CDFI Fund Awards | State Budget | Loan Loss Reserve Fund

Greetings!
Bear with us as we have LOTS of small biz news this week!

In this Must Know… 

This week, three powerful California women – Vice President Kamala Harris, Secretary Janet Yellen, and Congressowman Maxine Waters – announced $1.25 billion in COVID-19 relief funds that will go to to 863 Community Development Financial Institutions (CDFIs). The grants will be made through the U.S. Treasury’s CDFI Rapid Response Program and will provide necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities. California will receive $95 million.

Congratulations to the 20 CAMEO members who received a total of $27 million and to the other California lenders!

Governor Newsom and California lawmakers agreed this week on a placeholder budget that will allow them to continue negotiations before June 30. The budget does include $1.5 billion for the California Relief Grant program and $70 million for CDFI support, but the details will be worked out over the next couple of months in what’s called trailer bills. So stay tuned!

Read Carolina’s op-ed published earlier this week in the Sac Bee about how to make the budget more equitable.

We are pleased to announce CAMEO’s new Request for Proposals!

CAMEO’s CDFI Incubator is now offering small grants for loan loss reserves to microlenders in an effort to support microlending to diverse entrepreneurs in California.

Please check out our RFP for more information on how to apply.

Applications are due June 30, 2021.

June 19, 1865 marked the moment all slaves were finally informed of President Lincoln’s Emancipation Declaration. Today, it became a federal holiday. Juneteenth serves as a powerful reminder of what Black Americans have endured, how far they’ve come in their struggle for a dignified life, and how far our country must go to provide all its people with equal opportunities to thrive.

This year, we want to celebrate by highlighting Black leaders in our sector that are working toward an equitable society. We’ve also collected links to support Black-owned businesses and ways to celebrate Juneteenth around the state!