CDFI Fund releases FY2021 application demand for Small Dollar Loan Program

The Department of the Treasury’s CDFI Fund has released application data for the fiscal year 2021 round of its Small Dollar Loan Program.

A total of 81 organizations submitted applications requesting nearly $26.3 million in funding, which is nearly two times the amount of funding available, according to a CDFI Fund statement.

Specifically:

  • five organizations requested nearly $1.6 million in grants for loan loss reserve awards;
  • 15 organizations requested $2.2 million in grants for technical assistance awards; and
  • 61 organizations requested $22.5 million for a combination of grants for technical assistance and loan loss reserve awards.

Of the 81 applications submitted by CDFIs, 43 were from loan funds, 26 were from credit unions and 12 were from banks or bank holding companies, according to the CDFI Fund. The CDFI Fund says it expects to announce the awards in September 2021.

More information about the Small Dollar Loan program is available on the CDFI Fund website.

Although deadlines to apply for grants in 2021 have passed, more information about becoming a CDFI-certified credit union is available on the Inclusiv website. Inclusiv is a strategic partner of the New York Credit Union Association.

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