Preparing for the CDFI Fund’s 2025 Financial Assistance and Technical Assistance Programs
Explore how credit unions can leverage the CDFI Fund's 2025 FA and TA programs to secure vital funding, drive growth, and amplify their impact in underserved communities.
Table of contents
The CDFI Fund will soon announce the upcoming 2025 application round for Financial Assistance (FA) and Technical Assistance (TA) awards. For credit unions, these awards represent a significant opportunity to secure critical funding, drive growth, and amplify their impact in underserved communities. But beyond the dollars available, these awards require thoughtful strategy and careful planning to maximize their potential. Let’s break down the key takeaways from this announcement and how CUCollaborate can support credit unions in leveraging these programs.
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 $125,000 focus on community development capacity building—whether through staffing, technology upgrades, or professional development.
These awards are more than just funding; they are strategic tools for credit unions to strengthen their financial resilience and mission-driven focus. In a tightening credit environment, such resources become even more critical when reaching Target Market communities facing economic distress.
Strategic Planning for FA and TA Awards
Securing a FA or TA award is highly competitive, requiring credit unions to present a compelling case for how they’ll deploy the funds. Jeff Bailey, CUCollaborate’s CDFI Advisory Services Manager, states: “The cornerstone of a strong application is a clear use-of-funds strategy, along with a demonstrated track record and vision for community impact.”
Here are some strategic questions for credit unions to consider, adapted from CUCollaborate’s CDFI advisory approach:
- How can additional capital assist your credit union’s growth in lending to underserved communities? Identifying new target markets and demonstrating readiness to serve them can set your application apart.
- How will these funds enhance your credit union’s mission? Whether it’s expanding financial literacy programs or offering new loan products, clarity of purpose is critical.
- How can your application showcase measurable outcomes? Demonstrating the tangible impact your credit union will achieve with CDFI funding can set your application apart and make it truly competitive. Let the data tell your story—show how these funds will transform lives and drive meaningful, sustainable growth.
The Role of CUCollaborate in Supporting CDFI Success
CUCollaborate’s expertise in navigating the complexities of the CDFI Fund’s award application process has helped credit unions secure millions in funding while meeting their award compliance requirements. Here’s how we can assist your credit union:
1. Strategic Planning and Grant Writing - Our team works with credit unions to develop compelling applications that align with the CDFI Fund’s priorities. From articulating your community development mission to drafting impactful narratives, we ensure your application stands out.
2. Compliance and Reporting - Post-award compliance is just as important as securing funding. CUCollaborate supports credit unions in meeting the CDFI Fund’s rigorous reporting requirements, ensuring continued eligibility for future awards.
3. Target Market Analytics - Using advanced data analytics, we help credit unions identify and quantify underserved populations within their field of membership, strengthening their case for funding.
4. Maximizing ROI - CDFI certification and funding applications are long-term investments. We assist credit unions in creating sustainable strategies that maximize their return on these efforts, whether through new products, enhanced services, or expanded market reach.
Opportunities in a Tightening Credit Environment
Credit unions are navigating the dual challenge of managing risk while addressing the growing needs of their members amid rising economic pressures. The FA and TA awards can help credit unions offset these risks by providing the capital resources necessary to innovate and expand.
For example, one CUCollaborate client recently leveraged an FA award to grow a relatively new auto loan product that was designed to address demand among lower-income members. This initiative not only provided a valuable community resource but also brought in new members, strengthening their long-term growth trajectory.
Another credit union used TA funding to invest in technology upgrades, enabling more efficient member services and streamlined operations—key differentiators in a competitive financial landscape.
What You Can do Now to Prepare
While deadlines haven’t been announced we do expect the award round to open as soon as mid-January. Still, important steps can be taken now. Updating your accounts on SAM.gov and grants.gov, obtaining your UEI and EIN, and beginning strategic planning are critical first steps.
Preparing for the upcoming 2025 CDFI Program application rounds require early action to ensure a smooth submission process. Here are the steps your credit union should take to get ready:
Update or Create Your SAM.gov Account
Ensure your SAM.gov registration is active and up to date, as it’s a critical requirement for Grants.gov registration and receipt of award funds. Verify your account status annually to avoid delays and confirm your banking details are accurate for fund disbursement. If your registration is set to expire in the first half of 2025, we suggest renewing the registration for another 12 months.
Obtain or Verify Your UEI and EIN
A Unique Entity Identifier (UEI) and Employer Identification Number (EIN) are mandatory for federal funding applications. Make sure your UEI and EIN are consistent across SAM.gov, Grants.gov, and AMIS to avoid errors in the application process.
Register or Update Your Grants.gov Account
A Grants.gov account is essential for submitting the Standard Form (SF)-424 required for the application. Allocate enough time to set up your account or update existing details.
Maintain an Up-to-Date AMIS Account
Your AMIS account must reflect current contact information, permissions, and UEI/EIN details. Only Authorized Representatives with legal authority can sign the application. Ensure all necessary updates are completed well in advance.
By tackling these administrative tasks early, your organization will be better positioned to focus on crafting a winning application and leveraging CDFI and NACA funds effectively.
Looking Ahead: How Will You Use These Funds?
The CDFI Fund’s programs represent more than just financial support—they’re a call to action for credit unions to think big about their future. Imagine the possibilities: expanding into new markets, launching innovative products, or deepening your impact in underserved communities.
Ready to Get Started?
📅 Schedule time with our team to learn how CUCollaborate can help your credit union with CDFI funding.
CDFI Fund
