Emergency Capital Investment Program
Funded Projects
Examples of what this program has supported.
Program Objective
Under the ECIP, Treasury invested $8,570,109,000 in capital directly in 175 credit unions, insured depository institutions, and bank or savings and loan holding companies that are certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs) to, among other things, provide loans, grants, and forbearance for small businesses, and consumers, especially in low-income and underserved communities such as rural and persistent poverty counties that may have been 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. No new awards are being made but existing awards are still active.
Eligibility
Eligible Applicants
- Other
Profit organization, Private nonprofit institution/organization (includes institutions of higher education and hospitals), Other private institutions/organizations
Beneficiaries
- Unrestricted by Individual Type
How to Apply
Award Procedure
New Investments under the Emergency Capital Investment Program are authorized.
Program details & compliance
Description
Under the ECIP, Treasury invested $8,570,109,000 in capital directly in 175 credit unions, insured depository institutions, and bank or savings and loan holding companies that are certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs) to, among other things, provide loans, grants, and forbearance for small businesses, and consumers, especially in low-income and underserved communities such as rural and persistent poverty counties that may have been 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. No new awards are being made but existing awards are still active.
Mission Categories
Primary: Economic Development
Required Documentation
Not applicable. No new awards will be made in FY 2025.