On September 27, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $11.4 million in awards to 66 CDFIs for the fiscal year (FY) 2022 Small Dollar Loan (SDL) Program. The SDL Program was authorized as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 but was not funded until FY 2021. Through this program, the CDFI Fund provides awards for loan loss reserves and technical assistance to support affordable consumer loans.
OFN congratulates all the recipients, especially the eight OFN members that received over $800,000 in awards.
OFN Member Awardees
- BCL of Texas
- Beaufort County Black Chamber of Commerce
- Community Business Partnership, Inc.
- Haa Yakaawu Financial Corporation
- Lake Superior Community Development Corp
- Latino Economic Development Corporation (LEDC) (DC)
- Lummi Community Development Financial Institution
- Solita’s House Inc.
Funding for this round of the SDL Program comes from the $295 million the CDFI Fund received in FY 2022 appropriations. Future rounds of the SDL Program are dependent on Congress appropriating additional funding. The House of Representatives approved $10 million in SDL Program funding for FY 2023 and the Senate has proposed $9 million.
Since negotiations for appropriations for the next fiscal year are still ongoing, lawmakers have passed a short-term continuing resolution to keep the government funded at FY 2022 levels through December 16.
OFN continues to advocate for at least $1 billion in appropriations for the CDFI Fund in the final FY 2023 funding bill.