Small Dollar Loan Program award recipients announced

The Community Development Financial Institutions Fund today awarded more than $11.4 million in grants to 66 community development financial institutions through the Small Dollar Loan Program for the 2022 fiscal year. The awards will help expand consumer access to financial institutions by providing alternatives to high-cost small dollar lending. Award recipients included 10 banks and bank holding companies that received a total of $2 million.

“The FY 2022 Small Dollar Loan Program awards will help more CDFIs provide safe alternatives to costly payday lenders,” said CDFI Fund Director Jodie Harris. “In today’s economic climate, so many Americans live paycheck to paycheck. I’m proud that these awards will expand the access to affordable small dollar loans for underserved and distressed communities.”

Bank Enterprise Award program applications

The CDFI Fund is also soliciting public comment on the Bank Enterprise Award program application process for the 2023 to 2025 funding rounds. The CDFI Fund seeks input on a number of issues related to the applications, including whether the collection of information is necessary for the proper performance of the functions of the agency; ways to enhance the quality, utility and clarity of the information collected; and ways to minimize the burden of the collection of information on respondents.

Comments are also invited on other BEA-related considerations, such as whether the CDFI Fund should require applicants to provide information on their most recent Community Investment Act rating and any enforcement actions taken against them. Comments are due Nov. 28.