CDFI Fund opens Equitable Recovery Program grant round

by David Baumann, CUCollaborate

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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