The new demand for ideas, the largest in the foundation’s history, aims to support innovative ideas for CDFIs to enable greater economic growth for disadvantaged communities.
New York, March 24, 2022– (Business Wire) – The Citi Foundation announced today that it has launched a new 50 50 million Request for Opinion (RFI) to address the future of Community Development Financial Institutions (CDFIs) in the United States. Support level growth. States representing one of the largest funding requests in the Foundation’s history, this national RFI aims to solicit and support successful initiatives from nonprofits working to improve community finances in four key areas: human capital and Talent development; Financial and risk sharing models; Technology and operational capabilities; And thought leadership and research.
The CDFI industry achieved unprecedented lending volume during the COVID-19 epidemic, with a 52.3% increase in lending and investment performance from 2020 to 2021, according to the CDFI Fund, reaching .7 38.7 billion. Funded more than dollars. Training, technical assistance and capacity building initiatives from community organizations are critical to helping maintain this level of impact, and through this RFI, the Citi Foundation seeks to identify and fund resources to help communities across the country. To do.
“CDFIs have played a key role in reaching historically disadvantaged communities in the United States, especially over the past two years because the economic impact of the plague has made it extremely difficult to achieve financial stability.” Brandi McHale, Director of the Citi Foundation and Head of Investment and Development of the Citi Community. “The Citi Foundation will help CDFIs grow and innovate with this 50 50 million Community Innovation Fund so they can meet the needs of the communities they serve.”
The $ 50 million Community Financial Initiative Fund is created with the long-term support of Citi and the CDFIs Foundation. In 2020 and 2021 alone, the Foundation provided more than 50 million in grants to CDFIs and small business support organizations in the United States, including a ډالرو 15 million reward for 30 CDFIs, 500,000 each. Received in unlimited financing which is primarily used to finance operations and debt relief. The reserves supported an additional 10 10 million from the New York Forward Debt Fund, and another ډالرو 25 million in investment to support a combination of CDFIs and community organizations working to strengthen small businesses during the plague.
Deadline for submission of feedback May 24, 2022, 4 p.m. EST. Select organizations that offer ideas will apply for funding, which will be given on a rolling basis. For more information on this opportunity, please visit www.citifoundation.com/cfi.
The Citi Foundation works to promote economic growth and improve the lives of people in low-income communities around the world. We are investing in efforts to increase financial inclusion, create job opportunities for young people, and review approaches to building economically active communities. The Citi Foundation’s “Beyond Flantropy” approach takes advantage of the great expertise of Citi and its people to fulfill our mission and build intellectual leadership and innovation. For more information, visit www.citifoundation.com.
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Catherine and Sullivan