Small CDFI Unrestricted Grant Program

Small CDFI Unrestricted Grant Program

Status: Past initiative (2020)

Overview: Provided crucial flexible, unrestricted 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 $10 million in total assets (documented on FY 2018 audited financial statements)

Priority given to CDFIs that:

- Have the hardest time attracting resources from public and private sources
- Are more vulnerable with less operating and capital liquidity than larger CDFIs
- Serve low-income, low-wealth, or traditionally under-resourced communities and populations
- Serve small and micro-businesses

Grant Terms:

Total awarded: $950,000

19 awards distributed

Each award: $50,000 unrestricted grant

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