management Information System.