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CDCI small dollar loan program awards

The Treasury Department has announced that its Community Development Financial Institutions (CDFI) Fund yesterday awarded more than $10.8 million in grants to Community Development Financial Institutions (CDFIs) in the fiscal year 2021 round of the Small Dollar Loan Program (SDL Program), to help expand consumer access to financial institutions by providing alternatives to high cost small dollar lending.

Authorized by the Dodd-Frank Act, the SDL Program helps Certified CDFIs address the issue of expanding consumer access to mainstream financial institutions and provide alternatives to high cost small dollar loans. The program was also created to help unbanked and underbanked populations build credit, access affordable capital, and allow greater access to the mainstream financial system.

A total of 52 CDFIs headquartered in 30 states, the District of Columbia, and Puerto Rico received FY 2021 SDL Program awards. The recipients comprise CDFIs of diverse types and include: 28 loan funds that received $5.2 million; 13 credit unions that received $2.8 million; and 11 banks or bank holding companies that received $2.8 million. This includes two organizations headquartered in Puerto Rico that received $560,000 in awards, and five minority depository institutions that received a total of $1.6 million in awards.

Of the 52 recipients, 13 SDL Program awards totaling nearly $3 million (or 28 percent of total funds awarded) were made to recipients with headquarters located in Persistent Poverty Counties, which exceeds the Congressional mandate of 10 percent.

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