CDFI Fund Opens Application Period for Small Dollar Loan Program Funding – Native CDFIs Encouraged to Apply!
Up to $11.1 Million Available for Loan Loss Reserves and Technical Assistance
WASHINGTON – Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2022 funding round for the Small Dollar Loan Program (SDL Program). SDL Program funding is intended to expand consumer access to financial institutions by providing alternatives to high-cost small dollar lending. SDL Program funding is also intended to help unbanked and underbanked populations build credit, access affordable capital, and allow greater access into the mainstream financial system. For this program, small dollar loans are unsecured loans of up to $2,500.
Through the SDL Program, the CDFI Fund provides:
- Grants for Loan Loss Reserves (LLR): The awards enable a Certified Community Development Financial Institution (CDFI) to establish a loan loss reserve fund in order to cover the losses on small dollar loans associated with establishing or maintaining a small dollar loan program.
- Grants for Technical Assistance (TA): The awards support technology, staff support, and other eligible activities to enable a Certified CDFI to establish and maintain a small dollar loan program.
Up to $11.1 million in awards is available through the FY 2022 round of the program. Certified CDFIs may use these funds individually, or for LLR through a partnership between a Certified CDFI and any Federally Insured Depository Institution with a primary mission to serve targeted Investment Areas, or for TA through a partnership between two or more Certified CDFIs. SDL Program awards may not be used to provide direct loans to consumers.
Please review the Notice of Funds Availability (NOFA) to learn more about the SDL Program. Additional details on how to apply to the program are available below.
Application Materials
Reference copies of the SDL Program NOFA and all application materials can be found on the SDL Program page on the CDFI Fund’s website.
Applicants are strongly encouraged to read and view all application materials, including the NOFA, application guidance, webinars, and presentations.
Required Application Systems
All applicants must be registered and have active accounts in SAM.gov, Grants.gov, and the CDFI Fund’s Awards Management Information System (AMIS) to apply for funding by June 15, 2022, or their application will be considered ineligible. All applicants are also required to have the correct Employer Identification Number (EIN) and Unique Entity Identifier (UEI) attached to the relevant SAM.gov and AMIS accounts by June 15, 2022. As soon as possible, organizations should either create these accounts if they do not exist or confirm that their existing accounts are up to date, in order to avoid potential application submission problems. Detailed information is available in the FY 2022 NOFA for the program.
Timeline
- Applicants must submit their SF-424 electronically via Grants.gov and create an AMIS account before 11:59 p.m. Eastern Time (ET) on June 15, 2022.
- SDL Program Grants.gov Funding Number: CDFI-2022-SDL
- The complete SDL Program Application must be submitted electronically through AMIS before 11:59 p.m. ET on July 15, 2022.
- The CDFI Fund strongly encourages all materials to be submitted at least three days before each corresponding deadline for Grants.gov and AMIS.
- The CDFI Fund will not respond to any applicant questions about the SDL Program round after 5:00 p.m. ET on July 13, 2022. Technical support for AMIS will not be available after 5:00 p.m. ET on July 15, 2022.
Please see the NOFA for more information on submitting the SDL Program Application.
Learn About Applying to the Small Dollar Loan Program
The CDFI Fund is conducting two live webinars to inform applicants about the FY 2022 SDL Program Application. Please view the SDL Program webpage for the dates, times, and access information for each webinar. Advance registration is not required to participate in the webinars.
The CDFI Fund also held a pre-application webinar about the SDL Program on April 27, 2022. The recording and presentation from that webinar is also available on the CDFI Fund’s website.
Questions
The CDFI Fund will be answering questions about the FY 2021 SDL Program application until 5:00 p.m. ET on July 13, 2022. Contact the CDFI Fund’s Help Desk by submitting a Service Request through your AMIS account; by e-mail to [email protected]; or by phone to (202) 653-0421 (please note this is not a toll free number).
To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov.