The latest COVID-19 emergency relief package totaling $900 billion contains $12 billion in funding for CDFIs and MDIs. The legislation was passed by Congress Monday night and is awaiting the president’s signature.
The $12 billion package directed to CDFIs and MDIs consists of a $9 billion Emergency Capital Investment Program to be administered by the Department of the Treasury, which would provide low-cost, long-term capital investments to MDIs and CDFIs that are depository institutions.
The bill also provides $3 billion to the CDFI Fund to provide grants and other financial and technical assistance to CDFIs, including CDFI loan funds, as they serve consumers, small businesses and nonprofits in their communities responding to the coronavirus pandemic.
Inclusiv is hosting an update call on Wednesday at 1:30 p.m. to discuss what the CDFI and MDI funding means for credit unions. Interested participants can click here to register.