CDFI AND CDE CERTIFICATION
CDFI certification is a designation conferred by the CDFI Fund and is a requirement for accessing capital markets and technical award assistance from the CDFI Fund through CDFI programs.
CDE certification benefits include being able to apply to the CDFI Fund to receive an NMTC allocation to offer:
Equity investments in the CDE; or to
Receive loans or investments from other CDEs
SCS will help your organization get certified promptly so that you can take full advantage of CDFI's powerful programs. In the event you are unable to get certified immediately, we will provide you with a strategic plan to prepare you for certification.
CDFI APPLICATION REVIEW
We are keenly aware of the intricate details necessary to put together an award winning application. Our review services services allow you to have a second pair of eyes to review your application prior to you submitting it to CDFI. This service could prove to be invaluable and give you the competitive edge necessary to producing a winning application.
CDFI APPLICATION PREPARATION SERVICES
As of December 2023, new CDFI guidelines are now in affect. The CDFI FA and TA program is designed to assist CDFIs gain access to affordable financial products and services. The program is created to give your organization further access to capital whether you are a new prospective CDFI, minority owned bank, loan fund, or venture capital CDFI, etc.
Your CDFI could apply for up to $2 million in grant funding and loans through FA funds. Funding can be used towards lending capital, loan loss reserves, capital reserves, operations, and development services.
If your organization would like to apply for TA, it could apply for up to $125,000.00. TA funds can be used to purchase equipment; for consulting or contracting services; to pay the salaries and benefits of certain personnel; or to train staff or board members. If this is your first time considering CDFI certification, you could use these dollars to contribute to your organization becoming a CDFI over 18 months, subsequent to winning a TA award. In other words, you don't have to be a CDFI to apply for this TA grant.
SCS would assist your CDFI participate in competitive funding rounds. Our assistance includes the preparation of the CDFI FA or TA program application as well as the submission to CDFI.
NMTC APPLICATION PREPARATION SERVICES
The NMTC program was designed to allocate tax authority to Community Development Entities (CDEs).
In addition to the community benefits, the program has potential to generate another source of revenue to your organization, while benifiting your underserved community. The NTMC could have a significant impact on a for-profit’s tax liability as a result of the 39 percent tax credit. The program is designed to attract and draw substantial dollars into the community. Some, if not all of your projects may benefit from such an injection of this capital.
SCS would help your Community Development Entity (CDE) participate in the NMTC funding rounds, by assisting your organization prepare its application, as well as submit it to CDFI. The CDE could apply for over $100 million in tax allocation funding. The capital, in turn, could be used towards for-sale housing, commercial real estate, small business, and financing other CDEs, etc.
BANK ENTERPRISE AWARD (BEA) APPLICATION PREPARATION
The BEA program is to support FDIC-insured financial institutions nationwide, that are dedicated to financing and supporting community and economic development activities. The program complements the community development activities of insured depository institutions (i.e., banks and thrifts) by providing financial incentives to expand investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities.
Sparks Consulting Services would help your bank prepare its application to submit to CDFI.
OTHER SERVICES
OTHER PROGRAM APPLICATION PREPARATION & REVIEW SERVICES:
Congress approved 2020 Stimulus Package
Native American CDFI Assistance (NACA)
Tribal Nations SBA 8(a) Certification
Capital Magnet Fund (CMF)
DOE Solar Energy Technologies
SBA PRIME
Health Infrastructure Investment Program