Citi Foundation: Community Development Finance Innovation Fund

Overview

_NOTE:_

* _Pre-Proposal - This deadline represents when interested organizations must submit an idea._
* _Full Proposal - Invite Only - Select organizations that submit ideas by the deadline above will be invited to the application phase, which will be awarded on a rolling basis._

Community Development Finance Innovation Fund

The Community Finance Innovation Fund supports the growth of the nonprofit community finance sector, with a focus on Community Development Financial Institutions (CDFIs) that work to advance financial inclusion and financial health in low-income communities across the U.S.

Background

For more than three decades, the Citi Foundation has invested in the growth of the nonprofit community finance sector, with a particular focus on Community Development Financial Institutions (CDFIs) that work to increase access to credit and other asset-building financial services in low-income communities across the U.S. These efforts, together with others in the philanthropic, public and private sectors, have helped establish CDFIs as a critical component of the financial services ecosystem and a catalyst for economic opportunity, mobility and growth in low-income and underserved communities.

Most recently, in 2022 the Citi Foundation established the Community Finance Innovation Fund (CFIF) to enable CDFIs to meet increased demands for capital and address economic challenges brought by the COVID-19 pandemic. The Citi Foundation is continuing its support for the CDFI sector by issuing a $25 million Request for Ideas (RFI) to fund a new cohort of community finance innovators advancing financial inclusion and financial health in lowincome communities.

Financial inclusion, which enables people to access and use financial services, is a critical first step in building a healthy economy for all, yet it alone is not sufficient for individuals to achieve financial health, which enables people to manage their financial obligations successfully and have confidence in their financial futures. In fact, recent research indicates that only 30% of Americans are financially healthy today. The Citi Foundation believes that CDFIs have an important role to play in the financial ecosystem by providing individuals and families across the U.S. not just with access to responsible and affordable financial products, but also tools and services to achieve greater financial health for all, including closing the racial wealth gap. This RFI seeks to support community finance organizations working at the forefront to implement new ideas that drive economic opportunity and improve financial health for lowincome individuals and families across the U.S.

Selection Priorities

Organizations should be able to demonstrate that their project idea offers an innovative solution in one of the following three categories:

* Human Capital and Talent Development, such as efforts to advance the talent pipeline and career advancement possibilities within the fields of financial health and community finance.
* Products and Services, such as the development of new products or services, or intentional efforts to extend the delivery of financial services, products and practices to low-income communities to advance financial health.
* Technology and Operational Efficiencies, such as efforts to improve CDFI performance and impact through the use of technology, data collection and impact analysis and operational advancements to promote greater financial inclusion and/or financial health.

We encourage interested organizations to submit only their top idea for consideration, as no organization will receive more than one grant under this opportunity.

Eligibility

_You can learn more about this opportunity by visiting the funder's website._

* Organizations must be tax-exempt public charities as per Section 501(c)(3) of the Internal Revenue Code.
* Please note that projects that require the use of fiscal sponsorship are not eligible for this funding opportunity.
* Organizations must be able to submit externally audited financial statements.
* If your organization’s idea advances to the application stage, you will be required to submit audited financial statements covering some part of the past calendar year or a subsequent year.
* Organizations must be able to demonstrate that their mission and strategic priorities have a specific focus on serving low-income communities.
* Project ideas must impact one or more of the Citi Foundation’s target geographies.
* Your organization doesn't have to be headquartered in one of the geographies, but your organization’s proposed project needs to impact one or more of these target geographies to be eligible.

Ineligibility

* The types of organizations and projects that will not be considered for funding include, but are not limited to:
* Private foundations, including operating and nonoperating foundations
* Organizations that discriminate on the basis of race, sex, gender identity or expression, color, religion, national origin, age, disability, sexual orientation, veteran’s status or other legally protected personal characteristic or status
* Individuals
* Lobbying, political causes, campaigns, or candidates
* Memorials
* Gift matching
* Organizations that require the use of a fiscal sponsor
* Organizations that do not meet the eligibility criteria noted in this document