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Grants to USA Nonprofits for
Community and Economic Development

$50 Million Community Finance Innovation Fund

Agency Type:

Foundation / Corporation

Funding Source:

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Citi Foundation

Deadline Date:

05/24/22 4:00 PM EST

Description:

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Grants to USA nonprofit organizations to further the field of community development finance. Funding is intended to promote growth among community development financial institutions (CDFIs) across the country. Eligible proposals are those with the potential to be implemented on a regional or national scale, and that impact low- and moderate-income and underserved communities.

The Citi Foundation seeks innovative ideas to advance the field of community development finance, specifically affecting CDFIs, in the United States. The Citi Foundation has announced a RFI to support the next level of growth for Community Development Financial Institutions (CDFIs) to catalyze and expand their work in building assets and wealth for low-income and diverse communities.

Through this national RFI, the Foundation aims to solicit breakthrough innovations to advance the field of community development finance in four key areas: human capital and talent development; financial and risk-sharing models; technology and operational efficiencies; and thought leadership and research. For more information about these four areas, see https://www.citigroup.com/citi/foundation/programs/cfi/data/cfi_faq.pdf?ieNocache=886#page=3.

  • Priority will be given to ideas that seek to address an identified and measurable gap in the field of community development finance that directly affects CDFIs.
  • Priority will be given to organizations that demonstrate a strong commitment to Diversity, Equity and Inclusion and an intentionality to apply a racial equity lens to the field of community development finance.
  • In addition to ideas that have the ability and/or intent to achieve regional or national scale, the Foundation has a strong interest in ideas that impact low- and moderate-income and underserved communities within Citi Foundation’s strategic U.S. markets: California, Connecticut, Florida, Illinois, Maryland, New Jersey, New York, South Dakota, Virginia, and Washington DC. 

GrantWatch ID#:

GrantWatch ID#: 202539

Estimated Total Program Funding:

$50,000,000

Number of Grants:

The Foundation anticipates it will ultimately provide grant support to 10-20 ideas as part of the $50MM Community Finance Innovation Fund.

Estimated Size of Grant:

The Foundation anticipates that the amount of funding for each idea will vary depending on the scope and scale of the ideas submitted.

Additional Eligibility Criteria:

• Applicant organizations or their fiscal sponsors must be tax-exempt public charities as per Section 501(c)3 of the Internal Revenue Code.
• Applicant organizations or their fiscal sponsors must be able to submit at least one year of audited financial statements covering all or part of fiscal year 2020.
• Applicant organizations must be able to demonstrate a successful track record of advancing the field of community development finance specifically in conjunction with CDFIs.
• Applicant organizations must be able to demonstrate that their idea has the ability and/or intent to achieve regional or national scale, impacting low- and moderate-income and underserved communities.

Pre-Application Information:

The deadline to submit ideas is May 24, 2022 at 4 p.m. EST. A sub-set of the organizations who complete the RFI will be invited to submit a grant application.

Selection Timeline:
• Phase 1: Citi Foundation will accept and review ideas on a rolling basis between March 24, 2022, and May 24, 2022.
• Phase 2: A sub-set of organizations that submit ideas will be contacted for further information. This will happen on a rolling basis. All organizations that submit an idea will receive notification from the Foundation on whether it will be proceeding to Phase 2 by no later than June 30, 2022.
• Phase 3: A sub-set of organizations that are contacted for further information will be invited to submit a grant application. This will happen on a rolling basis.

Press release: https://www.citigroup.com/citi/news/2022/220324a.htm

For more information about this opportunity, including eligibility and selection criteria, please see Frequently Asked Questions in Supporting Documents below.

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

Submit your idea at https://citi.fluxx.io/apply/CFIF.

For questions, please email CitiFoundationRFP@citi.com.

URL for Full Text (RFP):

Geographic Focus:

USA: Alabama;   Alaska;   Arizona;   Arkansas;   California;   Colorado;   Connecticut;   Delaware;   Florida;   Georgia;   Hawaii;   Idaho;   Illinois;   Indiana;   Iowa;   Kansas;   Kentucky;   Louisiana;   Maine;   Maryland;   Massachusetts;   Michigan;   Minnesota;   Mississippi;   Missouri;   Montana;   Nebraska;   Nevada;   New Hampshire;   New Jersey;   New Mexico;   New York City;   New York;   North Carolina;   North Dakota;   Ohio;   Oklahoma;   Oregon;   Pennsylvania;   Rhode Island;   South Carolina;   South Dakota;   Tennessee;   Texas;   Utah;   Vermont;   Virginia;   Washington, DC;   Washington;   West Virginia;   Wisconsin;   Wyoming

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