Emergency Capital Investment Program

The Department of the Treasury Departmental Offices made direct capital investments under the Emergency Capital Investment Program (CFDA 21.030) through fiscal year 2023, with no new awards being made in fiscal year 2025 and no future solicitations anticipated.

The program is not a grant program but rather a direct investment program comprising purchases of preferred stock or subordinated debt instruments from eligible financial institutions. Treasury invested $8.57 billion in capital directly in 175 credit unions, insured depository institutions, and bank or savings and loan holding companies certified as Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs). The investments funded activities including 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.

Treasury made investments in approved institutions in fiscal years 2022 and 2023. Existing awards remain active and subject to ongoing compliance requirements, including maintenance of financial records and submission of Initial Supplemental Reports and Quarterly Supplemental Reports for five years after the report date unless state requirements mandate a longer retention period.

The program is temporary and closed to new applications. Eligible recipients included profit organizations, private nonprofit institutions and organizations (including institutions of higher education and hospitals), and other private institutions and organizations. Standard 2 CFR cost principles, audit requirements, and pre- and post-award compliance provisions do not apply under this assistance listing. This program is not actively pursuing new recipients and should be considered closed for business development purposes.