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 was 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 awarded a total of $950,000 in unrestricted grants to 19 CDFIs. Applicants were required to have less than $10 million in total assets documented on their FY 2018 audited financial statements. Each of the 19 awards was a $50,000 unrestricted grant. Grant funds are used for operations, loan capital, loan loss reserve, or any other purpose; grant funds are 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 an organization did 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

Click here for a PDF copy of the Small CDFI Unrestricted Grant Program Guidelines.

The application period is now closed.

QUESTIONS

If you have questions about the application process for the Small CDFI Unrestricted Grant Program, please watch a recording of a members-only informational webinar that is available in the OFN member-only COVID-19 community on CDFI Connect.  For any additional questions, please send an email to Seth Julyan.

BECOME AN OFN MEMBER

Learn about eligibility and benefits, and submit an application here. Please email Anthony Puzzuoli with questions.

 

 

 

2020 Awardees of the Small Business Unrestricted Grant Program

 

ACT! Albany Community Together, Inc.

Albany, GA

African Development Center

Minneapolis, MN

African Economic Development Solutions

St. Paul, MN

Beaufort County Black Chamber of Commerce

Beaufort, SC

Black Business Investment Fund

Orlando, FL

Chehalis Tribal Loan Fund

Oakville, WA

Chicago Neighborhood Initiatives Micro Finance Group, Inc.

Chicago, IL

Common Capital, Inc.

Springfield, MA

Community Fund of North Miami Dade

Opa Locka, FL

La Fuerza Unida Community Development Corporation

East Norwich, NY

Lakota Funds

Kyle, SD

Latino Economic Development Corporation (LEDC) (DC)

Washington, DC

Lummi Community Development Financial Institution

Bellingham, WA

Mission Community Loan Fund LLC

San Francisco, CA

Native360 Loan Fund, Inc.

Grand Island, NE

Nimiipuu Community Development Fund

Lapwai, ID

Northwest Native Development Fund (NNDF)

Coulee Dam, WA

People Trust

Little Rock, AR

River City Capital Investment Corporation

Memphis, TN