The U.S. Department of the Treasury has announced more than $1.73 billion in grants to 603 community development financial institutions (CDFIs) across the country.

The funding, made through Treasury’s CDFI Fund Equitable Recovery Program, will enable CDFIs to expand lending, grantmaking, and investment activities in low-to-moderate-income communities and to borrowers with significant unmet capital and financial services needs that have experienced disproportionate economic impacts from the COVID-19 pandemic. In addition, the investments are intended to catalyze growth in the financial and organizational capacity of CDFIs to ensure the equitable distribution of federal funds. The funding was authorized by the Consolidated Appropriations Act of 2021 and will support CDFI investments in 44 states, the District of Columbia, Guam, and Puerto Rico.

“These grants—representing the largest CDFI grant program in history—will enable hundreds of community lenders to invest in small businesses and entrepreneurs, and also provide home loans for families, financial services for local nonprofits, and capital for community organizations,” said Vice President Kamala Harris.

“These critical resources,” said Secretary of the Treasury Janet L. Yellen, “will allow mission-driven lenders to expand access to capital in financially underserved communities, which will help increase contributions to long-term economic growth.”

For a complete list (XLS) of ERP recipients, see the CDFI Fund website.

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