California Investment & Innovation Program (Cal IIP) General Information
Cal IIP is “..a program that creates an on-going partnership with community development financial institutions (CDFIs) to assist the state in efficiently deploying resources to communities in need and establishing an equitable economic recovery... ” which was established in statute by SB-193 Economic development: grant programs and other financial assistance.
CDFIs with the following characteristics are eligible to apply for Cal IIP.
- Current federal CDFI Fund certification
- Already serving California
- Principal office AND officers domiciled in CA or
- 25% of the CDFI’s loan portfolio provides financial assistance to persons or projects in CA or
- Provided financial assistance in CA totaling >=$10M in the three (3) years prior to application
- Five (5) or more loans in the 12 months prior to application
- Net worth >= $25,000
Eligible Uses of Grant Funds
The eligible uses of Cal IIP grant funds are working capital and increasing total net assets.
CDFIS can use the grants to fund services and operations that contribute to the CDFI’s overall community development mission.
Increase Total Net Assets
CDFIs can use the grants to supplement their net assets and increase their capacity to attract additional financing for funding loans and loss reserves, or any of the following:
- Affordable housing
- Development or
- Preservation or
- Businesses owned by low-income persons or
- Providing jobs for low-income persons or
- Increasing availability of products and services to low-income persons
- Childcare facilities
- Commercial facilities promoting
- Revitalization or
- Community stability or
- Job creation/retention
- Community’s access to services such as
- Automated teller machines, deposit taking, and safe deposit box services
- Check cashing, certified checks, and money orders
- Checking and saving accounts
- Credit building consumer loans
- Cultural service facilities
- Educational service facilities
- Health care facilities
- Social service facilities
- Applications for the first year of Cal IIP grants were due November 1, 2023
- The first grant awards will be announced by February 1, 2024.
- Subsequent grant award announcements will be February 1 of each year.
- Up to $15,000,000 in grants will be awarded per calendar year.