To date, 92 CDFIs have submitted applications for the 2022 Small Dollar Loan program, requesting $32.1 million in funding — nearly three times the amount of funding available, according to the U.S. Treasury.
- six organizations requested $1.7 million in Loan Loss Reserves awards;
- nine organizations requested $1.3 million in Technical Assistance awards; and
- 77 organizations requested $29.1 million for a combination Technical Assistance awards and Loan Loss Reserves award.
Of the 92 applications submitted by CDFIs, 31 were from loan funds, 45 were from credit unions and 16 were from banks or bank holding companies, according to the U.S. Treasury.
The SDL Program is intended to expand consumer access to financial institutions by providing alternatives to high-cost, small dollar lending, with up to $11.1 million in awards available through the 2022 application round. The FY 2022 application period closed on July 15, 2022. The CDFI Fund currently expects to announce the awards in September 2022. For more information about the SDL Program, visit the CDFI Fund website.