24SDL064060-G
Project Grant
Overview
Grant Description
The Small Dollar Loan Program provides grants for loan loss reserves and technical assistance to enable CDFIs to establish and maintain small business loan programs. SDL program grants cannot be used to provide direct loans to consumers.
This program is intended to provide an alternative to high-cost small dollar loans, as well as help unbanked and underbanked populations build credit, access affordable capital, and allow greater access into the mainstream financial system.
This program is intended to provide an alternative to high-cost small dollar loans, as well as help unbanked and underbanked populations build credit, access affordable capital, and allow greater access into the mainstream financial system.
Awardee
Funding Goals
THROUGH THE SDL PROGRAM, THE CDFI FUND PROVIDES (1) GRANTS FOR LOAN LOSS RESERVES (LLR) TO ENABLE A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) ESTABLISH A LOAN LOSS RESERVE FUND IN ORDER TO COVER THE LOSSES ON SMALL DOLLAR LOANS ASSOCIATED WITH STARTING A NEW SMALL DOLLAR LOAN PROGRAM OR EXPANDING AN EXISTING SMALL DOLLAR LOAN PROGRAM; AND (2) GRANTS FOR TECHNICAL ASSISTANCE (TA) FOR TECHNOLOGY, STAFF SUPPORT, AND OTHER ELIGIBLE ACTIVITIES TO ENABLE A CERTIFIED CDFI TO ESTABLISH AND MAINTAIN A SMALL DOLLAR LOAN PROGRAM.
Grant Program (CFDA)
Awarding / Funding Agency
Place of Performance
Multi-State
United States
Geographic Scope
Multi-State
Related Opportunity
Carter Fed Credit Union was awarded
Project Grant 24SDL064060-G
worth $383,223
from Community Development Financial Institutions Fund in April 2024 with work to be completed primarily in Multi-State United States.
The grant
has a duration of 3 years 8 months and
was awarded through assistance program 21.025 Small Dollar Loan Program.
The Project Grant was awarded through grant opportunity Fiscal Year 2024 Small Dollar Loan Program.
Status
(Ongoing)
Last Modified 5/7/24
Period of Performance
4/16/24
Start Date
12/31/27
End Date
Funding Split
$383.2K
Federal Obligation
$0.0
Non-Federal Obligation
$383.2K
Total Obligated
Activity Timeline
Additional Detail
Award ID FAIN
24SDL064060-G
SAI Number
None
Award ID URI
SAI EXEMPT
Awardee Classifications
Nonprofit Without 501(c)(3) IRS Status (Other Than An Institution Of Higher Education)
Awarding Office
2031RB SMALL DOLLAR LOAN PROGRAM
Funding Office
2031RB SMALL DOLLAR LOAN PROGRAM
Awardee UEI
XNB6KDE95LW9
Awardee CAGE
4JVK3
Performance District
90
Modified: 5/7/24