PURPOSE: THE EMERGENCY CAPITAL INVESTMENT PROGRAM (ECIP) WILL ENCOURAGE LOW- AND MODERATE-INCOME COMMUNITY…
Federal financial assistance recorded from USAspending. This is not a procurement contract.
Assistance award details
- Assistance award identifier
- ASST_NON_2ECIP0053_020
- FAIN
- 2ECIP0053
- Recipient
- DOMESTIC AWARDEES (UNDISCLOSED)
- Awarding agency
- Department of the Treasury
- Funding agency
- Department of the Treasury
- Assistance listing (CFDA)
- 21.030
- Total obligated
- $83,271,000
- Period
- — – —
- Fiscal year
- 2022
- Place of performance state
- TN
- Source file
- FY2022_All_Assistance_Full_20261006.zip
Description
PURPOSE: THE EMERGENCY CAPITAL INVESTMENT PROGRAM (ECIP) WILL ENCOURAGE LOW- AND MODERATE-INCOME COMMUNITY FINANCIAL INSTITUTIONS TO AUGMENT THEIR EFFORTS TO SUPPORT SMALL BUSINESSES AND CONSUMERS IN THEIR COMMUNITIES TO, AMONG OTHER THINGS, PROVIDE LOANS, GRANTS AND FORBEARANCE FOR SMALL BUSINESSES, MINORITY-OWNED BUSINESSES, AND CONSUMERS, ESPECIALLY IN LOW-INCOME AND UNDERSERVED COMMUNITIES THAT MAY BE DISPROPORTIONATELY IMPACTED BY THE ECONOMIC EFFECTS OF THE COVID-19 PANDEMIC. THE ECIP IS NOT A GRANT PROGRAM. THE ECIP IS A DIRECT INVESTMENT PROGRAM COMPRISING THE PURCHASE OF PREFERRED STOCK OR SUBORDINATED DEBT INSTRUMENTS FROM ELIGIBLE FINANCIAL INSTITUTIONS. ACTIVITIES TO BE PERFORMED: ELIGIBLE DEPOSITORY INSTITUTIONS OR HOLDING COMPANIES THAT ARE CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) OR MINORITY DEPOSITORY INSTITUTIONS (MDIS) WILL RECEIVE ASSISTANCE TOTALING UP TO $8.75 BILLION BASED ON CRITERIA SPECIFIED ON TREASURYâS ECIP WEBSITE, INCLUDING THE INSTITUTIONâS FINANCIAL ABILITY TO MAKE DIVIDEND OR INTEREST PAYMENTS, THEIR CAPACITY TO EXECUTE ON THE LENDING PLAN SUBMITTED TO TREASURY, AND THEIR RESPONSIVENESS TO COMMUNITY NEEDS. END GOAL/EXPECTED OUTCOMES: ADDRESS COMMUNITY DEVELOPMENT NEEDS IN COMMUNITIES THAT MAY BE DISPROPORTIONATELY IMPACTED BY THE ECONOMIC EFFECTS OF COVID-19, WHICH INCLUDES THE NEEDS OF SMALL BUSINESSES, CONSUMERS, NONPROFIT ORGANIZATIONS, COMMUNITY DEVELOPMENT, AND OTHER PROJECTS PROVIDING DIRECT BENEFITS TO LMI COMMUNITIES, LOW-INCOME INDIVIDUALS, AND MINORITIES WITHIN THE MINORITY, RURAL, AND URBAN LOW-INCOME AND UNDERSERVED AREAS SERVED BY THE INSTITUTION. INTENDED BENEFICIARIES: ELIGIBLE CDFIS, MDIS, THEIR CONSUMER, SMALL BUSINESS AND MINORITY-OWNED BUSINESS BORROWERS, AND THEIR COMMUNITIES. SUBRECIPIENT ACTIVITIES: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM. RECIPIENT-SPECIFIC INFORMATION ON USE OF FUNDS WAS NOT AVAILABLE AT THE TIME OF OBLIGATION. PLEASE REFER TO HTTPS://HOME.TREASURY.GOV/POLICY-ISSU