The Community Development Financial Institutions Fund today opened its funding round for fiscal year 2022 funding for its small-dollar loan program. The program was created to support CDFIs seeking to offer unsecured small-dollar loans of $2,500 or less to their customers, and $11.1 million in awards is available for this round.
CDFIs may apply for grants to enable them to establish loan loss reserves in order to cover losses associated with a small-dollar lending program, or grants for technical assistance, which support technology, staff support and other eligible activities to enable and maintain a small-dollar loan program. Applications are due by July 15.
