Supporting the Efforts of Low- and Moderate-Income Community Financial Institutions
Established by the Consolidated Appropriations Act, 2021, the Emergency Capital Investment Program (ECIP) was created to encourage low- and moderate-income community financial institutions to augment their efforts to support small businesses and consumers in their communities.
Under the program, Treasury will provide up to $9 billion in capital directly to depository institutions that are certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs) to, among other things, provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, that may be disproportionately impacted by the economic effects of the COVID-19 pandemic. Treasury will set aside $2 billion for CDFIs and MDIs with less than $500 million in assets and an additional $2 billion for CDFIs and MDIs with less than $2 billion in assets.
New (7/1/2021): The deadline to submit an application under the Emergency Capital Investment Program will be extended. Treasury plans to issue additional clarifications and amendments to the program and will provide an extension of time to submit applications of 14 days from the publication date of the forthcoming guidance.
Organizations that wish to request an opportunity to revise their already-submitted application should submit a request to email@example.com. All other questions regarding this program should be directed to firstname.lastname@example.org
- Treasury launched the ECIP on March 4, 2021, by posting an application form, instructions, and other program materials below. Additional program details will be released in the near future. Read the Press Release
Treasury is currently accepting applications to the ECIP using its application portal below. The application portal is the only way for eligible low- and moderate-income community financial institutions to apply.
The Consolidated Appropriations Act, 2021, indicates that the ECIP is intended to support low- and moderate-income communities, minority communities, rural communities, underserved areas, consumers, small businesses, and nonprofit organizations, among others. Treasury will take factors such as these statutory considerations into account when it determines the investment amount that eligible institutions will receive under the ECIP, particularly if the aggregate amounts requested by eligible institutions exceed available program funds. Using information provided in ECIP applications, Treasury will determine a methodology for allocating available funds and determining investment amounts. Treasury will make its methodology public prior to making any investments under the ECIP. In addition, Treasury may determine, based on the volume and types of applications that are submitted, to withhold a portion of the available ECIP funds for a subsequent round of investments to be made at a future date.
Term Sheets for Treasury Investments in the ECIP
Depending on the type of applicant and other factors, Treasury’s investment under the ECIP may take the form of senior preferred stock or subordinated debt.
- Senior Preferred Stock Term Sheet
- Subordinated Debt Term Sheet for Mutual Institutions and S Corporations
- Subordinated Debt Term Sheet for Credit Unions
- Rate Reduction Incentive Guidelines
Frequently Asked Questions
Interim Final Rule
As required by law, Treasury issued a rule setting restrictions on executive compensation, share buybacks, and dividend payments for recipients of investments under the ECIP. Members of the public may submit comments regarding this interim final rule by following the instructions set forth in the rule.
Technical questions or issues related to the electronic application should be directed to email@example.com. All emails will be answered within one business day.