The Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund on Thursday opened its application round for the new Equitable Recovery Program (ERP).
The program will provide about $1.73 billion in awards to CDFIs to respond to the economic impact of the COVID-19 pandemic. Credit unions, banks, loan funds and venture capital funds may all be certified as CDFIs provided they meet the requirements.
CDFI Fund officials said the awards may be used to:
- Expand lending, grant making and investment activities in low- or moderate-income communities and to borrowers, including minorities, that have significant unmet capital or financial services needs and were disproportionately impacted by the COVID-19 pandemic.
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