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Treasury Launches Program to Support Minority-Owned Financial Institutions

The U.S. Department of the Treasury announced on March 4 in a press release that it is opening the application process for the Emergency Capital Investment Program (ECIP). The Treasury designed this new initiative to support access to capital in communities historically excluded from the financial system and struggled heavily during the COVID-19 pandemic.

The program will invest $9 billion in Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs). This will, in turn, support the Treasury’s efforts to provide financial services to small and minority-owned businesses and consumers in low-income and underserved communities.

The $9 billion investment under the ECIP complements the $3 billion in grants provided by the CDFI Fund through the CDFI …

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