Emergency Capital Investment Program

Under the ECIP, Treasury invested $8,570,109,000 in capital directly in 175 credit unions, insured depository institutions, and bank or savings and loan holding companies that are certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs) to, among other things, provide loans, grants, and forbearance for small businesses, and consumers, especially in low-income and underserved communities such as rural and persistent poverty counties that may have been disproportionately impacted by the economic effects of the COVID-19 pandemic. The ECIP is not a grant program. The ECIP is a direct investment program comprising the purchase of preferred stock or subordinated debt instruments from eligible financial institutions. No new awards are being made but existing awards are still active.