CDFI Fund Receives 260 Applications Requesting More Than $237.7 Million Under The 2009 Round of the CDFI Program

Washington, DC - The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced today that it received a total of 260 applications for the fiscal year 2009 round of the CDFI Program, up 16 percent over last year's round (225 total applications). The applicants requested an aggregate of over $237.7 million in assistance, which also increased from last year's round ($205.5 million) by 16 percent.

"CDFIs are on the frontlines of the financial crisis. They are in need of flexible capital, exactly what the CDFI Program provides them in order to serve distressed communities," said CDFI Fund Director Donna Gambrell. "From small and emerging to well-established organizations, CDFIs are working in the nation's economically hardest hit communities and are still providing critically needed financial products and services to those who have few alternatives in today's economy."

The CDFI Fund published a Notice of Funds Availability in the Federal Register on August 13, 2008 announcing that it was making approximately $54 million available for the fiscal year 2009 round (pending Congressional appropriation). Approximately $9 million of these funds are being targeted to CDFIs that applied under Category I of the application, what is known as Small and Emerging CDFI Assistance or SECA; $2 million in funds are also being targeted to applicants that apply for Technical Assistance only. The remaining $43 million in funds will be awarded to CDFIs that applied under Category II of the application, known as Core Applicants. The deadline for applications was October 29, 2008 and awards will be announced the summer of 2009.

Applications are currently being evaluated through a merit-based qualitative review to identify those applicants most likely to have the greatest impact in our nation's most distressed low-income rural and urban communities. The characteristics of the applicant pool include:

Geographic Distribution

• Applications were received from 44 states, the District of Columbia and Puerto Rico.

Category I Small and Emerging CDFI Assistance

• 61 (23 percent) applicants applied under Category I or SECA requesting an aggregate total of $29,344,071, with:
  • $24,302,943 in Financial Assistance; and
  • $5,041,128 in Technical Assistance.
  • Institutional type:
    • 52 (85 percent) applicants are loan funds;
    • 6 (10 percent) applicants are credit unions;
    • 2 (3 percent) applicants are banks, thrifts or holding companies; and
    • 1 (2 percent) applicants are venture capital funds.

Category II - Core

• 125 (48 percent) applicants applied under Category II or Core requesting an aggregate total of $201,448,279, with:
  • $188,969,642 in Financial Assistance; and
  • $12,478,637 in Technical Assistance.
  • Institutional type:
    • 87 (70 percent) applicants are loan funds;
    • 23 (18 percent) applicants are credit unions;
    • 12 (10 percent) applicants are banks, thrifts or holding companies; and
    • 3 (2 percent) applicants are venture capital funds.

Technical Assistance Only

• 74 (28 percent) applicants applied for Technical Assistance Only requesting an aggregate total of $6,918,916
  • Institutional type:
    • 54 (73 percent) applicants are loan funds;
    • 13 (18 percent) applicants are credit unions;
    • 4 (5 percent) applicants are banks, thrifts or holding companies; and
    • 3 (4 percent) applicants are venture capital funds.

For more information on the CDFI Fund and its programs,
please visit www.cdfifund.gov.