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Community Development Financial Institutions (CDFI) Rapid Response Program

This funding record is inactive. Please see the program website or contact the program sponsor to determine if this program is currently accepting applications or will open again in the future.

 
Catalog of Federal Domestic Assistance Number: 21.024
Sponsors
Community Development Financial Institutions Fund, U.S. Department of Treasury
Deadlines
Mar 22, 2021
Contact
Purpose

The Rapid Response Program provides grants to help Community Development Financial Institutions (CDFI) prepare for and respond to economic impacts of the COVID-19 pandemic. The program will enable CDFIs to deliver immediate assistance to distressed and underserved communities and populations, including rural areas, that lack access to capital and other affordable financial products and services.

Eligible activities include the direct provision of products and services in one of the following categories:

  • Financial products
  • Financial services
  • Loan loss reserves
  • Development services
  • Capital reserves

Information regarding eligible activities to support CDFI operations is available in the funding announcement.

Eligibility

Eligible applicants are certified Community Development Financial Institutions.

Geographic coverage
Nationwide
Amount of funding

Award ceiling: $5,000,000
Award floor: $200,000
Expected number of awards: 1050
Estimated total program funding: $1,248,000,000

At least $25,000,000 of the total program funding will be awarded to CDFIs that serve Native communities. An estimated 50 awards will be made to CDFIs serving Native communities.

Application process

A link to the announcement is available through grants.gov. The Notice of Funds Availability (NOFA) is provided on the program website.

Follow the steps to complete the application process listed in the how to apply section of the program website.

Important dates:

Information on scheduled applicant webinars and links to other application materials are available on the program website.

Tagged as
Capital funding · Community and economic development · Emergency preparedness and response · Infectious diseases · Poverty



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