Community Development Financial Institution Assistance Program
Since the program's launch in 1997, Empire State Development (ESD) has awarded more than $17 million in grants to federally certified community development financial institutions (CDFIs) to strengthen their lending and technical assistance services. Every year, these CDFIs help thousands of minority- and women-owned business enterprises and small businesses survive and flourish in New York State.
The Community Development Financial Institution Assistance Program bolsters institutions providing microloans to small businesses that often do not qualify for bank loans, as well as provide one-on-one counseling and business development assistance to facilitate credit readiness.
Certified CDFIs that provide financial assistance and technical assistance services to small businesses and minority and women-owned businesses to help them grow, such as:
- Assistance with completion of loan applications
- Technical assistance, including business plan development, in groups and one-on-one
- Mentorship and peer group programs
- Credit union services (where available)
How to Apply
ESD issues a request for proposal (RFP) and considers a number of factors when considering making grants to CDFIs, including:
- Applicant must be certified by the United States Department of Treasury as a CDFI
- Applicant must have as a primary focus of its activities the provision of financial services for small businesses in New York State, including:
- Track record and volume of small business lending
- Performance under previous program grants
- Institutional capacity and need
- Merits of the proposed project