Sones & White Clients Awarded Over $1.9 Billion
to Support Communities Affected by COVID-19
Congratulations to the 32 Sones & White clients receiving awards in the Emergency Capital Investment Program (ECIP). Sones & White clients received over $1.9 billion in ECIP investments, which accounts for over 23% of the total amount awarded nationally.
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, the U.S Treasury provided $8.28 billion in capital directly to depository institutions that are certified Community Development Financial Institutions (CDFIs) or Minority Depository Institutions (MDIs) to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, that may have been disproportionately impacted by the economic effects of the COVID-19 pandemic.
Please contact us if you would like Sones & White Consulting to perform a CDFI Certification Assessment for your bank.