WASHINGTON (1/28/13)--Interested in applying for financial assistance through U.S. Treasury Community Development Financial Institutions (CDFI) Fund programs? The CDFI Fund has posted archived versions of two training webinars and an updated list of frequently asked questions (FAQ) for those in need of more information..
The webinars and FAQ address the CDFI Program and the Native American CDFI Assistance (NACA) Program.
The Treasury's CDFI Fund helps locally based financial institutions--including credit unions--offer small business, consumer and home loans in communities and populations that lack access to affordable credit. Credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding to help maintain their credit union's presence in the community.
The NACA Program is designed to encourage the creation and strengthening of certified CDFIs that primarily serve Native American, Alaskan Native and Native Hawaiian communities. NACA funds may be used to finance capital or may be provided to financial institutions in the form of technical assistance grants.
The CDFI Fund expects to provide up to $165 million to eligible financial institutions in 2013.
The $165 million will be divided into:
- $130 million for CDFI Program awards;
- $12 million for Native American CDFI Assistance (NACA) Program awards; and
- $23 million for Healthy Food Financing Initiative.
Congress has not yet appropriated funds for the 2013 program rounds. The Obama administration requested $221 million for the CDFI Fund in its suggested 2013 fiscal year budget.
A total of $186,853,456 was awarded to 210 organizations in 2012, representing the highest amount awarded in the CDFI Fund's history.
Twenty-two credit unions received funding through the 2012 CDFI Fund, and four credit unions received NACA Program grants.
For more on the CDFI Fund webinars and FAQ, use the resource link.