2021 CDFI deadlines and important resources
Would you like to be a CDFI? Streamlined CDFI deadline, April 3.
The CDFI Fund just announced another opportunity: the Small Dollar Loan Program, which will provide $13 million for CDFI and CDFI eligible lenders interested in scaling up anti predatory lending products. A much bigger opportunity will be announced later in the year, the COVID-19 Recovery Grants, which will disburse $1.75 billion (including $1.2 billion set aside for MDIs).
Saturday, April 3 is the deadline for low-income credit unions to apply for the National Credit Union Administration's (NCUA) streamlined CDFI qualification and application process. The streamlined process is designed to expand access In low-income and financially underserved communities and individuals.
To participate in the qualification process, a credit union must meet ALL of the following requirements:
- Is federally insured through the NCUA
- Has a low-income designation granted by the NCUA or a similar state designation confirmed by the NCUA; and
- Provides at least one of the following programs and services to its members:
- Financial counseling or education,
- Financial literacy workshops,
- In-school branches, or
- A first-time homebuyer program
To reduce applicant burden, the NCUA performs an initial analysis determining whether your credit union is a strong candidate for the streamlined process. To participate, your credit union must provide a defined set of loan information for analysis to determine if the qualification criteria are met. Qualified credit unions will then be provided with the necessary information to complete and submit the application to the CDFI Fund. For a detailed overview of the qualification process, visit the NCUA website.
If you miss this deadline, the NCUA's streamlined process does open again in September.
For more information and assistance with CDFI eligibility and certification, contact Inclusiv's Jules Epstein-Herbert, director of membership.
Already CDFI certified?
The CDFI Fund Rapid Response Program (RRP) has $1.25 billion in funds to award to CDFIs to deliver immediate assistance in communities impacted by the COVID-19 pandemic through a streamlined application and review process. The Financial Assistance (FA) and Technical Assistance (TA) grants have $188 million in funds to award to CDFIs to build financial capacity.
If your credit union is CDFI certified and interested in applying for RRP, FA, or TA grants, below are some key deadlines to keep in mind. You can also download this document.
Rapid Response Program (RRP)
FY 2021 Application Timeline
Financial Assistance (FA) / Technical Assistance (TA) Grants*
FY 2021 Application Timeline
*Any CDFI eligible institution not yet CDFI certified, as well as CDFI certified CUs with up to $100 million in assets, are eligible to apply for CDFI TA awards.
Don’t miss out on funds that can help your members and your community recover from the economic impacts of the pandemic.