Biden-Harris Administration Announces Over $8.28 Billion in Investments in CDFIs and MDIs through Emergency Capital Investment Program
On September 21, Vice President Kamala Harris and Secretary of the Treasury Janet L. Yellen announced that the Department of the Treasury has made over $8.28 billion of investments in 162 community financial institutions across the country through the Emergency Capital Investment Program (ECIP).
These funds will support the efforts of community financial institutions to provide loans, grants, and other assistance to small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled during the COVID-19 crisis.
We congratulate the following OFN member CDFIs on their awards.
OFN Member Awardees
- Alternatives Federal Credit Union
- Hope Federal Credit Union
- Latino Community Credit Union
- Local Government Federal Credit Union
- Lower East Side People’s Federal Credit Union
- One Detroit Credit Union
- Self-Help Credit Union
- Self-Help Federal Credit Union
- Southern Bancorp, Inc.
- VCC Bank
A full list of recipient institutions and investment amounts is available here.
“President Biden and I are fighting to build a nation in which every person, no matter where they start, has an opportunity to succeed and thrive. Community banks are essential to that goal,” said Vice President Kamala Harris. “Small businesses, non-profits, entrepreneurs, and community organizations are using the ECIP funds to create opportunity and prosperity, not only for their community, but for our nation.”
ECIP is one program in a suite of federal investments that are providing access to capital in communities that face barriers to full participation in our financial system, including almost $10 billion through the State Small Business Credit Initiative, $1.25 billion through the CDFI Rapid Response Program, and the $1.75 billion CDFI Equitable Recovery Program. Together, these programs are an historic investment by the Biden-Harris Administration in CDFIs, MDIs, and community development.
Read the full press release.
Learn more about ECIP.