Small CDFI Unrestricted Grant Program

  • Providing Flexibility to Keep The Small CDFI Strong

 OVERVIEW

The Small CDFI Unrestricted Grant Program focuses on providing crucial flexible funds to the smaller CDFIs in OFN’s membership. These funds are intended to help smaller CDFIs withstand the COVID-19 crisis.

Priority will be given to CDFIs that:

  • Have the hardest time attracting resources from public and private sources of funding.
  • Are more vulnerable, with less operating and capital liquidity in hand than larger CDFIs.
  • Serve low-income, low-wealth, or traditionally under-resourced communities and populations.
  • Serve small and micro-businesses.

TERMS

The 2020 Small CDFI Unrestricted Grant Program will award a total of $950,000 in unrestricted grants to 19 CDFIs. Applicants must have had less than $10 million in total assets documented on their FY 2018 audited financial statements. Each of the 19 awards will be a $50,000 unrestricted grant. Grant funds can be used for operations, loan capital, loan loss reserve, or any other purpose; grant funds will be completely unrestricted.

ELIGIBILITY

  1. Charitable Purpose
    Applicant is a US tax-exempt organization with a current 501(c)(3) determination letter from the Internal Revenue Service. If your organization does not have this tax status, it may be eligible if it is a U.S. Treasury CDFI Fund certified CDFI.
     
  2. Be an OFN Member 
    Applicant must be an OFN member.
     
  3. Total Assets
    Applicant reports less than $10 million in total assets from their FY 2018 audited financial statements.

APPLICATION PROCESS

Applicants must submit applications electronically by using this online form. We will not accept hard copy documents. Click here for a PDF copy of the Small CDFI Unrestricted Grant Program Guidelines.

The final deadline to submit an application for the Small CDFI Unrestricted Grant Program is 11:59 PM ET on May 13, 2020. The online application function will become inactive after this deadline.

Timeline

April 28

Small CDFI Unrestricted Grant Program launched

April 28 – May 13

Application period

May 13

Application closes at 11:59 PM ET

May 14 – May 28

Selection committee reviews applications

May 29

Awardees selected and announced

May 29 – June 5

Grants disbursed to awardees

QUESTIONS

If you have questions about the application process for the Small CDFI Unrestricted Grant Program, we invite you to participate in a members-only informational webinar scheduled for May 5, 4–4:30 PM ET. A recording of the webinar will be available afterward on the OFN member-only COVID-19 community on CDFI Connect.

If you have any questions or experience technical difficulty with the electronic application, please send an email to Seth Julyan at sjulyan@ofn.org.

BECOME AN OFN MEMBER

Learn about eligibility and benefits, and submit an application here. Please contact Anthony Wilder Puzzuoli at apuzzuoli@ofn.org with questions.