Crisis Fund for Community Development: Supporting Communities in Times of Need
This act establishes a new fund to support local financial institutions in providing assistance to small businesses and low-income individuals during crises like natural disasters or high unemployment. This means citizens and small businesses in affected areas can expect faster financial support and services to help them recover from difficult events.
Key points
Establishes a Crisis Fund to provide financial support to communities affected by natural disasters, pandemics (like COVID-19), or significant unemployment increases.
Enables local financial institutions (CDFIs) to offer loans and financial services to small businesses and low-income populations during crises.
Ensures a portion of the fund is specifically allocated for institutions serving minority and Native communities, as well as very low-income individuals.
Introduces resilience grants to help communities better prepare for and withstand future crises.
Status:
Expired
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