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.
12/2/2022 (new): Treasury announces second application round. See Second Round section below.
11/30/2022 (new): The Department of Treasury releases information on participants that reported the highest levels of lending to LMI borrowers, Other Targeted Populations and other categories of Deep Impact Lending. View the lists here.
9/21/2022: The Department of the Treasury announced that it has made over $8.28 billion of investments in 162 community financial institutions across the country through the Emergency Capital Investment Program (ECIP). These funds will support the efforts of community financial institutions to provide loans, grants, and other assistance to small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled during the COVID-19 crisis. Read the full press release here.
- View the full list of ECIP participants here.
- View a state-by-state breakdown of ECIP participants.
- Treasury’s implementation of ECIP was assisted by its financial agents CastleOak Securities, L.P. and Piper Sandler & Co, which provided advisory services, analysis, and advice related to Treasury’s investments in eligible ECIP applicants. The Bank of New York Mellon serves as Treasury’s custodian and financial agent. Sullivan & Cromwell LLP has served as Treasury’s legal agent for ECIP.
7/21/2022: Advisory for Program Participants - As noted in the draft instructions for the Quarterly Supplemental Report (QSR), “the first Quarterly Supplemental Report will not be due until the effective date of [the] reporting forms.” The QSR will not be effective, and therefore the first QSR will not be due, until at least after the end of the QSR comment period and Office of Management and Budget review. Treasury expects that quarterly supplemental reporting will not begin any earlier than January 2, 2023.
ECIP Program Portal
The U.S. Department of the Treasury (Treasury) announces that it has opened a second application round for investment in qualified financial institutions through the Emergency Capital Investment Program (ECIP). The ECIP anticipates that between approximately $160 million and $340 million will be available for investment in the second round.
Treasury will prioritize applicants that (i) were ineligible to apply in the first round of funding but later became eligible to participate in ECIP; or (ii) serve geographies that are relatively underserved by recipients in the first round of funding; and (iii) show a strong track record demonstrating the capacity to execute the lending plan, including the quality of the data provided in Question 1 of the ECIP application related to lending to low- and moderate-income or minority individuals. Among prioritized applicants, Treasury intends to allocate funding to institutions that are assessed to have a higher capacity to execute its Emergency Investment Lending Plan and are more responsive to community needs, as determined using the factors outlined in the Application and Lending Plan Evaluation Form.
Applications are due January 31, 2023 at 11:59 PM ET.
Second Round Application Materials
12/14/2022 (new): ECIP Federal Register Notice of Availability Web Version, ECIP Federal Register Notice of Availability PDF
12/2/2022: Second Round Application Form
12/2/2022: Second Round Application FAQs
12/2/2022: Second Round User Guide for Application Submission
For questions and concerns regarding legal documents, send an email to email@example.com. Legal documents posted here are for information purposes only.
3/29/2022: Senior Preferred - Securities Purchase Agreement
3/29/2022: Senior Preferred - Certificate of designations
3/29/2022: Senior Preferred - Letter Agreement
8/11/2021: Senior Preferred Term Sheet
3/29/2022: Credit Unions - Securities Purchase Agreement
3/29/2022: Credit Unions - Form of Subordinated Securities
3/29/2022: Credit Unions - Letter Agreement
8/11/2021: Subordinated Debt Term Sheet for Credit Unions
Mutuals and S Corporations
3/29/2022: Mutuals and S Corp - Security Purchase Agreement
3/29/2022: Mutuals and S Corp - Form of Subordinated Securities
3/29/2022: Mutuals and S Corp - Letter Agreement
8/11/2022: Subordinated Debt Term Sheet for Mutual Institutions and S Corporations
3/29/2022: Legal FAQs
Interim Final Rule - ECIP Restrictions on Executive Compensation, Share Buybacks, and Dividends
Initial Supplementary Report (ISR) - Qualified Lending Baseline
Participants in the Emergency Capital Investment Program are required to calculate and provide their baseline amount of qualified lending through an Initial Supplemental Report. This baseline will be used to calculate the dividend or interest rates applicable to each participant in accordance with the Rate Reduction Incentive Guidelines and the ECIP legal agreements. Participants will be required to submit their Initial Supplemental Report 10 business days before closing their investment and receiving their funding.
IDIs and Holding Companies
4/1/2022: ISR Instructions for IDIs and Holding Companies
4/1/2022: Schedule A Summary Baseline Report Form for IDIs and Holding Companies
4/1/2022: Schedule B Disaggregated Baseline Report Form for IDIs and Holding Companies
Initial Supplementary Report Datasets
Area Median Income Dataset
Metropolitan and Non-metropolitan Counties Dataset*
*Rural Communities are counties designated “Non-Metro” in this dataset.
Minority Communities Dataset
Persistent Poverty Counties Dataset
Underserved Communities Dataset
Urban Low-Income Communities Dataset
Tip: Using the FFIEC geocoder, when set to Year=2020, will accurately provide the following data points – census tract median family income, MSA or non-MSA median family income (Area Median Income), pct. of median family income compared to either the MSA or non-MSA median family income, as appropriate (Urban Low-income Communities), and percentage of census tract that are Minorities to compute census tracts that are Minority Communities.
Other ISR Resources
4/1/2022: ISR Reporting FAQ
4/6/2022: User Guide for Submission of the Initial Supplemental Report
8/17/2022: QSR Overview slides
6/30/2022: Paperwork Reduction Act Notice - Quarterly Supplemental Report
6/30/2022: Treasury announces publication of a Federal Register Notice inviting comments on the proposed Quarterly Supplemental Report data collection. Comments due by August 29, 2022.
4/22/2022: Treasury posts preview versions of the Quarterly Supplemental Report Instructions and Templates in advance of opening of public comment period.
4/1/2022: Treasury posts final Initial Supplemental Report (ISR) documents, datasets, and ISR FAQ.
3/29/2022: Treasury posts final versions of legal documents and Legal FAQ.
3/16/2022: Today Treasury extended the deadline to respond to the ECIP program request for confirmation of participation to Monday, April 4, 2022. Treasury will accept changes to previously-submitted forms prior to April 4th. Please email firstname.lastname@example.org to have a form reopened.
2/15/2022: Treasury posted to this webpage draft Initial Supplemental Report forms and instructions for review and comment. Participants in the Emergency Capital Investment Program are required to calculate and provide their baseline amount of qualified lending through an Initial Supplemental Report. This baseline will be used to calculate the dividend or interest rates applicable to each participant in accordance with the Rate Reduction Incentive Guidelines and the ECIP legal agreements. Treasury welcomes comments regarding the draft Initial Supplemental Report forms and instructions. Further, Treasury welcomes comments on the estimated burden, time, and cost to complete the reports. Please submit comments and questions regarding these drafts by emailing ECIP@treasury.gov. The deadline for providing comments is on Monday, February 28, 2022. For more information, see the Reporting Resources section on this page.
10/18/2021: ECIP Demand Announcement
8/31/2021: Hurricane Ida Impacted ECIP Applicants – Treasury accepting requests for extension to submit applications. Read the Public Notice.
8/20/2021: Application Instructions and Materials
8/20/2021: ECIP Revised and Expanded FAQs
03/04/2021: Treasury launched the ECIP. Read the Press Release