The Community Development Financial Institutions Fund announced awards for the fiscal 2025 and 2026 programs.
Details: The CDFI announced awards for:
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The Community Development Financial Institutions Program, which provides awards to emerging and certified CDFIs to invest in and build their organizational capacity, empowering them to expand their reach, ensure long-term stability, and revitalize local neighborhoods and communities.
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The Native American CDFI Assistance Program, which awards funding to CDFIs that primarily serve Native American, Alaska Native, and Native Hawaiian individuals and communities.
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The Bank Enterprise Award Program, which provides financial incentives to FDIC-insured depository institutions that exhibit a quantifiable increase in investments directed towards CDFIs or that increase their own lending, investing, or service operations in severely distressed areas.
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The Small Dollar Loan Program, which helps certified CDFIs address the issue of expanding consumer access to mainstream financial institutions and provides alternatives to high-cost small dollar loans for unbanked and underbanked communities.
New Leadership: The CDFI Fund last month named Chris Miller its new director.
ICBA Advocacy: ICBA has persistently worked to ensure full funding for the CDFI Fund amid efforts to cut its resources. An Independent Banker magazine article details how CDFIs and minority depository institutions support underserved communities.