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The CDFI Fund has announced the application process for the 2025 FA and TA awards, presenting a vital opportunity for credit unions to secure funding to expand their services and deepen their impact. To participate, it’s essential to meet all deadlines, including the complete application submission due by March 21, 2025, at 11:59 p.m. ET. Here's an overview of the critical dates and steps to ensure your application is timely and successful.
What Are FA and TA Awards, and Why Do They Matter?
The FA and TA awards are vital programs within the CDFI Fund’s portfolio. Their goal is to empower Certified CDFIs and support emerging organizations, enabling them to amplify their impact within their communities. For credit unions, these awards provide the resources to expand their reach, serve low-income and underserved populations, and innovate in their financial offerings.
- FA Awards: These grants, available to Certified CDFIs, can provide up to $1 million to fuel growth in financial products and services. For example, credit unions can use FA awards for lending capital, loan loss reserves, or capital reserves, to expand access to underserved communities.
- TA Awards: Tailored for smaller institutions and credit unions working towards certification, TA awards of up to $150,000 focus on community development capacity building—whether through staffing, technology upgrades, or professional development.
Key Details and Deadlines
Certification Deadline
- Applicants applying for FA awards under the CDFI or NACA Program must be Certified CDFIs as of January 16, 2025
- TA applicants are not required to be Certified CDFIs and may apply as Emerging CDFIs
Initial Submission
- Submit the SF-424 Form electronically via Grants.gov and create an AMIS account by February 18, 2025, at 11:59 p.m. ET
Complete Application Submission
- Submit the complete funding applicationby March 21, 2025, at 11:59 p.m. ET
Support and Recommendations
- Submit Early: The CDFI Fund strongly recommends submitting materials at least three days before each deadline to avoid last-minute technical issues
- The CDFI Fund will stop responding to applicant questions about the FY 2025 application round after 5:00 p.m. ET on March 19, 2025
- AMIS technical support will not be available after 5:00 p.m. ET on March 21, 2025
Why This Matters for Credit Unions
These awards represent a vital opportunity for credit unions to:
- Secure funding to grow their membership and lending in underserved communities
- Enhance their operational capacity with technology upgrades, professional development, and staffing investments
- Drive measurable impact in alignment with their mission to serve low-income and underserved populations
Take Action Now
The application process is competitive, and preparation is key. CUCollaborate is here to help your credit union maximize its chances of success. Our grant writing and advisory services are tailored to help you:
- Craft compelling applications that align with the CDFI Fund’s priorities.
- Streamline administrative tasks like updating SAM.gov and Grants.gov accounts.
- Develop impactful use-of-funds strategies to set your application apart.
Don’t wait—deadlines are fast approaching, and early preparation is critical.
📅 Schedule a meeting with our experts today to get started and ensure your credit union secures the funding it needs to grow in 2025.
CDFI Fund
