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Citi Foundation Announces $50 Million Community Finance Innovation Fund to Support the Growth of Community Development Financial Institutions Across the U.S.
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Rhea-AI Summary
The Citi Foundation has launched a historic $50 million Request for Ideas (RFI) to bolster Community Development Financial Institutions (CDFIs) in the U.S. This initiative aims to drive innovative solutions in human capital, financial models, technology, and research. The CDFI sector experienced a 52.3% surge in lending from 2020 to 2021, totaling over $38.7 billion. The deadline for submissions is May 24, 2022, and selected organizations will have the opportunity to apply for funding, reinforcing the Foundation's commitment to supporting underserved communities.
Positive
Launch of $50 million RFI to support CDFIs.
Largest funding request in the Foundation's history.
52.3% increase in CDFI lending from 2020 to 2021.
Funding will help sustain economic progress for underserved communities.
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New Request for Ideas, the largest in the Foundation’s history, aims to support innovative ideas for CDFIs to enable greater economic progress for underserved communities
NEW YORK--(BUSINESS WIRE)--
The Citi Foundation (the “Foundation”) today announced the launch of a new $50 million Request for Ideas (RFI) to support the next level of growth for Community Development Financial Institutions (CDFIs) across the United States. Representing the largest request for funding in the Foundation’s history, this national RFI aims to solicit and support breakthrough innovations from nonprofit organizations working to advance the field of community finance in four key areas: human capital and talent development; financial and risk-sharing models; technology and operational efficiencies; and thought leadership and research.
The CDFI industry achieved an unprecedented level of lending volume during the COVID-19 pandemic, seeing a 52.3% increase in lending and investment activity from 2020 to 2021, totaling more than $38.7 billion in financing, according to the CDFI Fund. Training, technical assistance and capacity building innovations from community organizations are crucial to helping sustain this level of impact, and through this RFI, the Citi Foundation seeks to identify and fund resources to help communities around the country thrive.
“CDFIs play a critical role in reaching historically underserved communities in the U.S., especially over the past two years as the economic impacts of the pandemic have made achieving financial stability that much more difficult,” said Brandee McHale, President of the Citi Foundation and Head of Citi Community Investing and Development. “The Citi Foundation will help CDFIs grow and innovate with this $50 millionCommunity Innovation Fund so they can continue to meet the needs of the communities they serve.”
The $50 millionCommunity Finance Innovation Fund builds upon Citi and the Foundation’s longtime support of CDFIs. In 2020 and 2021 alone, the Foundation provided over $50 million in grant support to CDFIs and small business support organizations across the U.S. This included awarding $15 million to 30 CDFIs, each of which received $500,000 in unrestricted funding primarily used to fund operations and loan loss reserves. An additional $10 million supported the New York Forward Loan Fund, and another investment of $25 million supported a combination of CDFIs and community organizations working to bolster small businesses during the pandemic.
The deadline to submit ideas is May 24, 2022, at 4 pm EST. Select organizations that submit ideas will be invited to apply for funding, which will be awarded on a rolling basis. For more information on this opportunity, please visit www.citifoundation.com/cfi.
Citi Foundation
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.
What is the purpose of the Citi Foundation's $50 million Request for Ideas?
The RFI aims to support innovative solutions for Community Development Financial Institutions (CDFIs) to enhance economic progress for underserved communities.
When is the deadline for submitting ideas to the Citi Foundation's RFI?
The deadline to submit ideas is May 24, 2022, at 4 PM EST.
How much funding did CDFIs experience from 2020 to 2021?
CDFIs saw a 52.3% increase in lending and investment activity, totaling over $38.7 billion during that period.
What areas will the Citi Foundation's RFI focus on?
It will focus on human capital development, financial models, technology efficiencies, and research in the community finance sector.
How has the Citi Foundation previously supported CDFIs?
In 2020 and 2021, the Citi Foundation provided over $50 million in grants to CDFIs and small business support organizations.
