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A major logistical and economic decision facing American families is finding quality affordable childcare. This is especially difficult for low-income families. According to the US Census Bureau, low-income families (less than 200% of the poverty level; or less than $50,000 for a family of four) spend 35% of their family’s monthly income on child care costs (US Census Bureau, Survey of Income and Program Participation, 2014 Panel Wave 3).
Since my last update, I know that many of us have been dealing with a high degree of uncertainty in both our organizations and our communities. The "new normal" created by the ongoing COVID-19 pandemic continues to affect day-to-day life—from how to we work, to how we take care of our families, to how we interact with the world.
Supporting CDFI Growth and Innovation through New Certification Application and Reporting Procedures
At the Community Development Financial Institutions Fund (CDFI Fund), we value the important work that Certified Community Development Financial Institutions (CDFIs) do. We know that CDFIs are being asked to do more than ever before in delivering capital and credit to families, businesses and communities across the nation. And we want to continue to support CDFIs the best way that we can, evolving our policies where possible to meet the modern needs of CDFIs.
Interested in applying to the upcoming fiscal year (FY) 2020 funding round for the Capital Magnet Fund? You may find the following information helpful in getting started. The CDFI Fund is tentatively planning to open the FY 2020 application round in late spring 2020.
Recovering from a disaster is a long, traumatic, and expensive process for survivors and the communities in which they live. In distressed and underserved areas, where insurance or private financial resources are often unaffordable or unavailable, recovery is an even more daunting effort.
I sincerely hope you, your family, and your colleagues are keeping safe during these challenging times. We have heard from many of you about your concerns and the challenges you are currently facing. We know that the social distancing guidelines and enforced shutdowns around the country have impacted how many of you work and achieve your mission.
Susan Suckfiel is the Program Manager for the CDFI Bond Guarantee Program at the CDFI Fund. Prior to joining the CDFI Fund, Susan managed the Office of Portfolio Management at the U.S. Small Business Administration (SBA) where she was responsible for the management and compliance of the SBA's $120 billion portfolio of direct and guaranteed loans, including oversight of the servicing for the SBA disaster, 504, and 7(a) loan programs. Susan brings with her an extensive knowledge of the many aspects of lending, loan servicing, compliance and loan administration, as well as a deep background and training in federal personnel management. She holds a bachelor's degree in business administration.
To protect ourselves and our families from the spread of COVID-19 and in accordance with guidance issued by the Office of Personnel Management, the Community Development Financial Institutions Fund's (CDFI Fund's) employees will be utilizing maximum telework flexibilities beginning Tuesday, March 17, 2020.
If your FDIC-insured bank or trust is contemplating submitting an application to the upcoming fiscal year (FY) 2020 funding round for the Bank Enterprise Award Program (BEA Program), you may find the following information helpful as you plan.
With its limited banking presence, the rural area of Atmore, Alabama lacks mainstream financial service options, particularly for the quarter of its residents that are living at or below the poverty level. This is a familiar situation in rural areas across the nation located in, or are at risk of becoming, banking deserts.