Treasury announces $9B available for Emergency Capital Investment Program
BPC Staff Mar 4, 2021 | 9:19 pm
1 min read time124 wordsAll Latest News, Banking & Finance, Law & Government
The U.S. Treasury announced that it is opening the application process for the Emergency Capital Investment Program, a new initiative designed to support access to capital in communities traditionally excluded from the financial system and that have struggled the most during the COVID-19 crisis. The program will ultimately invest $9 billion in Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), supporting their efforts to provide financial products for small and minority-owned businesses and consumers in low-income and underserved communities, the agency said in a news release. The program will provide up to $9 billion in capital directly to depository CDFIs and MDIs to support the provision of loans, grants, and forbearance for small and minority businesses and consumers in low-income communities.