Recently the CDFI Fund announced the award recipients for the FY 2012 Community Development Financial Institutions (CDFI) and Native American CDFI Assistance (NACA) Programs. The FY 2012 award announcement was the largest in the CDFI Fund’s history, and a record 210 CDFI’s received a combined $186,853,456 in Financial Assistance (FA) and Technical Assistance (TA) awards.
Building on FUND Consulting’s experience and success in previous funding rounds, FY 2012 proved to be our most successful funding round to date. FUND was happy to assist so many of its clients with successful applications as demand for funding through these programs continues to grow and make successive funding rounds more competitive.
Eighteen of our clients received a total of $15,270,840 in Financial Assistance and Technical Assistance awards through the CDFI and NACA Programs. Some highlights from the FY 2012 funding round include:
● 75% of loan funds clients that utilized FUND’s application services received FA and TA awards through the CDFI and NACA Programs
● 80% of NACA Program clients that utilized FUND’s application services received awards, including the only NACA award made to a bank
● 57% of the total number of banks that received FA awards through the CDFI and NACA Programs utilized FUND’s application services
Since its inception, the CDFI Fund has provided Financial Assistance and Technical Assistance awards to CDFIs across the country. Financial Assistance awards are made in the form equity investments, loans, deposits, or grants and can be used for financing capital; loan loss reserves; and capital reserves. Technical Assistance awards are made in the form of grants and can be used for the purchase of equipment, materials, or supplies; consulting or contracting services; salaries and benefits of certain personnel; and staff or board member training. Non-certified CDFIs are eligible to apply for TA funds to help these organizations become certified CDFIs.
The CDFI Fund is expected to announce the availability of funds for FY 2013 this fall. FUND Consulting provides a variety of application support services, including assistance with writing the application narrative, completing the application charts, and strategic advice. If your organization is interested in making its application more competitive, we encourage you to contact us for more information about our services.