Credit union professionals can access resources for completing the Emergency Capital Investment Program application from Inclusiv, a strategic partner of the New York Credit Union Association. The deadline to apply is July 6, 2021.
Established by the Consolidated Appropriations Act, 2021, the Emergency Capital Investment Program was created to encourage low- and moderate-income community financial institutions to augment their efforts to support small businesses and consumers in their communities.
Under the program, the U.S. Treasury will provide up to $9 billion in capital directly to depository institutions that are certified CDFIs or MDIs to, among other things, provide loans, grants and forbearance for small businesses, minority-owned businesses and consumers, especially in low-income and underserved communities, that may be disproportionately impacted by the economic effects of the COVID-19 pandemic.
Secondary capital through the Emergency Capital Investment Program is available to credit unions that meet the following criteria:
- they have submitted an application for CDFI Certification by Dec. 27, 2020, and are currently certified at the time of application; or
- have MDI status at the time of application; and
- are low-income designated and federally insured.
An on-demand webinar, “Inclusiv Town Hall: COVID-19 Crisis, Pt. 20,” outlines the framework necessary for completing the ECIP application, with Tom Fay of the NCUA’s Office of Examination and Insurance discussing secondary capital plans. The webinar can be accessed here (access passcode: 1yeVCr#7).
A live webinar, “ECIP, Pt. 2,” will be held at 3 p.m. on June 15 and can be accessed here.