Citi and NALCAB’s CDFI Certification Program Leads to 12 Technical Assistance Award Winners, Earning Support Totaling $3.6 Million

NALCAB and Citi Foundation joined forces to launch NALCAB’s CDFI Certification Program (CCP) in 2022. Funded by Citi Foundation’s Community Finance Innovation Fund, the CCP is a technical assistance, grantmaking, training and networking program supporting Latino-led nonprofit loan funds in securing CDFI certification from the U.S. Department of Treasury’s CDFI Fund, a critical first step in building credibility for future investments from funders to help them grow and serve their local communities.    

A total of 45 organizations have participated in the CCP to date, and NALCAB has assisted them to apply to the CDFI Fund for CDFI certification and for what is customarily a precursor to obtaining certification, CDFI Fund Technical Assistance (TA) awards. In  November 2024, 12 CCP participants earned Technical Assistance Awards for a total of $3.6 million, tripling the total amount of NALCAB members awarded these grants in the last three years.      

Driven by its vision to build wealth, shared ownership and power in underserved communities, Boston Impact Initiative (BII) was the first NALCAB member to apply for and receive certification. BII embarked on their CCP journey knowing CDFI certification would open doors to federal, state and local funding sources for the organization’s Fund II campaign and provide crucial access to lending and operating funds from the CDFI Fund to build long-term sustainability. Through dedicated support from NALCAB staff, BII’s journey culminated in the approval of both their application for CDFI certification as well as for a technical assistance grant this Fall – a milestone achievement for the organization.  

“What sets NALCAB’s program apart is the supportive community it fosters among Latino leaders in community finance,” said Betty Francisco, CEO, Boston Impact Initiative. “Being part of this inaugural cohort provided more than just technical expertise, – it created a space where we felt truly valued and understood. This certification strengthens our ability to bring capital access and economic inclusion to underserved communities, which has always been at the heart of our mission. We’re deeply grateful to NALCAB and Citi Foundation for investing in Latino investment talent and helping organizations like ours achieve this crucial certification.”  

The funding stems from Citi Foundation’s Community Finance Innovation Fund. Many small business and affordable housing lenders seek CDFI certification because of the multitude of benefits that status offers. NALCAB’s CCP was tailored for them and as a pathway to successful certification leading to impacts in communities across the country.  

 “We’ve set a high bar for our inaugural class of applicants, and we’re excited to build on this first set of victories,” said Marla Bilonick, President and CEO, NALCAB. “The CCP is what breaking down barriers looks like in action. Latino-led CDFIs face systemic challenges to obtaining CDFI certification. As you can see from the geographic spread of these organizations and the number of people that stand to gain from having culturally-positioned CDFIs in their communities, the impact will be transformative. Citi Foundation’s support and vision for this effort demonstrates the power of our partnership to move assets into the neighborhoods that most need them.”  

NALCAB and Citi Foundation have partnered in the past on NALCAB’s Small Business Loan Guarantee program,  which assisted network member lenders to make quality loans to small businesses that would not have otherwise qualified for a loan under the lender’s established underwriting criteria.   

When you spotlight the impact an organization like BII can make by becoming a certified CDFI and you multiply that with eager applicants in all corners of the US, the power of this program is evident and we’re excited to see early applicants at a high rate.