The CDFI Fund is seeking comments on its Small Dollar Loan Program application until Dec. 3, 2021. The notice, as well as instructions on how to submit comments, was published in the Federal Register on Monday.
The Small Dollar Loan Program provides grants for loan loss reserves and technical assistance to enable award recipients to establish and maintain small dollar loan programs to address the issues of expanding consumer access to mainstream financial institutions and providing alternatives to high-cost small dollar loans.
The program is also intended to enable award recipients to help unbanked and underbanked populations build credit, access affordable capital and allow greater access into the mainstream financial system. Details about FY2021 application demand for the Small Dollar Loan Program were previously reported in the New York Minute.
Specifically, the CDFI Fund is seeking input on the content of the application with regard to the following:
- whether the collection of information as proposed is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility in evaluating applications;
- the accuracy of the agency’s estimate of the burden of the collection of information;
- ways to enhance the quality, utility and clarity of the information to be collected;
- ways to minimize the burden of the collection of information on respondents, including through the use of technology; and
- estimates of capital or start-up costs and costs of operation, maintenance and purchase of services required to provide information.
More information about the Small Dollar Loan program is available on the CDFI Fund website.