Interested in applying to the upcoming fiscal year (FY) 2022 funding round for the CDFI Equitable Recovery Program (CDFI ERP)? The Community Development Financial Institutions Fund (CDFI Fund) is tentatively planning to open the fiscal year (FY) 2022 CDFI ERP application round later this spring. Now is a great time for organizations to begin to prepare to apply for a CDFI ERP award.
Pre-Application Webinar Scheduled for April 27, 2022
Later this spring, the CDFI Fund will be accepting applications for the Small Dollar Loan Program (SDL Program). The SDL Program was created to encourage Certified CDFIs to establish and maintain small dollar loan programs and provide alternatives to high cost small dollar loans. For this program, small dollar loans are unsecured loans of up to $2,500. The grants may be used for two eligible activities, loan loss reserves and technical assistance activities.
Did you know that the CDFI Fund has a program that can help your organization expand and strengthen your small dollar lending program? The CDFI Fund’s Small Dollar Loan Program (SDL Program) was created to help expand consumer access to financial institutions by providing alternatives to high cost small dollar lending.
VACANT
Shannon McKay is currently the Program Manager and Research Analyst in the Financial Strategies and Research Unit at the CDFI Fund. She has been with the CDFI Fund since 2019 where her portfolio has included managing the data collection, cleaning and report development of the Fund's Annual Certification and Data Collection (ACR) report, as well as supporting other research initiatives.
Prior to joining the CDFI Fund, Shannon was the Research Manager in the Community Development department at the Federal Reserve Bank of Richmond. Her research work there included small business lending, foreclosures, neighborhood stabilization, homelessness as well as workforce development and worker displacement. Shannon holds a Ph.D. in Urban Studies and Planning from MIT, a M.S. in Public Policy and Management from Carnegie Mellon University, and a B.A. in Economics from Vassar College.
As we enter the New Year, it is a fitting time to chart out the Community Development Financial Institutions Fund’s (CDFI Fund’s) course for 2022. Much is happening behind the scenes at the CDFI Fund to open application rounds, finalize assistance agreements, and deploy new initiatives.
The CDFI Fund announced the FY 2021 CDFI Program and NACA Program Financial Assistance awards on December 8, 2021. Did you know that nearly 60% of all the awards will go to serve small and rural communities?
Update-January 11, 2022: For those preparing to apply for the FY 2022 application round, the Community Development Financial Institutions Fund (CDFI Fund) conducted an informational pre-application webinar on January 10, 2022 for the CDFI Program and NACA Program.
Over the past year, increased funding and enhanced recognition of the role Community Development Financial Institutions (CDFIs) play in facilitating economic recovery, inclusion and opportunity in distressed and underserved communities has generated a dramatic increase in the number of organizations seeking Certification as a Community Development Financial Institution (CDFI).
The CDFI Fund anticipates opening the fiscal year (FY) 2021 Bank Enterprise Award Program (BEA Program) application round in the fall of 2021. This will ensure that the CDFI Fund can review the applications and announce awards in the spring of 2022. If your FDIC-insured bank or thrift is contemplating submitting an application to the upcoming FY 2021 funding round for the BEA Program, you may find the following information helpful as you plan.