COVID-19 CDFI Grant Program

COVID-19 CDFI Grant Program

Status: Past initiative (2020)

Funder: Morgan Stanley

Overview: Provided crucial flexible funds to smaller CDFIs in OFN's membership to help them withstand the COVID-19 crisis.

Geographic Scope: National

Focus Areas: Supporting smaller CDFIs serving low-income, low-wealth, and traditionally under-resourced communities and populations

Eligibility:

CDFIs with less than $20 million in total assets (documented on FY 2018 audited financial statements)

Priority given to CDFIs that:

- Had the hardest time attracting resources from public and private sources of funding
- Were more vulnerable with less operating and capital liquidity than larger CDFIs
- Served low-income, low-wealth, or traditionally under-resourced communities and populations

Grant Terms:

Total awarded: $4.9 million

Award range: $50,000–$150,000 per CDFI

Funds could be used for: operations, loan capital, loan loss reserve, or any other purpose

What They Fund:

Unrestricted grants for CDFIs' operational and financial needs