CDFI Fund Announces Innovation Challenge

Building upon the Community Development Financial Institutions Fund's (CDFI Fund) commitment to increasing financial services in underserved areas of the United States, CDFI Fund Director Annie Donovan announced yesterday that the CDFI Fund is requesting proposals for new and innovative ways of expanding services in low-income and distressed communities.

Director Donovan announced the CDFI Fund's "Request for Proposals for a CDFI Fund Innovation Challenge" (Innovation Challenge) at the CDFI Fund's Community Development Advisory Board Meeting on May 20, 2015. The goal of the Innovation Challenge is to finance the development of a method, model, tool, or product that Community Development Financial Institutions (CDFIs) can use to build capacity to expand CDFI investments in underserved target markets, especially those that are in rural areas.

"While hundreds of CDFIs across the nation are increasing access to capital and affordable financial services for underserved areas every day, the fact remains that there are still challenges to providing and receiving these services in many parts of our country," said Director Donovan. "The CDFI Fund, therefore, intends for the Innovation Challenge to help uncover and highlight new, innovative, and successful approaches that work to ensure that even residents of the most underserved areas in our nation can access vital financial products and services to help their families, communities, and local economies thrive and grow."

Through the Innovation Challenge, the CDFI Fund will select a contractor(s) to conceptualize, propose, develop, and demonstrate new and innovative methods that will increase the capacity of CDFIs to provide financial products, financial services, and/or development services associated with financial products and financial services in target markets. Based on the responses received, either a single or multiple contract(s) may be awarded.

For full details about the Request for Proposals, including the scope of work, contractor and key personnel qualifications, and instructions on how to submit questions and a proposal for consideration, interested Offerors should go to http://www.fedbizopps.gov and enter solicitation number TFSACDF15CI0002 into the key word/solicitation # field. Interested Offerors may register in http://www.fedbizopps.gov to receive notifications along with any amendments that are issued about this procurement.

To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov.