Federal Bank Regulators Issue Rule Supporting Treasury’s Investments in Minority Depository Institutions and CDFIs
Federal bank regulatory agencies today announced an interim final rule that supports the Treasury Department’s implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial institutions. The Treasury Department’s Emergency Capital Investment Program (ECIP) will support the efforts of these financial institutions to provide loans, grants, and forbearance…
CDFI Fund: FY 2021 CDFI Bond Guarantee Program Application Period Now Open
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2021 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is available for Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2021. Through the…
CDFI Fund: Applications Open for COVID-19 Stimulus Funds Under CDFI Rapid Response Program
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2021 funding round for the CDFI Rapid Response Program (CDFI RRP) today. The program will provide $1.25 billion, authorized by the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (P.L. 116-260), to Community Development Financial Institutions…
SBA: Smallest of Small Businesses Prioritized in the Paycheck Protection Program
Steps to Promote Equitable Relief for Mom-and-Pop Businesses Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has…
CDFI Fund: $175.35 Million in Awards for Affordable Housing Nationwide Announced
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 48 organizations $175.35 million today to finance the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal year (FY) 2020 round of the Capital Magnet Fund, and will support financing for the preservation,…
CDFI Fund: FY 2021 CDFI Program and NACA Program Application Round Opened
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2021 funding round for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) today. The awards from these programs will support Community Development Financial Institutions (CDFIs) that provide affordable financing…
CDFI Fund: Target Market Waiver Extended for Lending Under Round Three of Paycheck Protection Program
Target Market Waiver Extended for Lending Under Round Three of Paycheck Protection Program The U.S. Treasury Department and Small Business Administration (SBA) recently announced the reopening of a third round of the Paycheck Protection Program with $284 billion in funding that was authorized by the Coronavirus Response and Relief Supplemental Appropriations Act (Pub. L. 116-260). This includes…
CDFI Fund: Question and Answer Sessions Scheduled for 2021 ACR Reporting Cycle
In light of substantive changes that have been made to its Annual Certification and Data Collection Report (ACR) for the 2021 reporting cycle, the Community Development Financial Institutions Fund (CDFI Fund) will be conducting quarterly conference calls to respond to questions specifically related to the ACR. The quarterly conference calls are intended to serve as a forum…
SBA: PPP Re-Opened to Community Financial Institutions First
Community Financial Institutions get dedicated access starting January 11, 2021 The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal today at 9 am ET. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access…
SBA: PPP Re-Opening and New Guidance Announced
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday,…