Community Finance Innovation Fund
$50 Million Community Finance Innovation Fund Request for Ideas
To support the next level of growth for CDFIs and MDIs across the United States, the Citi Foundation selected 12 nonprofit organizations as the recipients of its $50 million Community Finance Innovation Fund.
According to the 2022 Financial Health Pulse Trends report supported by the Citi Foundation, financial health in America declined across many demographic and socioeconomic groups over the past year.
As the economic challenges of American households increase, Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) play a critical role delivering credit and other asset-building financial services to unbanked and underbanked households and entrepreneurs in low-income communities and communities of color.
Building on Citi and the Citi Foundation’s long history of promoting financial inclusion, these grants will help bolster the work of these specialized organizations that have been an economic lifeline for communities across the U.S. hardest hit by the economic impact of the pandemic.
The organizations were selected following a competitive Request for Ideas process earlier this year. The Citi Foundation’s support for a number of the fund’s selected organizations and projects contribute to Citi and the Citi Foundation’s Action for Racial Equity, which has already invested more than $1 billion in strategic initiatives to help close the racial wealth gap in the U.S. since its launch in 2020.
The selected organizations and projects are:
Technology and Operational Efficiency
- Aeris Insight
- California Association for Microenterprise Opportunity (CAMEO)
- Credit Builders Alliance
- National Bankers Community Alliance
Human Capital
- African American Alliance of CDFI CEOs Inc.
- Inclusiv
- Local Initiatives Support Corporation (LISC)
- National Association for Latino Community Asset Builders (NALCAB)
- Opportunity Finance Network (OFN)
Research and Thought Leadership
- University of New Hampshire’s Center for Impact Finance
Financial and Risk Sharing
- Calvert Impact Capital
- Capital Impact Partners
