CDFI: 'Rapid Response Program,' ECIP Application, and More

Logo for the Community Financial Development Institutions fund

The Community Development Financial Institutions (CDFI) Fund will soon award funds through the CDFI Rapid Response Program (CDFI RRP) to help communities respond to economic hardships created by the COVID-19 pandemic.

A funding notice must be published within 60 days of enactment (no later than Feb. 25). Application details will also be released soon. Only Certified CDFIs that achieve certification prior to the funding notice release date will be eligible to apply.

ECIP Application Instructions & Materials for CDFIs
The U.S. Treasury Department’s Emergency Capital Investment Program (ECIP) encourages low- and moderate-income financial institutions that are Certified CDFIs or minority depository institutions to provide financial relief to small businesses, minority-owned businesses, and consumers (especially in low income and underserved communities) that may be disproportionately impacted by the COVID-19 pandemic.

Treasury has posted drafts of the application instructions and materials. The document is for reference only and is provided so potential applicants may compile information that Treasury will require. Instructions can be accessed here.
NCUA to Open Streamlined CDFI Application Round
Federally insured low-income credit unions seeking CDFI certification can apply to use the National Credit Union Administration's (NCUA) streamlined qualification process beginning Jan. 24.

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