Opportunity Information: Apply for CDFI 2024 SDL
The Fiscal Year 2024 Small Dollar Loan Program (SDL Program) is a discretionary grant opportunity offered by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). It is designed to help Certified Community Development Financial Institutions (Certified CDFIs) start, strengthen, or expand small dollar loan products that serve as safer, more affordable alternatives to high-cost short-term lending. The overall goal is to improve access to responsible credit for people and communities that are often left out of traditional banking, particularly unbanked and underbanked borrowers, while also helping them build or repair credit histories and move toward more stable, mainstream financial services.
Under this program, award funds are intended to support small dollar lending efforts that provide affordable capital and reduce reliance on predatory or high-fee credit options. While the notice does not list every allowable use in the snippet provided, the program description makes clear that the funding is meant to enable Certified CDFIs to operate and scale lending programs that meet community needs, increase borrower access to fair loan terms, and improve financial inclusion outcomes. In practical terms, this type of support often helps mission-driven lenders cover the costs of launching new loan products, expanding lending capacity, improving underwriting and servicing, strengthening borrower support systems, or otherwise making small dollar loan programs sustainable at a larger scale.
Key details from the opportunity include the funding opportunity title "Fiscal Year 2024 Small Dollar Loan Program" and funding opportunity number "CDFI 2024 SDL." The funding instrument is a grant, and the activity category is community development, tied to CFDA number 21.025. The program anticipated making about 70 awards, with a maximum award amount (ceiling) of $500,000 per award. The opportunity was posted on October 20, 2023, with an original application deadline of November 20, 2023.
Eligibility is targeted to organizations that are Certified CDFIs, as the program description explicitly states that awards are made to Certified CDFIs to establish and expand small dollar loan programs. The listing also indicates "Others" under eligible applicants, with a note to consult the additional eligibility information in the full notice for clarification, but the central eligible applicant group for this program is Certified CDFIs. Overall, the SDL Program is positioned as a federal tool to help community lenders deliver reasonably priced small loans that promote credit building, reduce financial harm from expensive debt, and bring more households into stable relationships with responsible financial institutions.Apply for CDFI 2024 SDL
- The Department of the Treasury, Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "Fiscal Year 2024 Small Dollar Loan Program" and is now available to receive applicants.
- Interested and eligible applicants and submit their applications by referencing the CFDA number(s): 21.025.
- This funding opportunity was created on Oct 20, 2023.
- Applicants must submit their applications by Nov 20, 2023. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- Each selected applicant is eligible to receive up to $500,000.00 in funding.
- The number of recipients for this funding is limited to 70 candidate(s).
- Eligible applicants include: Others (see text field entitled Additional Information on Eligibility for clarification).
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