 Paycheck Protection Program - Definition of Community Financial Institution (CFI)
Per the Economic Aid Act, a Community Financial Institution (CFI) is one of the four types of lenders. CFIs will be able to submit First Draw (first time) PPP loans starting Monday. Second draw (second time) loans starting next Wednesday.
- Community Financial Development Institution (CDFI)
- Minority Depository Institution (MDI)
- Community Development Corporation (CDC)
- Microlender Intermediary
Source:
See 15 USC citation below highlighted in yellow. We should have it covered.
Statute – section 23(d)(1)(A)(i) –
(36) Paycheck protection program.-
(x) the term "community development financial institution" has the meaning given the term in section 4702 of title 12); 5
(xi) the term "community financial institutions" means-
(I) a community development financial institution;
(II) a minority depository institution, as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note);
(III) a development company that is certified under title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.); and
(IV) an intermediary, as defined in subsection (m)(11); and
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