How do I apply for CDFI grant?

Contact the CDFI Fund’s Help Desk by submitting a Service Request through your AMIS account; by e-mail to [email protected]; or by phone to (202) 653-0421 (please note this is not a toll free number). To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov.

What is CDFI eligibility?

CDFI Eligibility Requirements Primarily serve one or more target markets, Have a primary mission of promoting community development, Provide development services in conjunction with its financing activities, Maintain accountability to its defined target market, and.

Where can I get a CDFI loan?

Several types of institutions can serve as a CDFI, including banks, credit unions, loan funds and venture capital funds, according to the CDFI Fund, an arm of the Treasury Department that supports CDFIs through financial and technical-assistance awards.

What is CDFI TA?

Technical Assistance (TA) Awards: TA grants allow certified CDFIs and established entities seeking to become certified to build their capacity to provide affordable financial products and services to low-income communities and families. …

Do CDFIs give grants?

Technical Assistance grants are offered to CDFIs and Certifiable CDFIs (see eligibility below) to build their organizational capacity. Both Financial and Technical Assistance awards empower CDFIs to grow, achieve organizational sustainability, and contribute to the revitalization of the communities they serve.

How long does it take to get CDFI certification?

Entities applying for certification as a CDFI are advised that certification determinations can take up to 90 days from the date a completed CDFI Certification Application has been received by the CDFI Fund.

Is Bank of America a CDFI?

Bank of America is the largest private investor in CDFIs in the United States, currently with more than $1.6 billion in loans and investments in over 250 CDFIs in all 50 U.S. states and the District of Columbia.

What can a CDFI do?

Community development financial institutions (CDFIs) are private financial institutions that are 100% dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. They put community first, not the shareholder.

Do CDFIs pay taxes?

Under current federal law, income earned on investments made through CDFIs is taxed at the same rate as income earned from a savings account, certificate of deposit or corporate bond, all of which typically have no obligation or intent to produce clear social or environmental benefits.

How do CDFIs get money?

CDFIs receive money to lend from a number of sources, including the federal government, state and local governments, religious institutions, foundations and individuals. Some CDFIs also help individuals purchase homes.

How are CDFIs funded?

Community Development Financial Institutions (CDFIs) are private sector financial institutions that focus primarily on personal lending and business development efforts in poorer local communities requiring revitalization in the U.S. CDFIs can receive federal funding through the U.S. Department of the Treasury by …

Is my bank a CDFI?

Definition of CDFIs and CD Banks. Four types of institutions are included in the definition of a CDFI: CD banks, CD credit unions, CD loan funds (most of which are nonprofit), and CD venture capital funds. CDFIs may be certified by the CDFI Fund. Certification is often necessary to receive CDFI Fund support.

Where can I get help with my CDFI application?

The webinar recording and presentation are available below. Please direct questions about the application process for Financial Assistance, Technical Assistance, and supplemental awards to the CDFI Program Help Desk at 202-653-0421, option 1, or [email protected].

When to apply for the CDFI program award?

These materials are intended to help you understand how to apply for a CDFI Program award. For those preparing to apply for the FY 2021 application round, the CDFI Fund provided a pre-application webinar on December 2, 2020. The webinar recording and presentation are available below.

How does the Community Development Financial Institutions Program ( CDFI ) work?

The Community Development Financial Institutions Program (CDFI Program) actively works to address these issues by investing federal resources—which are matched with private funding—in CDFIs working to serve low-income and underserved people and communities. The CDFI Program offers both Financial Assistance and Technical Assistance awards to CDFIs.

What can I do if my credit union is CDFI certified?

If your credit union is certified as a CDFI, it can: Apply for funding through the CDFI Fund’s competitive CDFI Program and Native American CDFI Assistance Program, if applicable; Funding from funders other than the CDFI Fund. How do I apply?