CAMEO Network and Inclusive Action for the City are proud to stand alongside CDFIs across the country and our bipartisan congressional allies to raise awareness of the critical work CDFIs do to invest in our communities and strengthen our economy. With CDFI funding withheld and set to expire, Inclusive Action and CAMEO Network recently filed a lawsuit to protect this vital small business funding.
Today, the Treasury Department announced their intent to issue CDFI Fund awards from fiscal year 2025 funds on or before the September 30, 2026 deadline. We will celebrate any forward movement to release the funds, and we hope that all $289 million in congressionally appropriated funds will be released on time. However, the government’s announcement does not commit to releasing all of the funds, and does not include the total amount of funds it says it intends to award, which the CDFI Fund has disclosed in past award cycles. Further, the government has said in court filings that it would be “unreasonable” and “impossible” to distribute all of the fiscal year 2025 funds before they expire.
This uncertainty is keeping America’s small businesses and communities waiting. Unless and until the government distributes all $289 million in fiscal year 2025 funds before they expire, and ceases its withholding of the 2026 and no-year funds that Congress appropriated – it continues to violate the law.