COVID RELIEF, CDFI’s And ECIP
March 17, 2021
Acronyms remain alive and well in government. While the highly publicized PPP (Paycheck Protection Program) has rendered much needed relief, a new UST (United States Treasury) program set to roll out in May, 2021 will offer added assistance to low and moderate income communities, small businesses, and consumers. Financial institutions serving these areas may apply to the ECIP (Emergency Capital Investment Program) before May 7, 2021 for low cost funds which will qualify as bank capital in amounts commensurate with their lending plans for these disproportionately affected borrowers. Fairfield and Woods was able to assist one of our bank clients in becoming one of only two community development financial institutions (a CDFI- certified bank) in Colorado. As such, the Bank will be able to play an enhanced role in meeting the needs of low and moderate income borrowers struggling with the economic impact of the COVID-19 pandemic.
AAP (Always a pleasure) - Bob Vinton